Ophthalmology Drugs & Devices Market: Overview

Ophthalmology is a branch of medicine that deals with diagnosis and treatment of eye disorders.

Ophthalmic devices are used in applications including cataract surgery, glaucoma surgery, and refractive surgery. Ophthalmic drugs are used to treat various eye diseases such as eye infection, glaucoma, and cataract. 

Ophthalmology Drugs & Devices Market: Key Trends

Rise in prevalence of eye diseases such as glaucoma and cataract is anticipated to drive the global ophthalmology drugs & devices market. Additionally, increase in the geriatric population with diabetes retinopathy is projected to propel the global market. Moreover, rise in prevalence of macular degeneration and presbyopia is expected to augment the global ophthalmology drugs & devices market. According to the Centers for Diseases Control and Prevention, glaucoma is the second leading cause of blindness across the world. According to the Bright Focus Foundation, 60.5 million glaucoma cases were reported in 2010 and the number is likely to increase to 80 million by 2020. In January 2019, Kala Pharmaceuticals, Inc. launched INVELTYS for the treatment of post-operative inflammation. In July 2018, Amring Pharmaceuticals, Inc. launched Biolon ophthalmic viscosurgical devices in the U.S. for cataract surgeons. In August 2018, Sun Pharmaceutical Industries Ltd. received the U.S. Food and Drug Administration approval for CEQUA for the treatment of dry eyes diseases. 

Ophthalmology Drugs & Devices Market: Segmentation

The global ophthalmology drugs & devices market can be segmented based on device, diagnostic & monitoring equipment, drug, and drug delivery type. In terms of device, the market can be divided into cataract surgery devices, ophthalmic viscoelastic devices, glaucoma surgery devices, refractive surgery devices, and others. Based on diagnostic and monitoring equipment, the global ophthalmology drugs & devices market can be classified into optical coherence tomographers, fundus cameras ophthalmic ultrasound imaging systems, ophthalmoscopes, and others. In terms of drug, the market can be categorized into dry eye drugs, retinal disorder, anti-infection/allergy & inflammatory, anti-glaucoma, and others. Based on drug delivery type, the global ophthalmology drugs & devices market can be divided into eye drops, solutions, ointments, gels, capsules, and tablets. 

Ophthalmology Drugs & Devices Market: Regional Analysis

The global ophthalmology drugs & devices market can be segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in 2018. The market in the region is driven by early adoption of technologically advanced products, presence of key players, and rise in prevalence of eye disorders. According to the National Eye Institutes, 2.72 million people in the U.S. were affected by glaucoma in 2010 and the number is projected to increase to 6.3 million by 2050. Growth of the market in Europe is driven by rise in prevalence of glaucoma and other eyes disorders. According to the State of Nation Eye Health (U.K.), in 2016, glaucoma accounted for 7% of the cases of vision loss in the U.K. The market in Asia Pacific is anticipated to grow at a rapid pace during the forecast period, driven by increase in geriatric population with diabetic retinopathy and rise in prevalence of eye diseases such as glaucoma and cataract. According to the International Agency for Prevention of Blindness, in 2013, an estimated 17 million people had glaucoma in Asia and the number is likely to reach 33 million by 2040. 

Ophthalmology Drugs & Devices Market: Competitive Landscape

The global ophthalmology drugs & devices market is highly fragmented due to the presence of large number of players. Launch of new products and approvals among the leading players have been observed in the past few years. A number of manufactures hold major share in their respective regions. Key players operating in the global ophthalmic drugs & devices market are VISUfarma Trumac Healthcare, Novartis AG, ZEISS, TOPCON CORPORATION, Cipla, Inc., AZAD, Protech Biosystems Pvt. Ltd., Ophtec BV, Katalyst Surgical, LLC, and The Lubrizol Corporation.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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