According to the report “Ophthalmology Therapeutics Market“, published by Market Data Forecast, the global market is projected to reach USD 31.87 Billion by 2021, at a CAGR of 7.4% from 2016 to 2021.
Ophthalmology is the branch of medicine associated with the treatment of eye defects and diseases. With the recent advancements in genetics and stem cell biology, the mechanisms of many ophthalmic diseases are being revealed progressively. The market is showcasing evident potential in the mentioned forecasting period. Global market for Ophthalmology Therapeutics is driven by the growing prevalence for vision impairment, which was estimated to be 147 million in 2010, and is estimated to reach 191 million in the world in 2020
Technological advancement in the field of medicine are also playing a major role in the growth of the market. Increasing geriatric population around the globe along with rise in disposable income are some of the other factors driving the market for Ophthalmology Therapeutics Market. However, lack of awareness about the various diseases associated with ophthalmology is a major factor restraining the growth of the market. Stringent regulatory framework and unclear reimbursement policies are also acting as hurdles for market growth.
Global Market for Ophthalmology Therapeutics is segmented based on Indication, End User and region
Pfizer Inc., Allergan Inc., Alcon Inc., Merck & co. Inc. and Roche are the major companies in the market accounting for a share of approximately 70%. Other major companies covered in the report are Valeant, Regeneron, Santen, Bayer, Senju, Lpath and Eye Gate Pharmaceuticals
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