Ophthalmology is a medical specialty that focuses on the diagnosis, treatment, and prevention of diseases of the eye and visual system. According to the American Academy of Ophthalmology, late age-related macular degeneration (AMD) affects about 2.1 million Americans aged 50 and over, causing severe vision impairment. The number of people with diabetes in the United States is on the rise. Diabetes affects more than 29 million people in the United States. Nearly 7.7 million Americans aged 40 and over suffer from diabetic retinopathy. Furthermore, the incidence of dry eye syndrome rises with age. Dry eye syndrome affects an estimated 3.2 million women over the age of 50 and over 1.68 million men over the age of 50.

Market Dynamics

Rising prevalence of eye diseases among geriatric population

According to the World Health Organization's (WHO) estimates, vision impairment is a huge financial burden. The annual global costs of productivity losses to unfixed myopia and presbyopia alone are projected to be US$ 244 billion and US$ 25.4 billion, respectively. In addition, at least 2.2 billion people suffer from near- or distance vision.  Vision impairment may have been avoided in 1 billion populations, but almost half of these cases did not remain undetected. These 1 billion people involve those with moderate or severe distance vision impairment or blindness due to unaddressed refractive errors (88.4 million), cataract (94 million), glaucoma (7.7 million), corneal opacities (4.2 million), diabetic retinopathy (3.9 million), and trachoma (2 million), as well as near vision impairment caused by unaddressed presbyopia (826 million). Apart from that, low and middle-income regions are expected to have four times higher incidence of distance vision impairment as compared to high-income regions.   

Technological advancements bolster the growth of ophthalmology market

Artificial intelligence (AI) has gained a lot of traction in the field of eye disease screening, diagnosis, and treatment. Image analysis is critical for disease diagnosis and treatment, and AI is gaining popularity in this area. Pathology, radiology, and dermatology are among the specialties that are leading AI in healthcare. Additionally, AI helps in the detection of diabetic retinopathy and macular degeneration. According to the American Academy of Ophthalmology, there are 61 million people in the United States who are at high risk of visual impairment. With more convenient and affordable initial scans, newer technology could help diagnose and treat patients faster. Vision impairment may be avoided or minimized with early care or diagnosis. In addition, cameras that detect diabetic retinopathy have gained a lot of traction among diabetic patients. There is a severe shortage of ophthalmologists for diabetic eye screenings. Technology such as "IDX-DR" may assist in resolving such critical situations. The "IDX-DR" is the first AI-based system to be approved by the Food and Drug Administration (FDA) for the detection of diabetic retinopathy. It can be used by primary care physicians and other healthcare providers. "IDX-DR" is software that assesses images of the eye taken with a retinal camera. The software instructs doctors to consult patients and refer them to an ophthalmologist for further treatment.    

Research and development activities coupled with research funding and grants positively influence the growth of ophthalmology market 

As per the reports revealed by the American Association for Pediatric Ophthalmology & Strabismus (AAPOS), The Knights Templar Eye Foundation has announced a Pediatric Ophthalmology Research Grant Award Program US$ 2 Mn. Grants supported by the Knights Templar Eye Foundation are awarded to impact the eye care of infants and children. These is highly supported basic research on conditions that are potentially preventable or correctable involving amblyopia, cataract, glaucoma, optic nerve hypoplasia, nystagmus, retinopathy of prematurity, and hereditary diseases that occur at birth or within early childhood, such as retinoblastoma. Till date, the KTEF has offered excess of US$ 156 Mn of assistance in surgeries and excess of US$ 28 Mn in pediatric research grant awards. On the other hand, Ann & Robert H. Lurie Children's Hospital of Chicago, disclose that there exist clinical trials for pediatric ophthalmology. For instance, ClinicalTrial.gov ID: NCT04378790, is conducting a study to assess the efficacy, safety, and tolerability of Intravitreal Aflibercept compared to laser photocoagulation in patients suffering from Retinopathy of Prematurity (BUTTERFLEYE).

Segmental Overview

Ophthalmology market is segmented based on product, disease, and end-user. Product segment is classified into devices and drugs. Devices are further segmented into surgical devices and diagnostic devices. Drugs are further segmented into glaucoma drugs, retinal disorder drugs, dry eye drugs, allergic conjunctivitis and inflammation drugs, and other drugs. Furthermore, disease is segmented as glaucoma, cataract, age-related macular degeneration, inflammatory diseases, refractive disorders, and among others. By end-user, the market is segmented as hospitals, medical institutes, research organizations, and healthcare service providers.

Based on product segment, devices segment will record remarkable share for the global ophthalmology market. Increased demand for surgical and diagnostic treatment for specific applications, the advent of technologically advanced minimally invasive surgeries such as LASIK, and advanced surgical procedures such as multi-wavelength diabetic retinopathy treatment, ultrasound phacoemulsification, and femtosecond laser surgery are all contributing to the global ophthalmology market development. Furthermore, the aforementioned surgeries, which are followed with improved patient outcomes such as faster recovery times, increasing acceptance of refractory surgeries, and improved safety profiles, are factors that have a positive impact on driving the demand for ophthalmology products, which is responsible for the global growth of the ophthalmology market. 

Regional Overview

North America has the largest share of the ophthalmology industry. This is supported by growing geriatric population and a high prevalence of chronic eye diseases such as diabetic retinopathy, glaucoma, and others. Favorable reimbursement policies for ophthalmology treatments, as well as a heavy reliance on patient safety, are major factors driving the ophthalmology market upward. On the other hand, the Asia-Pacific ophthalmology market is likely to grow at an accelerated rate over the forecast period, with the fastest CAGR. The global ophthalmology market is expected to expand at a rapid pace in APAC due to improvements in healthcare infrastructure, growing incidences of eye disorders among geriatric population, and increased awareness of available treatment options. The presence of a large pool of competitive players, as well as the launch of technologically advanced diagnostic devices, all lead to the enhancement of the ophthalmology market.

Competitive Landscape

Key players involved in ophthalmology market involve Alcon, Bausch Health Companies Inc., Carl Zeiss Meditec AG, Essilor International S.A., HAAG-STREIT GROUP,  Johnson & Johnson Services, Inc., NIDEK CO., LTD., Topcon Corporation, and others.

Market Segmentation

Market By Product

Devices
•    Surgical Devices
•    Diagnostic Devices

Drugs
•    Glaucoma Drugs
•    Retinal Disorder Drug
•    Dry Eye Drugs
•    Allergic Conjunctivitis 
•    Inflammation Drugs
•    Other Drugs

Market By Diseases

Glaucoma
Cataract
Age-Related Macular Degeneration
Inflammatory Diseases 
Refractive Disorders
Others

Market By End-User

Hospitals
Medical Institutes
Research Organizations
Healthcare Service Providers

Market By Geography

North America
•    U.S.
•    Canada

Europe
•    U.K.
•    Germany
•    France
•    Spain
•    Rest of Europe

Asia-Pacific
•    China
•    Japan
•    India
•    Australia
•    South Korea
•    Rest of Asia-Pacific

Latin America
•    Brazil 
•    Mexico
•    Rest of Latin America

Middle East & Africa
•    GCC
•    South Africa
•    Rest of Middle East & Africa