The ophthalmology drug and device market is expected to witness a CAGR of 5.5% during the forecast period.
The COVID-19 pandemic is likely to have a slightly negative effect on the market. In the initial days of the pandemic, several countries were in lockdown. They suspended trade with other countries and implemented travel restrictions, leading to the decline in eye diagnosis in the first half of 2020. Although SARS, COVID-19, and MERS are considered respiratory diseases due to the symptoms and resulting pneumonia, the involvement of the eye is often overlooked. SARS-CoV2 can spread from tears of a patient with COVID-19 that had conjunctivitis and conversely, the lack of detection in COVID-19 patients without ocular symptoms.
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The nasolacrimal duct can provide direct entry of tears into the nasopharynx that runs continuously with the respiratory tract and thus there is a chance of infection. WHO’s precautionary measures to avoid contact with the eye to reduce transmission are reasonable. This is the reason why ophthalmologists might be more at risk of getting infected as the proximity to patients during the examination, predisposing them to droplet transmission, and the unavoidable physical contact they have with patients’ eyes can result in susceptibility through direct contact. Hence, as cautionary measure, many ophthalmologists have temporarily closed their practices. In some cases, special isolated temporary clinics have been opened to administer the critical cases amongst the patients
According to a study that was published in in May 2020 in the British Journal of Surgery, based on a particular 12-week period of disruption to hospital services due to COVID-19 in hospitals, around 28.4 million elective surgeries worldwide were canceled or postponed in 2020. During the COVID-19 pandemic in 2020, Carl Zeiss’s market devices, systems, instruments, and others for ophthalmology recorded a major decline, particularly in the spring of 2020. For instance, as per the Carl Zeiss annual report 2019-2020, it stated that around 40% of revenue declined during the second Quarter (April-June 2020). Additionally, there was a revenue decline compared to 2019 revenue for the year 2020.
Key Market Trends
Glaucoma Segment is Expected to Show Better Growth in the Forecast Years
Globally, glaucoma is one of the most common causes of vision loss or blindness. Being irreversible, the early detection and management of glaucoma are of utmost importance. With increasing aging, the incidence of glaucoma is expected to rise in the near future which is driving the market growth. According to a research study by Leslie L. Clark et al., published in 2019, during the 5-year surveillance period (2013-2017) in the study, a total of 37,718 incident cases of glaucoma were identified in the United States. The overall incidence rate of glaucoma was 5.9 per 1,000 population. The incidence of glaucoma diagnoses among the female population was 14% higher than that of the male population. With the high incidence of glaucoma, it is expected to drive market growth in the coming years.
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