Market Size of Canada Ophthalmology Drugs & Devices Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.60 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Canada Ophthalmic Drugs Devices Market Analysis
The Canadian ophthalmology drugs & devices market is expected to grow with a CAGR of 6.6% over the forecasted period.
The COVID-19 pandemic had a slightly negative effect on the market. Various research studies have been published to provide insight into the effect of the pandemic. For instance, the Canadian Council of the Blind (CCB) published a report in October 2021 that predicted the effect of COVID-19 on vision loss in Canada. According to the data, there were over three million fewer optometrist visits during the pandemic period. Additionally, 335,000 fewer eye procedures were conducted across Canada, a 47% decrease from the prior year. Additionally, the increased backlog of ocular surgery brought on by the pandemic is anticipated to take two years to clear, which is expected to increase the demand for ophthalmology drugs & devices and drive the market over the period.
The Canadian market's growth is attributed to the rising burden of a wide range of target diseases and the increasing research and development expenditure. For instance, the article published by Optometrists (OAO) in July 2021 mentioned that the number of people living with vision impairment is rising as Canada's population ages, which will have an increasing influence on the country's healthcare system and economy. The report shows that 1.2 million Canadians live with Vision impairment, 466,000 in Ontario alone. Similarly, as per the above-mentioned source, over 8 million Canadians, nearly 3.1 million in Ontario, are living with one of the four major eye diseases (age-related macular degeneration, glaucoma, diabetic retinopathy, and cataracts) and either have or are at risk of vision loss. Such a high prevalence of eye diseases is expected to raise the demand for ophthalmic drugs and devices, which drive the growth of the market.
Moreover, the increasing approvals and launches of new drug and device combination products help the patient to avoid allergic reactions due to the ophthalmic device, which are expected to drive the growth of the market. For instance, in April 2021, Johnson & Johnson Vision received Health Canada approval for ACUVUE Theravision with Ketotifen, the disposable contact lens for vision correction in patients who experience itchy allergy eyes due to allergic conjunctivitis. Hence, the new approvals and launches in the field of ophthalmology increase the widespread of products which are expected to drive the market over the forecast period. However, the higher cost of ophthalmic devices and treatment is expected to hinder market growth over the forecast period.
Canada Ophthalmic Drugs Devices Industry Segmentation
As per the scope of the report, ophthalmology devices are the equipment that is used for the diagnosis and treatment of various ophthalmic diseases, such as cataracts, glaucoma, and refractive errors. Ophthalmic drugs are used to treat eye infections and some of the above-mentioned diseases. The Canada Ophthalmology Drugs & Devices Market is segmented by Product (Devices (Surgical Devices (Intraocular Lenses, Ophthalmic Lasers, and Other Surgical Devices), Diagnostic Devices), and Drugs (Glaucoma Drugs, Retinal Disorder Drugs, Dry Eye Drugs, Allergic Conjunctivitis, and Inflammation Drugs, and Other Drugs), and by Disease (Glaucoma, Cataract, Age-Related Macular Degeneration, and Inflammatory Diseases, Refractive Disorders, and Other Diseases). The report offers the value (in USD million) for the above segments.
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| By Disease | |
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| Cataract | |
| Age-Related Macular Degeneration | |
| Inflammatory Diseases | |
| Refractive Disorders | |
| Other Diseases |
Canada Ophthalmology Drugs & Devices Market Size Summary
The Canadian ophthalmology drugs and devices market is poised for significant growth, driven by an increasing prevalence of eye diseases and a rising geriatric population. The market is experiencing a resurgence following the slight downturn caused by the COVID-19 pandemic, which led to a notable decrease in optometrist visits and eye procedures. The backlog of ocular surgeries is expected to create a heightened demand for ophthalmology products, thereby propelling market expansion. The aging population in Canada, coupled with the prevalence of major eye conditions such as age-related macular degeneration, glaucoma, diabetic retinopathy, and cataracts, is a key factor contributing to the market's growth. The increasing research and development investments further bolster the market, as new drug and device combinations are introduced to address these conditions effectively.
The market landscape is characterized by the presence of several major players, including Alcon Inc., Bausch Health Companies Inc., and Johnson & Johnson, among others. These companies are actively involved in the approval and launch of innovative products, which are expected to enhance the availability and efficacy of ophthalmic treatments in Canada. Despite the promising growth trajectory, the market faces challenges such as the high cost of ophthalmic devices and treatments, which could potentially hinder expansion. However, ongoing initiatives and funding for research and glaucoma care, along with the introduction of new products, are anticipated to sustain the market's growth momentum over the forecast period.
Canada Ophthalmology Drugs & Devices Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 High Prevalence of Ophthalmic Diseases
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1.2.2 Technological Advancements in the Field of Ophthalmology
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1.3 Market Restraints
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1.3.1 Higher Cost of the Ophthalmic Devices and Treatment
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1.4 Porter Five Forces
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 By Product
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2.1.1 Devices
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2.1.1.1 Surgical Devices
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2.1.1.1.1 Intraocular Lenses
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2.1.1.1.2 Ophthalmic Lasers
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2.1.1.1.3 Other Surgical Devices
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2.1.1.2 Diagnostic Devices
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2.1.2 Drugs
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2.1.2.1 Glaucoma Drugs
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2.1.2.2 Retinal Disorder Drugs
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2.1.2.3 Dry Eye Drugs
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2.1.2.4 Allergic Conjunctivitis and Inflammation Drugs
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2.1.2.5 Other Drugs
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2.2 By Disease
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2.2.1 Glaucoma
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2.2.2 Cataract
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2.2.3 Age-Related Macular Degeneration
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2.2.4 Inflammatory Diseases
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2.2.5 Refractive Disorders
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2.2.6 Other Diseases
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Canada Ophthalmology Drugs & Devices Market Size FAQs
What is the current Canada Ophthalmology Drugs & Devices Market size?
The Canada Ophthalmology Drugs & Devices Market is projected to register a CAGR of 6.60% during the forecast period (2024-2029)
Who are the key players in Canada Ophthalmology Drugs & Devices Market?
Alcon Inc., Carl Zeiss Meditec AG, Johnson & Johnson, Nidek Co. Ltd and Essilor are the major companies operating in the Canada Ophthalmology Drugs & Devices Market.
