Market Trends of Canada Ophthalmology Drugs & Devices Industry
This section covers the major market trends shaping the Canada Ophthalmic Drugs Devices Market according to our research experts:
Age-related Macular Degeneration Segment is Expected to Show Significant Growth in the Market Over the Forecast Period
Macular degeneration is a retinal disorder affecting older people. The early stages of the disease (early and intermediate AMD) are generally asymptomatic, which gradually make progress to the late stages of the disease, which may cause severe visual loss. Factors such as the increasing geriatric population, increasing prevalence of age-related macular degeneration (AMD), and initiatives by key market players are expected to increase market growth.
According to an article published by Statistics Canada in April 2022, 2.3% of the population is 85 or older at the moment. In addition, researchers from Hamilton directed the study on age-related macular degeneration, a top cause of vision loss and legal blindness in Canadians aged 55 and older. The elderly population could increase to over 2.5 million persons by 2046. Hence, the rising older population is expected to increase the risk of age-related macular degeneration, which is expected to have a high demand for ophthalmology drugs and is likely to drive the market. Furthermore, in November 2022, aided by an increase in funding of USD 750,000 from the Juravinski Research Institute (JRI), research was initiated to study AMD among the elderly, which includes various devices for diagnosis which is likely to increase the usage of devices and is expected to drive the market through this segment.
Moreover, the new product approvals and launches in the segment are expected to increase the widespread of the products in the country and are expected to drive the market to grow. For instance, in March 2022, Samsung Bioepis Co., Ltd., and Biogen Canada Inc. received approval from Health Canada for BYOOVIZ (ranibizumab) biosimilar for the treatment of neovascular (wet) age-related macular degeneration (AMD). Hence, these new approvals and launches increase the widespread usage of the products in this segment that drive the market over the forecast period.
Glaucoma Drugs Segment is Expected to Gain Highest CAGR in the Market Over the Forecast Period
Optic nerve injury leads to glaucoma. Although the specific mechanism is unknown, there is a correlation between optic nerve damage and eye pressure brought on by the accumulation of extra fluid. The condition progresses over time to cause a loss of peripheral (side) vision which needs proper correction. The drugs used for the management of glaucoma are expected to have a significant share over the period. The high burden of glaucoma diseases and the growing demand for advanced therapeutic interventions are some of the major factors that increase the usage of glaucoma drugs in the country, which is expected to drive the market over the study period.
Furthermore, the high burden of glaucoma in Canada is expected to increase the demand for the drugs which can drive the market. For instance, as per the report updated by Fighting Blindness Canada in May 2021, glaucoma affects more than 728,000 Canadians and takes the form of several related disease types. Thus, the high burden of glaucoma needs proper treatment with drugs and is expected to drive the market over the study period.
The new rising funds for glaucoma care in the country it is likely to increase the usage of glaucoma drugs. For instance, in October 2022, an ophthalmologist. Dr. Hady Saheb, a glaucoma specialist at the MUHC's McGill Academic Eye Centre (MAEC), pledged to run 50 km while blindfolded to raise USD 40,000 for the MUHC Foundation in support of glaucoma care. With this, Quebecers will have access to better glaucoma care which is expected to drive the market through the segment over the forecast period.
