Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Ophthalmology Market – Global Industry Analysis, Market Size, Opportunities and Outlook, 2020-2027”
LOS ANGELES, 17 March 2021 (GLOBE NEWSWIRE) – The Global Ophthalmology Market it is expected to grow at a CAGR of around 3.8% from 2020 to 2027 and reach a market value of over US $ 64.3 Bn by 2027.
The largest segment of the U.S. ophthalmology market was in North America, followed by Europe. Established health care infrastructure and the growing geriatric population are two factors driving the ophthalmology market upwards. In addition, the Government of Canada reports that SMEs are heavily involved in the sale and installation of bespoke eyeglasses generating a staggering profit of about 75%. In addition, the presence of a large pool of key players stimulates the growth of the ophthalmology market. Such factors contribute to the overall growth of the market to the maximum.
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In the coming years, the ophthalmology market in Europe is expected to have the second largest market segment. This is supported by a growing number of manufacturers investing more resources in R&D to develop new treatments. To gain greater market share, regional players are focusing their efforts on the manufacture of modern ophthalmic drugs for the treatment of various eye diseases and disorders.
Market drivers
The growing geriatric population is one of the key drivers in the ophthalmology market. The elderly are known to be more vulnerable to developing eye-related conditions such as glaucoma and dry eyes driving the demand for ophthalmic products. Constant advances in medical technology, such as the introduction of innovative products that are more scalable and effective in care, are driving the growth of the global ophthalmology market. In addition, the potential of the ophthalmic market for expansion is severely hampered by a shortage of qualified users and the high cost of ophthalmic instruments used for diagnostic purposes.
Segmental Preview
The ophthalmology market is segmented based on product, disease, and end-user. Product category is categorized into ingredients and drugs. Instruments are further separated into surgical instruments and examination instruments. Drugs are further divided into glaucoma drugs, retinal disorder drugs, dry eye drugs, allergic conjunctivitis and inflammation drugs, and other drugs. In addition, there are isolated diseases such as glaucoma, cataract, age-related macular degeneration, inflammatory diseases, remodeling disorders, and among others. With end-users, the market is segmented as hospitals, medical institutes, research agencies, and healthcare service providers.
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Depending on disease regions, cataract is expected to improve in the coming years. According to figures published by the Royal College of Ophthalmologists, approximately 330,000 cataract operations are performed each year in England alone. Because cataract surgery is the most effective option to restore vision for cataract sufferers it has gained a worldwide reputation ultimately contributing to the growth of the ophthalmology market across the world. the universe.
According to the American Academy of Ophthalmology, it is estimated that by 2050 approximately 50 million people in the U.S. will suffer from cataracts and it is considered a leading cause of blindness in the US. Such a high frequency provides beneficial opportunities for cataract surgery that sees high growth in the region.
Competitive Landscape
The key players involved in the ophthalmology market include Alcon, Bausch Health Companies Inc., Carl Zeiss Meditec AG, Essilor International SA, HAAG-STREIT GROUP, Johnson & Johnson Services, Inc., NIDEK CO. ., LTD., Topcon Corporation, and others.
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Some key ideas about ophthalmology include:
- In December 2020, HAAG-STREIT GROUP announced the launch of a new “iVue80 OCT” in the UK. The new product offers 80,000 scan-A seconds. In addition, it shows three times faster better efficiency and better image quality. The system also features new scanning options and functions, along with an overview. The result is an advanced OCT imaging design, offering retina, glaucoma, and a previous segmental scan that is considered normal features.
- In March 2020, Iridex Corporation announced a strategic collaboration with Topcon Corporation. The strategic collaboration between Iridex and Topcon focuses on three key agreements: Special Circulation Agreement, Asset Purchase Agreement, and Opportunity Financing Agreement. Under the terms of this agreement, Topcon acquires exclusive distribution of Iridex laser systems, delivering disposable services and probes for sale through a robust network in the APAC and EMEA region.
- In February 2017, Johnson & Johnson Services, Inc., announced the acquisition of Abbott Medical Optics (AMO). The construction covers a long range of ophthalmic products in three areas of patient care: cataract surgery, laser reconstruction surgery, and consumer eye health. These product lines will now merge with the industry-renowned ACUVUE® Brand Contact Lenses, and the group will work together under the brand name Johnson & Johnson Vision (J&J Vision).
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