Canada Ophthalmology Drug and Devices Market Insights Forecasts to 2033

• The Market is Growing at a CAGR of 6.50% from 2023 to 2033
• The Canada Ophthalmology Drug and Devices Market Size is Expected to Hold a Significant Share by 2033

The Canada Ophthalmology Drug and Devices Market Size is expected to hold a significant share by 2033, Growing at a CAGR of 6.50% from 2023 to 2033. The growing geriatric population, prevalence of eye disorders, technological advancements, and healthcare expenditure are driving the growth of the ophthalmology drug and devices market in Canada.     

Market Overview

Ophthalmology is a medical condition related to the eye. It is believed that maintaining good vision is a vital part of overall health and quality of life. The prevalence of vision loss in Canadian adults is estimated at 5.7 % ranging from 2.4 % in Manitoba to 10.9 % in Newfoundland and Labrador. The rise in the geriatric population increases the prevalence of age-related eye disorders which is the major eye condition found among the Canadian population. Thus, diagnosis of eye diseases followed by an ophthalmic therapy regime is becoming a crucial part of ophthalmology treatment. In Canada, ophthalmologists performed close to 1.1 million interventions in 2018 and it is estimated to grow to 1.7 million interventions per year by 2040. The treatment involves the use of glasses or contact lenses, prescribing pharmaceutical agents, and surgical procedures such as complex microsurgery. Ophthalmology drugs are classified into treatment-based, OTC drugs, and ocular anesthetics drugs. The aging of the population and innovation in treatment options and effectiveness, along with recent advancements for cataract surgeries, are likely driving the ophthalmology drugs and devices market.

Report Coverage

This research report categorizes the market for the US ophthalmology drug and devices market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the ophthalmology drug and devices market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the ophthalmology drug and devices market.

Driving Factors

The growing age increases the risk of eye disorders such as cataracts, glaucoma, and AMD, thus increasing geriatric population significantly drives the market demand for ophthalmic drugs and devices for treatment. As per the Optometrists article, 1.2 million Canadian people have vision impairment which influences the country’s healthcare system and economy. The rising approvals of new drugs and technological advancements in ophthalmic such as laser-assisted cataract surgery, minimally invasive glaucoma surgery, and advanced imaging techniques, significantly drive the market of ophthalmology drugs and devices. The growing healthcare expenditure and involvement of the government in providing quality eye care services contribute to the market growth of ophthalmology drugs and devices.    

Restraining Factors

The high cost of ophthalmology drugs and devices may limit the access to these ophthalmology drugs and devices for individuals with limited financial resources hindering the market growth. The delay in the introduction of new products due to stringent regulatory processes leads to hampering the market. Additionally, lack of awareness and access to ophthalmology treatment regimes particularly in rural areas hinder the market growth.  

Market Segmentation

• The devices segment is expected to hold a significant share of the Canada ophthalmology drug and devices market during the forecast period.    

The Canada ophthalmology drug and devices market is segmented by product into devices and drugs. Among these, the devices segment is expected to hold a significant share of the Canada ophthalmology drug and devices market during the forecast period. The rising prevalence rate of eye diseases such as glaucoma and cataracts, increasing the demand for ophthalmology device segments for curing eye diseases. It was found that cataract surgery is the most frequent surgical procedure in Canada.

• The age-related macular degeneration segment is expected to hold the largest share of the Canada ophthalmology drug and devices market during the forecast period.        

Based on the disease, the Canada ophthalmology drug and devices market is divided into glaucoma, cataracts, age-related macular degeneration, inflammatory diseases, refractive disorders, and other diseases. Among these, the age-related macular degeneration segment is expected to hold the largest share of the Canada ophthalmology drug and devices market during the forecast period. The increasing geriatric population is responsible for growing the ophthalmology drug and devices market as macular degeneration is most commonly affected in the geriatric population. The rising initiatives by key market players are also responsible for market growth in this segment.       

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Canada ophthalmology drug and devices market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Johnson & Johnson
• Alcon Inc.
• Bausch Health Companies Inc.
• Essilor
• Carl Zeiss Meditec AG
• Nidek Co. Ltd.
• Topcon Corporation
• Ziemer Group AG
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In August 2023, Aequus Pharmaceuticals Inc., a specialty pharmaceutical company announced the launch of Zimed PF, the first preservative-free multi-dose Bimatoprost for glaucoma patients in Canada.

• In October 2022, Santen announced Health Canada's approval for Cationorm Plus to relieve the symptoms of dry eye and ocular allergy.

• 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

Market Segment

This study forecasts revenue at Canada, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Canada Ophthalmology Drug and Devices Market based on the below-mentioned segments:

Canada Ophthalmology Drug and Devices Market, By Product

• Devices
• Drugs

Canada Ophthalmology Drug and Devices Market, By Disease

• Glaucoma
• Cataract
• Age-related macular degeneration
• Inflammatory diseases
• Refractive disorders
• Other diseases