Global Ophthalmology Drug and Device Market is Forecast to Witness a CAGR of 5.3% by 2024

Friday, 10. May 2019 12:01

Dublin, May 10, 2019 (GLOBE NEWSWIRE) -- The "Ophthalmology Drug and Device Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.

The ophthalmology drug and device market is expected to witness a CAGR of 5.3% during the forecast period. Certain factors that are driving the growth of the market include demographic shifts, the impact of the prevalence of eye disease, technological advancements in the field of ophthalmology, and a rising geriatric population.

The cataract volume registered a rapid increase in recent years. The aging population is expected to burden all areas of health care, and ophthalmologists provide approximately 90% of their procedure-based services to seniors. In many countries, cataract surgery is the most frequent surgical procedure performed, and it offers significant improvements in the quality of life of the elderly population at low costs. An increase in the demand for ophthalmological devices projects the future cataract surgery needs that are vital for human health resources and hospitals, and for surgical center management and planning. Other factors, such as the availability of new drugs and devices and the prevalence of eye disease, are also expected to drive the market over the forecast period.

Many regulations are imposed by agencies, such as the FDA, to ensure the safety and efficacy of products. Due to the frequent occurrences of violations, tighter regulations were enforced on label contents. The cost of complying with FDA guidelines is expected to drive many small pharmacies out of business or force them to consolidate. For example, these regulations impose a beyond-use date of only five days for bevacizumab and other biologics. However, it takes 14 days just to test the sterility of these drugs, which means that the regulations for compounded ophthalmology drugs besides bevacizumab, such as ophthalmology mitomycin, and triamcinolone acetonide plus moxifloxacin hydrochloride injection, will become much more expensive or even unavailable. Additionally, increasing healthcare costs and an economic slowdown in developed countries are also restraining the market's growth.

Companies Mentioned

  • Alcon Inc.
  • Bausch & Lomb Inc.
  • Carl Zeiss Meditec AG
  • Essilor International SA
  • Haag-Streit Group
  • Johnson & Johnson
  • Nidek Co. Ltd
  • Topcon Corporation
  • Ziemer Ophthalmic Systems AG

For more information about this report visit https://www.researchandmarkets.com/r/c6s04z

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