Canada Ophthalmology Drugs & Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Canada Ophthalmology Drugs & Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Canada Ophthalmology Drugs & Devices Market is expected to grow with a CAGR of 2% during the forecasted period (2022-2027).

The studied market was adversely affected by the pandemic. Various research studies have been published to provide insight into the effect of the pandemic. For instance, the Canadian Council of the Blind (CCB) published a report in October 2021 that projected the effect of COVID-19 on vision loss in Canada. According to the data, there were over three million fewer optometrist visits in 2020 than there were in 2019. Additionally, between March and June of 2020, there were 335,000 fewer eye procedures conducted across Canada, a 47% decrease from the prior year. The estimated annual cost to remove this backlog is USD 129 million. According to the report, over the next 2.5 years, the cost of vision health will grow by USD 1.3 billion as a result of the long wait times for surgeries. One-fifth of this expenditure, or USD 1.1 billion, is related to a decline in wellbeing. Thus, the market was adversely impacted by the pandemic.

The Canadian market’s growth is attributed to the rising burden of a wide range of target diseases, Also the increasing research and development expenditure. Similarly, the article titled ‘The cost of Vision loss in Canada: the importance of investing in eye care ’ published in Ontario Association of optometrists in July 2021 mentioned that as Canada’s population ages, the number of individuals living with the vision impairment are growing and will increase impact Canada’s healthcare system and economy. The report shows that 1.2 million Canadians are living with Vision impairment, 466,000 in Ontario alone. The above-mentioned source also mentioned that over 8 million Canadians, nearly 3.1 million in Ontario are living with one of the four major eye diseases (age-related macular degeneration, glaucoma, diabetic retinopathy, and cataracts) and either have or are at risk of vision loss. Such increasing prevalence of eye diseases is expected to rise the demand for confocal microscopy for early diagnosis and drive the growth of the market. Moreover, the increasing investments by various research intuitions are also expected to drive the growth of the market. For instance, in January 2022 Brock University’s newest Canada Research Chairs will be purchasing state-of-the-art equipment, a laser scanning confocal microscope, which offers sharp imaging of cellular structures. Thus, the abovementioned factors are expected to increase market growth.

However, the higher cost of ophthalmic devices and treatment is expected to hinder the market growth.

Key Market TrendsAge-related Macular Degeneration Segment is Expected to Show Significant Growth in the Forecast Years

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 the market growth. According to an article that was published in April 2022 and titled "A portrait of Canada's rising population aged 85 and older from the 2021 Census," 2.3% of the population is 85 or older at the moment. The elderly population could increase to over 2.5 million persons during the next 25 years (by 2046). Similarly, in September 2020, a report published by FIGHTING BLINDNESS CANADA stated that around 1.4 million people in Canada are suffering from Age-related macular degeneration (AMD) which is the leading cause of vision loss in people over the age of 50.

In October 2020, Novartis Pharmaceuticals Canada Inc. launched Beovu for the treatment of neovascular (wet) age-related macular degeneration (AMD). The drug has received a positive recommendation for reimbursement by participating public health plans by Canadian Drug Expert Committee (CDEC). In January 2022, a report published by the Nova Scotia Department of Health stated that various antiviral and other drugs have been approved for the treatment of sensory organ-related disorders. For example, antiviral drugs such as Trifluridine have been approved for use in the treatment of the eye. Hence, owing to the above conditions, the studied market is expected to grow over the forecast period.

Competitive Landscape

The Canada ophthalmology drugs & devices Market is moderately fragmented and competitive and consists of several major players. In terms of market share, a few of the major players are currently dominating the market. Some of the companies which are currently dominating the market are Alcon Inc., Bausch Health Companies Inc., Carl Zeiss Meditec AG, Essilor International SA, Johnson & Johnson, Nidek Co. Ltd, Topcon Corporation, and Ziemer Group AG among others.

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• The market estimate (ME) sheet in Excel format
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