As per the report titled ‘GLOBAL OPHTHALMOLOGY DRUGS AND DEVICES MARKET 2019-2027’, available with Market Study Report, global ophthalmology drugs and devices market is projected to record a y-o-y growth rate of 6.16% during 2019-2027.
 

Growing prevalence of eye diseases coupled with efforts towards new drug development is the primary driving force for global ophthalmology drugs and devices market. Booming elderly population, increased risk of ophthalmic ailments due to rising cases of high blood sugar, and surging healthcare expenditure are the other rationales contributing to the industry expansion.
 

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For the uninitiated, ophthalmic devices and drugs are utilized in diagnosis and treatment of certain deficits and ocular malformations in eyes. Presence of sizeable target patient base in developing nations, in tandem with rise in demand for intraocular lenses and phacoemulsification devices will present new growth opportunities for global ophthalmology drugs and devices market in the forthcoming years.
 

On the contrary, delays in drug approval, increasing number of drugs in pipeline, less awareness among individuals, and brand patent expirations have negatively impacted the pharmaceutical sector. In addition, risks associated with ocular disease treatment are restraining global ophthalmology drugs market revenue.
 

Based on device terrain, global ophthalmology market size is divided into diagnostic & monitoring equipment, surgery device, and vision care. Whereas drugs segmentation comprises of glaucoma drug, dry eye drug, retinal disorder drug, drugs by use of preservation, and allergic conjunctivitis, inflammation & conjunctivitis drug. 
 

On the geographical front, North America currently accounts for majority of global ophthalmic drugs and devices market share and is poised to grow further in the ensuing years. The growth is predominantly driven by high occurrences of eye diseases, government investments towards eye research, along with surging expenditure in healthcare sector and R&D across the US and Canada.
 

Prominent industry players in worldwide ophthalmology drug and devices industry include Ziemer Group Holding AG, Sun Pharmaceuticals Industries Ltd., Valeant Pharmaceuticals International, Santen Pharmaceutical Co. Ltd., Pfizer Inc., Roche Holding AG, Novartis International AG, GlaxoSmithKline plc, Johnson & Johnson Inc., Essilor International S.A., Bayer AG, Carl Zeiss AG, and Allergan Inc.