LONDON, Jan. 16, 2023 (GLOBE NEWSWIRE) -- Data Bridge Market Research completed a qualitative study titled "Ophthalmology Market" with 100+ market data tables, pie charts, graphs, and figures spread across Pages and an easy-to-grasp full analysis. This Ophthalmology market report serves business purposes and endows you with the best market research and analysis performed with advanced tools and techniques. This market research report classifies the market by companies, geographical region, type, component, application, and end-use industry. Under the competitive analysis section, major key players existing in the market are mentioned along with various details such as company profiles, their market share analysis, and their different strategies which make them thrive in the market. This Ophthalmology market research report also identifies and analyses the emerging trends along with major driving factors, challenges, and opportunities in the market.
A market report which consists of a precise and accurate analysis of market trends, future developments, market segments, and competitive analysis is in high demand by businesses of all sizes due to the benefits that it offers. This Ophthalmology market report also offers a profound overview of product specification, technology, product type, and production analysis by taking into account the most important factors such as Revenue, Cost, Gross, and Gross Margin. A detailed market study and analysis of trends in consumer and supply chain dynamics cited in this Ophthalmology report helps businesses draw strategies for sales, marketing, advertising, and promotion.
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.
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Ophthalmology is a branch of medicine that deals with the anatomy, physiology, treatment, and surgery of the visual pathways of the eye, including surrounding areas and the visual aspects of the brain. Ophthalmic devices are medical equipment designed for surgery, diagnosis, and vision correction. The devices gained increased importance and adoption due to the high prevalence of several ophthalmic diseases, such as glaucoma, cataract, and other vision-related issues. Ophthalmic drugs are medications that are specially designed and administered for the treatment of various eye-related disorders, including color blindness, diabetic macular edema, cytomegalovirus (CMV), and age-related macular degeneration (AMD).
One of the primary factors driving the growth of the ophthalmology market is the rising prevalence of ophthalmic disorders & ocular pains. The continuing clinical trial research being conducted by several pharmaceutical businesses to better treatment choices and exposure to certain toxins or environmental changes increase the occurrence of ophthalmology products and leads to market expansion. The market is also influenced by increased unhygienic & sedentary lifestyles and a rise in traumatic injuries. However, high cost & risks associated with eye surgery & treatment, lack of health insurance amongst the population, especially within developing countries, and prolonged-time period for manufacturing & formulating ophthalmic drugs acts as a restraining factor for the global ophthalmology market in the forecast period.
Fundamental Aim of Ophthalmology Market Report
In the Ophthalmology Industry, every company has goals, but this report focuses in on the most important ones, allowing you to gain insight into the competition, the future of the market, potential new products, and other useful information that can boost your sales significantly.
- Major alterations to the Ophthalmology Market in the near future.
- Notable Market rivals around the world.
- The Ophthalmology Market's Future Scope and Product Outlook
- Future-promising emerging markets.
- The Market Presents Difficult Challenges and Threats.
- Sales data and profiles of the world's leading Ophthalmology manufacturers
The Ophthalmology Market is Dominated by Firms Such as
- Alcon,
- Regeneron Pharmaceuticals Inc.,
- Johnson & Johnson, Inc.,
- Novartis AG,
- Bausch & Lomb Incorporated,
- HOYA Corporation.,
- The Cooper Companies Inc.,
- Santen Pharmaceutical Co., Ltd.,
- F. Hoffmann-La Roche Ltd,
- Carl Zeiss Meditec AG,
- AbbVie Inc.,
- EssilorLuxottica,
- NIDEK CO., LTD.,
- TOPCON CORPORATION,
- Glaukos Corporation.,
- STAAR SURGICAL,
- Metall Zug AG,
- Sun Pharmaceutical Industries Ltd.,
- Lumenis Be Ltd.,
- Pfizer Inc., and
- Ziemer Ophthalmic Systems
Recent Developments
- In October 2022, Regeneron Pharmaceuticals, Inc. announced the U.S. Food and Drug Administration (FDA) has accepted for Priority Review the supplemental Biologics License Application (sBLA) for EYLEA (aflibercept) Injection to treat Retinopathy of Prematurity (ROP) in preterm infants. This development helps the organization in developing its brand image in the ophthalmology market, among others
- In May 2022, Reichert, Inc. has launched its redesigned refractometers & analytical instruments website with a vastly improved user experience
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Opportunities for Key Players:
- The rise in healthcare expenditure and disposable income
Healthcare expenditure and its growth rate over time are inclined by a wide variety of economic and social factors, including the financing arrangements and structure of the organization of the health system.
Healthcare expenditure has increased across the world as people's disposable income in various countries is increasing. Moreover, to accomplish the population requirements, government bodies and healthcare organizations are taking initiatives by virtue of accelerating healthcare expenditure.
Growing healthcare expenditure is also beneficial for further economic growth and healthcare sector growth. It is primarily fruitful as it significantly affects the development of better and more advanced medical products in the market. Therefore, the surge in healthcare expenditure may act as a great opportunity for market growth.
- Rising awareness to prevent the burden of eye diseases
Significant advancements in the prevention of visual impairment have been made to battle visible diseases by various organizations such as World Health Organization (WHO) and its Member States, UN agencies, Non-Governmental Organizations (NGOs) and the private sector. Therefore, the second Thursday of October is World Sight Day (WSD), an annual awareness day to create global attention on blindness and vision impairment.
Thus, the programs and initiatives to reduce the burden of eye diseases are expected to create opportunities for the growth of the global ophthalmology market in the forecast period.
Key Market Segments Covered in Ophthalmology Industry Research
Products
- Device
- Drugs
Diseases
- Glaucoma
- Cataract
- Age-Related Macular Degeneration
- Inflammatory Diseases
- Refractive Disorders
Prescription Mode
- Generic
- Branded
Drug Type
- Prescription
- Over the Counter (OTC)
Route of Administration
- Oral
- Topical
- Injectables
- Local Ocular
End User
- Hospitals
- Clinics
- Home Healthcare
Distribution Channel
- Direct Tender
- Retail Sales
Key Growth Drivers:
- Rising prevalence of ophthalmic disorders & ocular pains
Ophthalmic disorders are the vital cause of major ocular and orbital pains in the eye. Ocular pain occurs over the surface of the eyes along with symptoms such as scratching, burning, or itching sensation. This may be due to multiple reasons, including irritation from foreign objects, infection or trauma. Eyelashes or pieces of dirt, smoke, dust or some harsh eye cosmetics are the common causes leading to ocular pain, redness, and watery eyes.
The prevalence of ocular pain keeps showing a surge in growth as chemical industries and pollution around the world are growing. Chemical burns and flash burns cause significant and severe ocular pain due to irritations over the eye surface. Style and blepharitis lead to severe ocular pain as they cause eye and oil glands to be more sensitive around the area. The affirmative factor states that this is the major driver for the global ophthalmology market.
- Rise in traumatic injuries
Traumatic head injury is one of the causes of such disorders as optic nerve disorders. A traumatic injury is a physical injury that occurs suddenly with a certain degree of severity. Trauma can be caused by a variety of external injuries. The most common causes of traumatic injury include road accidents, sports injuries, and violence, among others which can lead to some serious eye disorders as well. The prevalence of such traumatic injuries is highly seen worldwide.
Hence, such traumatic injuries lead to optic nerve disorders, which are affecting the population in these years and it is increasing with the rising population. Therefore, a rise in traumatic injuries is expected to drive market growth.
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Ophthalmology Market Regional Analysis/Insights:
The regions in the Ophthalmology Market Report are Asia-Pacific, Europe, North America, Middle East & Africa, and South America. U.S., Canada, Mexico, Russia, Spain, Turkey, Germany, Italy, United Kingdom, France, Hungary, Austria, Switzerland, Netherlands, Poland, Ireland, Norway, Lithuania, Rest of Europe, China, Japan, South Korea, India, Australia, Singapore, Thailand, Malaysia, Indonesia, Philippines, Vietnam, Rest of Asia-Pacific, Brazil, Argentina, Peru, Rest of South America, South Africa, Saudi Arabia, UAE, Egypt, Israel, Kuwait, and Rest of the Middle East and Africa.
An increase in demand for ophthalmology products and an increase in research and development activities in the industry are also expected to drive the market in the forecasted period.
This Market Intelligence Report Analyses Some of the Most Crucial Concerns:
- How will the major segments of this international market develop over the next few years?
- Who are the major players that will dominate the market in the future?
- When it comes to this industry, who are the top suppliers and producers?
- How have the most successful companies in the industry planned for future growth and expansion?
- In what sectors might we expect to see the greatest increase in demand over the coming years?
- How many distinct subsets of buyers make up this market?
- Which regional powerhouse do you foresee as becoming the largest player in the international market?
- Does a new coronavirus pandemic have any consequences?
- In what ways are established actors stymied by the entry of newcomers, and how may they be overcome?
Table of Contents:
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