Ophthalmology Market By Emerging Trends, Business Strategies, Developing Technologies, Revenue and Competitive Landscape
Ophthalmology Market research report is a resource, which offers current as well as upcoming technical and financial details of the Healthcare industry for the specific forecast period. The report exhibits important product developments and tracks recent acquisitions, mergers and research in the Healthcare industry by the key players. A team of enthusiastic, dynamic and skilled researchers and analysts work with full dedication to provide our clients with the supreme market research report. The superior Ophthalmology Market report can be referred efficiently by both traditional and new players in the industry for complete knowhow of the market.
The global ophthalmology market is expected to gain market growth in the forecast period of 2023 to 2030. Data Bridge Market Research analyses that the market is growing with a CAGR of 6.4% in the forecast period of 2023 to 2030 and is expected to reach USD 84,655.95 million by 2030, from USD 51,459.32 million in 2022.
According to WHO figures revised in October 2022, at least 2.2 billion individuals worldwide would have a near or distant visual impairment. At least one billion people’s vision impairment might have been avoided or is still being treated. These 1 billion people have moderate or severe distance vision impairment or blindness due to diseases such as uncorrected refractive error (88.4 million), cataract (94 million), age-related macular degeneration (8 million), glaucoma (7.7 million), diabetic retinopathy (3.9 million), and uncorrected presbyopia (826 million).
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Growing geriatric population base is expected to drive the market’s growth rate
The global population is aging, and with age comes an increased risk of eye diseases. This is one of the major drivers of the global ophthalmology market. There is a growing awareness about the importance of eye health, and this is driving people to seek preventive care and treatment for eye diseases.
Increasing healthcare expenditure is expected to drive the market’s growth rate
The escalating global healthcare expenditure, combined with improved access to healthcare facilities, is playing a significant role in the growth of the ophthalmology market. As countries invest more in their healthcare systems, people have greater access to eye care services, leading to increased diagnosis and treatment of eye conditions. This higher utilization of ophthalmic services, along with advancements in medical technology and treatments, is driving the expansion of the ophthalmology market and fostering better eye health outcomes for patients worldwide.
Market Development:
- In 2022, Remidio, a medical technology company, launched Instaref R20, a lightweight and portable ophthalmic auto refractometer at the American Academy of Ophthalmology in Chicago. The device is designed to measure refractive errors, such as nearsightedness, farsightedness, and astigmatism. It is also capable of measuring the intraocular pressure (IOP), which is the pressure inside the eye. The Instaref R20 is a significant advancement in ophthalmic technology, as it is the first portable auto refractometer that can measure both refractive errors and IOP. This makes it a valuable tool for eye care professionals, as it can be used to quickly and easily assess a patient’s vision and eye health.
- In 2022, Santen Pharmaceutical Co., Ltd. and UBE Industries, Ltd. announced that the U.S. Food and Drug Administration (FDA) has approved Omlonti (omidenepag isopropyl ophthalmic solution) 0.002% eye drops. Omlonti is a new prescription medication that is used to reduce elevated intraocular pressure (IOP) in adults with open-angle glaucoma or ocular hypertension. IOP is the pressure inside the eye, and it can damage the optic nerve if it is too high. Omlonti works by decreasing the amount of fluid that is produced in the eye. It is a once-daily eye drop that is administered in the morning. Omlonti is the first member of a new class of glaucoma medications called PDE4 inhibitors. It is a significant advancement in the treatment of glaucoma, as it offers a new option for patients who have not responded to other medications.
- In 2022, Novartis Pharmaceuticals Corporation announced the acquisition of Kedalion Therapeutics, Inc. for $1.1 billion. Kedalion is a privately held pharmaceutical company that develops and markets innovative ophthalmic products. The company’s most notable product is Xelpros (apraclonidine hydrochloride ophthalmic solution), which is used to treat glaucoma. The acquisition of Kedalion will help Novartis to strengthen its ophthalmic product portfolio and expand its reach in the glaucoma market.
Major Players:
Data Bridge Market Research recognizes the following companies as the major market players: Regeneron Pharmaceuticals Inc. (U.S.), Johnson & Johnson, Inc. (U.S.), Novartis AG (Switzerland), Bausch & Lomb Incorporated (Canada), HOYA Corporation. (Japan), The Cooper Companies Inc. (U.S.), Santen Pharmaceutical Co.Ltd. (Japan), F. Hoffmann-La Roche Ltd (Switzerland), Carl Zeiss Meditec AG (Germany), AbbVie Inc. (U.S.), EssilorLuxottica (France), NIDEK CO., LTD. (U.S.), TOPCON CORPORATION (Japan), Glaukos Corporation. (U.S.), STAAR SURGICAL (U.S.), Metall Zug AG (Switzerland), Sun Pharmaceutical Industries Ltd. (India), Lumenis Be Ltd. (Israel), Pfizer Inc. (U.S.), Ziemer Ophthalmic Systems AG (Switzerland).
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Ophthalmology Market Scope
Products
- Device
- Drugs
- Others
On the basis of products, the ophthalmology market is segmented into devices, drugs, and others.
Diseases
- Glaucoma
- Cataract
- Age-Related Macular Degeneration
- Inflammatory Diseases
- Refractive Disorders
- Others
On the basis of diseases, the ophthalmology market is segmented into glaucoma, cataracts, age-related macular degeneration, inflammatory diseases, refractive disorders, and others.
Prescription Mode
- Generic
- Branded
On the basis of prescription mode, the ophthalmology market is segmented into generic and branded.
Drug Type
- Prescription
- Over the Counter (OTC)
On the basis of drug type, the ophthalmology market is segmented into prescription and over-the-counter (OTC).
Route of Administration
- Oral
- Topical
- Injectables
- Local Ocular
- Others
On the basis of route of administration, the ophthalmology market is segmented into oral, topical, injectables, local ocular and others.
End User
- Hospitals
- Clinics
- Home Healthcare
- Others
On the basis of end user, the ophthalmology market is segmented into hospitals, clinics, home healthcare, and others.
Distribution Channel
- Direct Tender
- Retail Sales
- Others
On the basis of distribution channels, the ophthalmology market is segmented into direct tender, retail sales, and others.
What benefits does the DBMR study is going to provide?
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- Open up New Markets
- To Seize powerful market opportunities
- Key decision in planning and to further expand market share
- Identify Key Business Segments, Market proposition & Gap Analysis
- Assisting in allocating marketing investments
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