Boston, MA -- (ReleaseWire) -- 09/06/2012 -- The global ophthalmology market witnessed a dip during the economic downturn in 2008 and 2009; however, it is poised to grow at a stable rate mainly due to an increasing aging population, large pool of patients with eye diseases, changing demographics and geographical trends, and increased focus on combination therapies of drugs. Moreover, incidences of glaucoma and cataract are increasing every year.
Cataract is responsible for 48% of the population becoming totally blind. In addition, more than 60 million people suffer from glaucoma and this number is expected to reach 80 million by 2020. An increasing aging population is also resulting in more people suffering from refractive errors. It is estimated that in the U.S. and Europe, refractive errors affect more than 30% of the population aged 40 or older. However, the economic slowdown and drying pipeline of ophthalmology drugs is restricting the market.
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The ophthalmology drugs and devices market is divided into four major segments, namely, surgical devices, diagnostic and monitoring devices, vision care, and drugs. The devices market is divided into applications like surgery and diagnostics. Drugs market is classified into existing treatment drugs and drugs in pipeline and the vision care market is segmented into spectacles and contact lenses. The total market is forecasted till 2017. This market is also considered by formulation types such as capsules, gels, eye drops, ointment, and eye solutions.
Advancements in technologies, high prevalence rates of refractive error, cataract, and glaucoma, increasing demand for the diagnostic procedures and low compliance with pharmaceuticals will propel the devices market. However, lack of awareness of diseases like glaucoma hinders the growth of this market. The drugs market will grow at a slower pace mainly due to the combined effect of loss of patent protection for several drugs and drying pipeline.
The geographies covered in this study are North America, Europe, Asia-Pacific (APAC) and Rest of the world (RoW). North America is the largest market for ophthalmology drugs and devices, followed by Europe and Asia. North America and Europe is expected to grow at a slower pace, primarily due to the economic slowdown and saturation in these markets. APAC is an unsaturated market, especially China and India, and these regions are expected to drive the growth of the overall ophthalmology market, mainly due to growing awareness of eye diseases and increasing disposable income.
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