Europe Ophthalmology Drug and Device Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Europe Ophthalmology Drug and Device Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The European ophthalmology drug and device market is expected to register a CAGR of 5.3% over the forecast period.

COVID-19 has affected the world and has had a major impact on the healthcare system. The COVID-19 outbreak has resulted in many changes in European healthcare practice, especially ophthalmology drug and devices in Europe was majorly impacted. The elective operations/therapies and non-emergency medical procedures had nearly come to a halt in most medical centers and these services witnessed a significant decline including cataract and vitreoretinal surgeries. An article titled “Effect of COVID-19-related lockdown on ophthalmic practice in Italy: A report from 39 institutional centers” published in March 2021 reported that ophthalmic surgical procedures in Italy, and another European country that was severely struck by the epidemic. The article also reported that in all centers, eye surgical procedures were limited to urgent procedures and intravitreal injections due to government rules. Thus, although an overall reduction in elective, urgent, and intravitreal injection procedures was observed during the lockdown period in the European countries, however after a few months the market witnessed significant growth as these services got resumed.

The factors that are supposed to be driving this market are factors that are driving the growth of the market including the growing prevalence of eye disease, technological advancements in the field of ophthalmology, and the rising geriatric population. The growing prevalence of eye disease in Europe is driving the market. For instance, in March 2021, an article titled, “Update and guidance on the management of myopia. European Society of Ophthalmology in cooperation with the International Myopia Institute” reported that myopia is predicted to become the most common cause of irreversible vision impairment and blindness worldwide and in Europe. Similarly, in August 2022 an article titled, “Primary Open-angle Glaucoma Prevalence in EUROPE: A Systematic Review and Meta-analysis” reported that primary open-angle glaucoma is a neurodegenerative disease highly prevalent in the European adult population, with cases expected to increase over the next 30 years. Thus, a high incidence of eye disorders is increasing the demand for medicines and related surgeries which is driving this market.

The technological advancement in ophthalmic devices in Europe is also driving the market. For instance, in September 2022, BVI received the certification for its intraocular lens (IOL) portfolio under the European Medical Device Regulation (MDR, (EU) 2017/745) from its notified body, the British Standards Institution (BSI). The new regulatory criteria came into effect in May 2021, replacing the prior Medical Device Directive (MDD). Additionally, in September 2022, SIFI launched Evolux, a novel extended monofocal intraocular lens (IOL), based on a hydrophobic material and a non-diffractive profile, designed to provide better intermediate vision. Evolux was developed on a patented technology platform, pioneering the extension of the depth of focus through wavefront engineering. Thus, such recent developments in Europe are also driving the market. Also, the rise in the geriatric population in the European countries is driving the market as older people are more prevalent to eye-related disorders which are driving the market.

Thus, due to the aforesaid mentioned reasons, the market is expected to witness significant growth over the forecast period. However, the high risk associated with eye surgery, and stringent regulations may slow down the 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.

Also, in July 2022, an article titled, “Intraoperative cefuroxime administration to prevent endophthalmitis in cataract surgery: a Polish perspective” reported that cataract surgery is among the most common procedures performed in Europe and significant progress has been observed over recent years, with improvements in the safety and health-related outcomes of the intervention. Thus, high cases of cataracts are increasing the demand for its medicine and surgeries, thereby driving the segment, and contributing to the market growth in the European countries.

Technological advancements and rising strategic collaborations are some of the other factors anticipated to propel the market for retinal disorder treatment. 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. The PromTime-ESCRS partnership leads to the integration of France into the Eurequo registry, representing a unique opportunity for French surgical teams to make comparisons with peers across Europe. This will provide an opportunity for PromCat France’s national cataract registry, to involve patients in evaluating their visual quality in daily activities through a standard e-PROM tool interoperable with ophthalmologic software.

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 reported in Europe is driving the segment.

Thus, due to the above-mentioned reasons, 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 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.

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).

Also, clinical trials and related research in the country are fueling the growth of the market. For instance, in June 2022, an article titled, "Intravitreal 5-Fluorouracil and Heparin to Prevent Proliferative Vitreoretinopathy: Results from a Randomized Clinical Trial" this randomized trial was performed in Germany and reported the use of 5-fluorouracil (5-FU) and low-molecular-weight heparin (LMWH) in treatment of Proliferative vitreoretinopathy (PVR).

Thus, due to the aforesaid mentioned factors, Germany is expected to witness significant growth thereby driving the Europe ophthalmology drug and devices market.

The Europe ophthalmology drug and devices market is fragmented due to the presence of fewer companies at the global and regional levels. The competitive landscape includes an analysis of a few international as well as local companies which hold the market shares and are well known as Alcon Inc., Bausch Health Companies Inc., Carl Zeiss Meditec AG, Essilor International SA, Haag-Streit Group, Johnson & Johnson, Nidek Co. Ltd, Topcon Corporation, Ziemer Group AG, Staar Surgical, Inc., Novartis International AG, Pfizer Inc, and Roche Holding Ltd.

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