Scope & Importance

Scope & Importance

Ophthalmology is the branch of medicine that deals with anatomy, physiology, disease and treatment of eye related issues. These issues can include dealing with or treating problems of the eye like glaucoma, nearsightedness, farsightedness, blindness, cataracts and macular degeneration through the use of surgery or laser technology. To identify further research and investigate new technology or surgical tools uses to treat diseases. Industry research and market reports address research used to treat patients and provide therapeutic care. To educate and enable smart business decision on pharma companies involved in the ophthalmology.

Novel Ophthalmology Market Overview

The Global Ophthalmology Market size was estimated at USD 52.07 billion in 2020, is expected to reach USD 55.28 billion in 2021, and is projected to grow at a CAGR of 6.52% to reach USD 81.05 billion by 2027.

The Global Eye Care Products Market is estimated to grow from USD 61.3 million in 2020 to USD 79.9 million by 2026 at a healthy CAGR of 4.6% during the forecast period.

The ophthalmology drug and device market is expected to witness a CAGR of 5.5% during the forecast period.

The Ophthalmology Surgical Devices Market studied was anticipated to grow with a CAGR of nearly 5.5% during the forecast period. The major factors driving the growth of the market are the global prevalence of various ophthalmic disorders such as glaucoma, cataract, and diabetic retinopathy and rise in the geriatric population resulting in the global burden of avoidable blindness.

At 3.1% CAGR, The "Cataract Surgery Device Market" Size is expected to grow from 3524.3 million USD In 2020, to reach 3643.2 Million USD by 2026, The base year considered for the study is 2021, and the forecast period is between 2022 and 2026.

The glaucoma market is expected to grow from $2.85B in 2020 to $3.48B in 2030, a CAGR of 2%. The US is the biggest market of the 7MM, accounting for 75.0% market share in 2020. This is set to increase to 80.2% by 2030.

Novel Ophthalmology Market Overview in USA

The global cataract surgical devices market size is expected to reach US$ 10.66 Billion by 2027, exhibiting at a CAGR of 4.48% during 2022-2027.
Glaucoma Treatment Market size exceeded USD 5.5 billion in 2021 and is expected to witness over 3.2% CAGR from 2022 to 2028.

The size of the Diabetic Retinopathy was worth USD 2.60 billion in 2022 and is projected to reach USD 3.49 billion by 2027, growing at a CAGR of 6.05% during the forecast period.

The North America Ophthalmic Devices & Drugs Market is expected to grow with a CAGR of 5% during the forecasted period. Certain factors that are driving the growth of the market include demographic shift, the impact of the prevalence of eye disease, technological advancements in the field of ophthalmology, and rising geriatric population. The aging population is expected to burden all areas of healthcare, and ophthalmologists provide approximately 90% of their procedure-based services to seniors. There has been a rising prevalence of eye diseases, such as glaucoma, cataract, macular degeneration, and diabetic retinopathy in North American countries. For instance As per the statistics published by National Eye Institute, currently, around 1.3 million Americans are blind, and 2.9 million have low vision. An estimated 2.2 million Americans may face vision loss, and 5 million will have low vision by 2030. Hence, an increase in eye disorders will lead to the growing demand for drugs and devices.

The Ophthalmology Device Market size in North America has been projected at USD 16.55 Billion in 2022. It is estimated to reach USD 21.23 Billion markets by 2027, growing azt a compound annual growth rate (CAGR) of 5.1% between 2022 to 2027.

Novel Ophthalmology Market Overview in Europe

The Europe Primary Angle-Closure Glaucoma Market is expected to growing with a CAGR of 6.1% in the forecast period of 2022 to 2029.

The global Cataract Surgical Devices market size is estimated to be worth USD 7784.1 million in 2022 and is forecast to a readjusted size of USD 10070 million by 2028 with a CAGR of 4.4% during the review period.

Ophthalmology Device Market in the United Kingdom is expected to grow, due to the rising number of eye-related diseases and disorders, and greater awareness among people. According to the Royal National Institute of Blind People, as of 2017, there are around 350,000 people on the registers of blind and partially sighted people in the UK. A total of 173,735 are registered severely sight impaired and 176,125 are registered sight-impaired.

Further, the development of new ophthalmology devices and advanced techniques are favouring the growth of the market. Although the ophthalmology devices market displays great promise, due to the increasing number of eye problems, it still faces barriers, such as the risk associated with surgical procedures of the eye which might impede the growth of the market.

The size of the Diabetic Retinopathy Market in Europe has been estimated at USD 1.34 billion in 2022. It is projected to reach USD 1.84 billion by 2027, at a CAGR of 6.55% during the forecast period. Diabetic retinopathy is a medical condition which damages the retina and leads to blindness if untreated or undiagnosed.

Novel Ophthalmology Market Overview in Middle East

The Middle East and Africa Ophthalmology Devices Market size have been estimated at USD 4.04 Billion in 2022 and to grow USD 5.27 Billion by the end of 2027, growing at a CAGR of 5.46% between 2022 to 2027.

At 6.1% CAGR, The "Retinal Surgery Devices Market" Size is expected to grow from 1533 million USD In 2020, to reach 2328 Million USD by 2026, The base year considered for the study is 2021, and the forecast period is between 2022 and 2026. Retinal Surgery Devices Market 2022 Research Report provides key analysis on the market status of the Retinal Surgery Devices manufacturers with best facts and figures, meaning, definition, SWOT analysis, expert opinions and the latest developments across the globe.

The size of the Middle East and Africa Diabetic Retinopathy Market was valued at USD 0.75 Billion in 2022 and is predicted to be worth USD 1.04 Billion by 2027, at a CAGR of 6.86% during the forecast period.

Middle East and Africa micro invasive glaucoma surgery (MIGS) devices market is projected to register a substantial CAGR of 23.9% in the forecast period of 2020 to 2027. The new market report contains data for the historic year 2018, the base year of calculation is 2019 and the forecast period is 2020 to 2027.

The Glaucoma Treatment Market is forecasted to reach a net worth of US$ 7.6 Bn in 2032 from US$ 5.5 Bn in 2021 by registering a moderate CAGR of 3%. With the increasing proportion of the geriatric population in different geographic regions, glaucoma has emerged as a prevalent ailment.

Novel Ophthalmology Market Overview in Asia Pacific

The market in Asia-Pacific for ophthalmology drugs and devices is expected to grow with a CAGR of 6.41% during the forecast period from 2019 to 2027.

The Indian glaucoma and cataract surgery devices market was valued at $164 million in 2016, and is expected to reach $321 million by 2023, registering a CAGR of 10.1% from 2017 to 2023.

The size of the diabetic retinopathy market in the Asia Pacific was valued at USD 1.80 billion in 2022 and is projected to reach USD 2.64 billion by 2027, growing at a CAGR of 7.94% during the forecast period.

Asia is predicted to show wealthy growth in the forecast period. Within the Asian region, the western pacific region accounts for a larger share of blindness due to DR when equated to South-East Asia.

Target Audience

•   Ophthalmologists
•   Optometrists
•   Researchers
•   Eye surgeons
•   Physicians
•   Eye care specialists
•   Professors and Doctors
•   Delegates and Students
•   Members of Ophthalmology Societies and Associations
•   Directors/Co-Directors of Research-based companies
•   Business professionals (Directors, Presidents, CEO) from Ophthalmology equipment companies.

Ophthalmology Societies in USA: