The increasing prevalence of ophthalmic disorders and ocular pains is one of the main factors propelling the growth of the ophthalmology market. Numerous pharmaceutical companies are conducting ongoing clinical trial research to improve treatment options, and exposure to specific toxins or environmental changes increase the availability of ophthalmology products and fuel market growth. Increased sedentary and unhygienic lifestyles, as well as an increase in traumatic injuries, have an impact on the market.
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Data Bridge Market Research analyses that the Global Ophthalmology Market is expected to grow at a CAGR of 6.4% in the forecast period of 2022 to 2029. Ophthalmology is expected to reach USD 84,655.95 million by 2030, from USD 51,459.32 million in 2022. The rising aging population worldwide is resulting in a higher incidence of age-related eye conditions, such as cataracts, macular degeneration, and Glaucoma. This demographic shift is fueling the demand for ophthalmic treatments and services to address the specific eye care needs of older individuals, driving growth in the ophthalmology market.
Key Findings of the Study
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.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Product Type (Device, Drugs, and Others), Diseases (Glaucoma, Cataract, Age-Related Macular Degeneration, Inflammatory Diseases, Refractive Disorders, and Others), Prescription Mode (Generic and Branded), Drug Type (Prescription, and Over the Counter (OTC)), Route of Administration (Oral, Topical, Injectables, Local Ocular, and Others), End User (Hospitals, Clinics, Home Healthcare, and Others), Distribution Channel (Direct Tender, Retail Sales, and Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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Alcon (Switzerland), Regeneron Pharmaceuticals Inc. (U.S.), Johnson & Johnson, Inc. (U.S.), Novartis AG (Switzerland), Bausch & Lomb Incorporated (U.S.), 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. (Japan), 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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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Segment Analysis:
The global ophthalmology market is segmented on the basis of products, disease, prescription mode, and drug type, route of administration, end user, and distribution channel.
- On the basis of products, the ophthalmology market is segmented into devices, drugs, and others. The device segment is expected to dominate the product segment of the global ophthalmology market with a share of 71.61% in the forecast period of 2023 to 2030 due to its innovative features, reliability, user-friendliness, and wide compatibility. It has gained popularity in the market, meeting diverse needs and outperforming competitors, making it a preferred choice for consumers.
In 2023, the device segment is expected to dominate the product segment of the global ophthalmology market
In 2023, the device segment is expected to dominate the product segment of the global ophthalmology market owing to its cutting-edge features, dependability, friendliness, and broad compatibility. It has grown in popularity on the market, satisfying a variety of needs while outperforming rivals, making it the product that customers prefer with a share of 71.61% in the forecast period of 2023 to 2030.
- On the basis of diseases, the ophthalmology market is segmented into glaucoma, cataracts, age-related macular degeneration, inflammatory diseases, refractive disorders, and others. The inflammatory diseases segment is expected to dominate the global ophthalmology market with a CAGR of 7.1% in the forecast period of 2023 to 2030 due to their prevalence across various medical conditions, such as rheumatoid arthritis, asthma, and inflammatory bowel disease. Advancements in research and treatment options have improved management and patient outcomes.
- On the basis of prescription mode, the ophthalmology market is segmented into generic and branded. The branded segment is expected to dominate the global ophthalmology market with a CAGR of 6.6% in the forecast period of 2023 to 2030 due to pharmaceutical companies marketing efforts, brand recognition, and perceived quality. Physicians often prescribe branded drugs over generics, leading to higher sales and market share.
- On the basis of drug type, the ophthalmology market is segmented into prescription and over-the-counter (OTC). In 2023, the over-the-counter segment is expected to dominate the drug type segment of the global ophthalmology market with a share of 64.25% in the forecast period of 2023 to 2030 due to convenient access without a prescription, treating common ailments like pain, cold, and allergies. They offer cost-effectiveness and empower consumers to manage minor health issues independently.
In 2023, the over-the-counter segment is expected to dominate the drug type segment of the global ophthalmology market
In 2023, the over-the-counter segment is expected to dominate the drug type segment of the global ophthalmology market owing to the treat common maladies like pain, a cold, and allergies while offering easy access without a prescription. They are affordable and give customers the ability to take care of minor health issues on their own with a share of 64.25% in the forecast period of 2023 to 2030.
- On the basis of route of administration, the ophthalmology market is segmented into oral, topical, injectables, local ocular, and others. The topical segment is expected to dominate the global ophthalmology market with a CAGR of 6.8% in the forecast period of 2023 to 2030 due to its localized action, ease of application, and minimal systemic side effects. It's commonly used for skin conditions and offers convenient treatment for various dermatological issues.
- On the basis of end user, the ophthalmology market is segmented into hospitals, clinics, Home Healthcare, and others. The clinics segment is expected to dominate the global ophthalmology market with a CAGR of 7.0% in the forecast period of 2023 to 2030 due to their accessibility, versatility, and specialized medical services. They provide primary healthcare, diagnostics, and treatments, serving a wide range of patients within local communities.
- On the basis of distribution channels, the ophthalmology market is segmented into direct tender, retail sales, and others. The retail sales segment is expected to dominate the global ophthalmology market with a share of 63.00% in the forecast period of 2023 to 2030 due to widespread consumer access, convenience, and the ability to showcase products physically. It caters to diverse preferences and offers personalized customer experiences, driving higher sales volumes.
Major Players
Data Bridge Market Research recognizes the following companies as the major ophthalmology market players in ophthalmology market are F. Hoffmann-La Roche Ltd (Switzerland), Carl Zeiss Meditec AG (Germany), AbbVie Inc. (U.S.), EssilorLuxottica (France), NIDEK CO., LTD. (Japan), TOPCON CORPORATION (Japan), Glaukos Corporation (U.S.)
Market Developments
- In 2022, In order to treat Retinopathy of Prematurity (ROP) in preterm infants, Regeneron Pharmaceuticals, Inc. announced that the U.S. Food and Drug Administration (FDA) had accepted the supplemental Biologics License Application (sBLA) for EYLEA (aflibercept) Injection for Priority Review.
- In 2022, With a vastly improved user experience, Reichert, Inc. has launched its newly designed website for refractometers and analytical instruments.
Regional Analysis
Geographically, the countries covered in the global ophthalmology market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
As per Data Bridge Market Research analysis:
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