Market Trends of Europe Ophthalmology Drug and Device Industry
This section covers the major market trends shaping the Europe Ophthalmology Drug & Device Market according to our research experts:
Cataract Segment is Expected to Witness a Significant Growth Over the Forecast Period
A cataract is an eye disease that causes clouding of the eye lens, resulting in irreversible vision loss, and surgery is performed to remove the clouded natural lens and implant an intraocular lens. The cataract segment is expected to witness significant growth due to the increasing cataract treatment market driven by an increase in the geriatric population and a rise in the prevalence of cataract diseases. In addition, the rising awareness among individuals about the benefits of early diagnosis and treatment of cataracts is catalyzing the demand for cataract surgical devices. As per the United Nations Population Fund's World Population Dashboard Statistics 2021, about 21.1% of individuals in France are 65 or older. Since vision loss and cataracts are more common among the elderly driving the growth of the segment.
Technological advancements and rising strategic collaborations are some of the other factors anticipated to propel the growth of the segment. For instance, in June 2022 PromTime and the European Society of Cataract and Refractive Surgeons (ESCRS) entered into a partnership that enable France to join the European Registry of Quality Outcomes for Cataract and Refractive Surgery (Eurequo). This partnership aims to standardize a digital tool that compares real-life patient-reported outcomes measures (PROMs) which have been adjusted to severity profiles.
Also, in April 2022, the European Society of Cataract and Refractive Surgery reported, that 219,736 cataract extraction was reported to the European Registry of Quality Outcomes for Cataract and Refractive Surgery (EUREQUO) database in the year 2021, while in the year 2020 it was 193,082. The cataract extraction number got increased by 13.8% in 2021 as comapred to the previous year. Thus, high cataract surgery in the europe is expected to drive the demand for ophthalmology devices and treatment, thereby boosting the growth of the segment over the forecast period.
Thus, due to the above-mentioned reasons such as rising number of cataract surgery, the segment is expected to witness significant growth over the forecast period, thereby driving the studied market in the European countries.
Germany is Expected to Witness a Significant Growth Over the Forecast Period
Germany is expected to witness significant growth over the forecast period due to the increasing incidence and prevalence of eye-related disorders such as presbyopia, macular degeneration, and diabetic retinopathy among the aging population. Also, due to the technological advancement of ophthalmic devices equipped with sophisticated technologies, people are increasingly opting for ophthalmic surgeries to correct their eye-related disorders in the country, thereby contributing to the market.
As per the January 2022 estimates by the Federal Statistical Office (Destatis), 16.2 million people over the age of 67 years old lived in Germany at the end of the year 2021. The same source projected that the number would rise to 21.6 by the year 2060. The rising geriatric population is likely to propel the segment's growth in the nation over the forecast period as this population is more vulnerable to eye-related disorders. Furthermore, the elderly population is more prone to illness and poor vision. In addition, as this population grows, the demand for vision correction surgeries and drugs is likely to increase, in turn boosting the demand for ophthalmic drug and devices market.
Technological advancement due to the presence of key market players is significantly contributing to the market growth. For instance, in December 2021, Novaliq, a company that focuses on first- and best-in-class ocular therapeutics based on the unique EyeSol water-free technology reported the key results of the second pivotal Phase 3 trial (ESSENCE-2) for evaluating the investigational drug CyclASol for the treatment of dry eye disease (DED).
Thus, due to the aforesaid mentioned factors such as rising geriatric population, Germany is expected to witness significant growth thereby driving the Europe ophthalmology drug and devices market.
