DALLAS, October 25, 2010 /PRNewswire/ --
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Global ophthalmology drug and devices market is witnessing a significant growth due to the increasing incidence and prevalence of eye related disorders such as presbyopia, macular degeneration, and diabetic retinopathy among the aging population. With the introduction of ophthalmic devices equipped with sophisticated technologies, people are increasingly opting for ophthalmic surgeries to correct their eye related disorders.
Lack of health insurance amongst population especially within the developing countries or lack of insurance covering all types of IOLs or contact lens in developed countries is a significant challenge faced by the ophthalmology industry. The other challenges include low awareness about the ophthalmic disorders, especially in developing countries. This is primarily due to the lack of awareness amongst rural population about the various ophthalmic disorders such as cataract.
The ophthalmology drugs market is classified based on the type of drugs; treatment based drugs, over the counter drugs and ocular anesthetics. Ocular anesthetics are administered by surgeons during surgery and can not be bought by individuals. The treatment based drugs are provided based on the diagnosed conditions and are classified as dry eye drugs, retinal disorder drugs, anti-allergy/inflammatory/infective drugs and anti-glaucoma drugs. Over the counter drugs can be procured without any need of a prescription. This report analyses drugs and devices in the ophthalmology market along with its sub-segments for their revenues, key growth drivers and opportunities.
The Global Ophthalmology Drug and Devices Market is expected to reach a market size of $36 billion by the year 2014, at a CAGR of 5.4% from 2009-2014. The drugs market is expected to reach a size of $19.8 billion by the year 2014 growing at a CAGR of 4% from 2009-2014.
Market estimates and forecast
The report provides in-depth market estimates and forecast for ophthalmology devices based on major eye disorders such as cataract, refractive error and other retinal disorders. It segments the global ophthalmology drugs market on the basis of treatment based drugs, OTC drugs and anesthetics.
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