Canada Ophthalmology Drugs & Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

The Canadian ophthalmology drugs & devices market is expected to grow with a CAGR of 6.6% over the forecasted period.

The COVID-19 pandemic had a slightly negative effect on the market. 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 predicted the effect of COVID-19 on vision loss in Canada. According to the data, there were over three million fewer optometrist visits during the pandemic period. Additionally, 335,000 fewer eye procedures were conducted across Canada, a 47% decrease from the prior year. Additionally, the increased backlog of ocular surgery brought on by the pandemic is anticipated to take two years to clear, which is expected to increase the demand for ophthalmology drugs & devices and drive the market over the period.

The Canadian market's growth is attributed to the rising burden of a wide range of target diseases and the increasing research and development expenditure. For instance, the article published by Optometrists (OAO) in July 2021 mentioned that the number of people living with vision impairment is rising as Canada's population ages, which will have an increasing influence on the country's healthcare system and economy. The report shows that 1.2 million Canadians live with Vision impairment, 466,000 in Ontario alone. Similarly, as per the above-mentioned source, 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 a high prevalence of eye diseases is expected to raise the demand for ophthalmic drugs and devices, which drive the growth of the market.

Moreover, the increasing approvals and launches of new drug and device combination products help the patient to avoid allergic reactions due to the ophthalmic device, which are expected to drive the growth of the market. For instance, 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. Hence, the new approvals and launches in the field of ophthalmology increase the widespread of products which are expected to drive the market over the forecast period. However, the higher cost of ophthalmic devices and treatment is expected to hinder market growth over the forecast period.

Canada Ophthalmic Drugs Devices Market Trends

Age-related Macular Degeneration Segment is Expected to Show Significant Growth in the Market Over the Forecast Period

Macular degeneration is a retinal disorder affecting older people. The early stages of the disease (early and intermediate AMD) are generally asymptomatic, which gradually make progress to the late stages of the disease, which may cause severe visual loss. 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 market growth.

According to an article published by Statistics Canada in April 2022, 2.3% of the population is 85 or older at the moment. In addition, researchers from Hamilton directed the study on age-related macular degeneration, a top cause of vision loss and legal blindness in Canadians aged 55 and older. The elderly population could increase to over 2.5 million persons by 2046. Hence, the rising older population is expected to increase the risk of age-related macular degeneration, which is expected to have a high demand for ophthalmology drugs and is likely to drive the market. Furthermore, in November 2022, aided by an increase in funding of USD 750,000 from the Juravinski Research Institute (JRI), research was initiated to study AMD among the elderly, which includes various devices for diagnosis which is likely to increase the usage of devices and is expected to drive the market through this segment.

Moreover, the new product approvals and launches in the segment are expected to increase the widespread of the products in the country and are expected to drive the market to grow. For instance, in March 2022, Samsung Bioepis Co., Ltd., and Biogen Canada Inc. received approval from Health Canada for BYOOVIZ (ranibizumab) biosimilar for the treatment of neovascular (wet) age-related macular degeneration (AMD). Hence, these new approvals and launches increase the widespread usage of the products in this segment that drive the market over the forecast period.

Glaucoma Drugs Segment is Expected to Gain Highest CAGR in the Market Over the Forecast Period

Optic nerve injury leads to glaucoma. Although the specific mechanism is unknown, there is a correlation between optic nerve damage and eye pressure brought on by the accumulation of extra fluid. The condition progresses over time to cause a loss of peripheral (side) vision which needs proper correction. The drugs used for the management of glaucoma are expected to have a significant share over the period. The high burden of glaucoma diseases and the growing demand for advanced therapeutic interventions are some of the major factors that increase the usage of glaucoma drugs in the country, which is expected to drive the market over the study period.

Furthermore, the high burden of glaucoma in Canada is expected to increase the demand for the drugs which can drive the market. For instance, as per the report updated by Fighting Blindness Canada in May 2021, glaucoma affects more than 728,000 Canadians and takes the form of several related disease types. Thus, the high burden of glaucoma needs proper treatment with drugs and is expected to drive the market over the study period.

The new rising funds for glaucoma care in the country it is likely to increase the usage of glaucoma drugs. For instance, in October 2022, an ophthalmologist. Dr. Hady Saheb, a glaucoma specialist at the MUHC’s McGill Academic Eye Centre (MAEC), pledged to run 50 km while blindfolded to raise USD 40,000 for the MUHC Foundation in support of glaucoma care. With this, Quebecers will have access to better glaucoma care which is expected to drive the market through the segment over the forecast period.

Canada Ophthalmic Drugs Devices Market Competitor Analysis

The Canada ophthalmology drugs & devices market is moderately competitive 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.

Additional benefits of purchasing the report:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

This product will be delivered within 2 business days.