Value Of Global Ophthalmology Market To Reach $52.6bn In 2017

At the height of the economic downturn (2008-2009), the global ophthalmology drugs and devices market took a hit, and the weakness persisted in the following years. However, steady growth is expected in the next few years, according to MarketsandMarkets. The research firm forecasts that ophthalmology drug and device sales will be generating $52.6 billion by 2017.

The analysis includes sales of contact lenses and intraocular lenses (IOL), as well as drugs for conditions such as dry eye and glaucoma. Among the key ophthalmology market players covered in the report are Alcon, Bausch & Lomb and Johnson & Johnson.

The anticipated market revival is attributed to a combination of factors. Among them are aging populations, the growing number of people suffering from eye diseases and a greater focus on combination therapies. But MarketsandMarkets also notes that lack of awareness regarding eye diseases will hold back the growth pace. The report predicts slower progress for the drugs segment, which is attributed to the combination of patent protection loss for a number of drugs and drying pipelines.

North America remains the biggest ophthalmology market but similar to second-ranked Europe, it will experience modest growth over the forecast period. These two regions are being held back by their sluggish economic recovery and market saturation. Asia-Pacific, on the other hand, will power ahead. China and India in particular will prove major contributors to global growth, largely as a result of rising awareness of eye diseases and expanding disposable incomes.