Europe Ophthalmology Drugs and Devices Market is Projected to Witness 5.3% CAGR by 2023 | Top Players: ABBOTT MEDICAL OPTICS, ALCON, BAUSCH & LOMB, CARL ZEISS MEDITEC AG, ESSILOR INTERNATIONAL S.A., HAAG-STREIT GROUP, NIDEK, TOPCON CORPORATION

Ophthalmology is a branch of medicine which deals with anatomy, physiology, and diseases of the eye. An ophthalmologist is a specialist in medical and surgical eye problems who performs eye operations. They are specially trained to provide the full spectrum of eye care from prescribing glasses and contact lenses to complex and delicate eye surgery. The devices include glasses, lenses, diagnostics, lasers, solutions, and surgical instruments. The Europe ophthalmology drugs and devices market is expected to register a CAGR of 5.3% during the forecast period of 2018-2023.

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High Prevalence of Cataract in Europe
According to Eurostat, cataract surgery is one of the most common surgical operations in Europe. This procedure was conducted more than 3.5 million times in 2015. The increasing rate of cataract surgeries has a high impact on the ophthalmic market, resulting in the high demand for cataract surgery equipment and drugs. After 2012, the numbers have only increased as more and more people have been opting for cataract surgeries. This has contributed to the rise in demand for various cataract-related devices and drugs.
Other factors, such as the large number of eye problems, availability of new advanced devices, and patient preference for non-invasive treatment are going to drive the market in the future.

Major Players:
ABBOTT MEDICAL OPTICS, INC., ALCON, INC., BAUSCH & LOMB INC., CARL ZEISS MEDITEC AG, ESSILOR INTERNATIONAL S.A., HAAG-STREIT GROUP, JOHNSON & JOHNSON, NIDEK CO., LTD, TOPCON CORPORATION, and ZIEMER OPHTHALMIC SYSTEMS AG, among others..

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Long Waiting Time of Surgery
With the rise in the rate of eye surgeries being conducted in Europe, the waiting periods have also increased. The waiting time has a high influence on the patient’s preference for eye surgeries. Delaying of surgery can have an impact on the patient’s satisfaction and on the patient’s quality of life, because of limited functionality, increased social isolation, anxiety, higher risks for development of more complications, worsening of symptoms or poorer prognosis and outcome following surgery. Therefore, the high waiting periods in some European countries, make patients choose a foreign destination for their surgery and treatment. Cataract surgery accounts for, in many areas, over half of all ophthalmic surgeries. Although the European ophthalmic market shows great promise due to the increasing number of eye surgeries, it still faces challenges from the waiting periods of surgery.
Additionally, the high risk associated with eye surgery, lack of skilled technicians, and stringent regulations are also restraining the market.

Germany to Dominate the Market
The ophthalmology drugs and devices market is segmented by surgical devices, by drugs, and by geography. By surgical devices, the market is segmented into glaucoma surgery devices, cataract surgery devices, refractive surgery devices, vitreoretinal surgery devices, and diagnostic and monitoring devices. By drugs the market is segmented into anti-glaucoma drugs, ophthalmology infection drugs, ophthalmology inflammation drugs, ophthalmology lubricants, mydriasis drugs, and ophthalmology swelling. By geography, it is segmented into Germany, United Kingdom, France, Italy, Spain, and the rest of Europe.
Germany dominates the ophthalmology drugs and devices market due to the presence of well-established healthcare facilities and the rise in geriatric population in the country. Other factors include rising number of patients suffering from diabetic retinopathy, age-related macular degeneration (AMD), and other vision disorders. Technological advances in the field of ophthalmology medical devices, favorable healthcare coverage from the government, and an increase in the healthcare spending on ophthalmologic services.

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This release was published on openPR.