India Ophthalmic Market Forecast to Reach $1.8 Billion by 2022
Source: Market Scope
Monday, July 17, 2017 | Medical Studies
Market Scope forecasts that India’s $1.3 billion ophthalmic market will grow at a compound annual growth rate (CAGR) of 6.8% a year to $1.8 billion by 2022.
India is the fastest growing economy in the world and has a tremendous unmet need for ophthalmic care. The country is also home to approximately 30% of the world’s blind people, about half of whom are blind from cataracts, and is seeing rising numbers of people with glaucoma or retinal disease as people live longer. By 2022, over 145 million Indians will be age 60 or over.
In revenue terms, the two largest submarkets are cataract surgery and diagnostic equipment, followed by retina and glaucoma.
Indian ophthalmic surgeons are expected to perform an estimated 7.1 million cataract procedures in 2017, making cataract the largest overall ophthalmic market in the country. Revenues from cataract surgery in India are expected to generate more than a quarter of the total ophthalmic market revenues in the country.
The diagnostic equipment market is the second largest ophthalmic market in India and is expected to reach nearly $257 million in 2022. Growth of 4.8% will be driven by expansion of telemedicine, advancements to automate medical records, enhanced imaging technologies, consolidations of hospitals, and a rise in Indian companies entering the market.
Glaucoma, the third-largest ophthalmic submarket in India, is mainly a pharmaceutical market, and the main driver of revenue growth will be better access to glaucoma medicines. Market Scope forecasts that India’s glaucoma market will increase to $271.8 million by 2022 at a CAGR of approximately 11%.
Market Scope estimates that there are more than 100 companies competing in India’s ophthalmic market. Nine companies (Alcon, Allergan, Johnson & Johnson Vision, Novartis, Carl Zeiss Meditec, Bausch + Lomb, Sun, Appasamy, and Santen make up more than two-thirds of manufacturer revenues, leaving the smaller market players competing for the remaining 32 percent of the ophthalmic market opportunity in India.
Market Scope published its 2017 India Ophthalmic Market Report: An Analysis for 2016 to 2022 in June 2017. Our report includes a comprehensive overview of the population and economic conditions in India. We cover prevalence and forecasts for eye diseases and conditions. We discuss therapeutic approaches (including those unique to India) and describe both commercialized products and products in the pipeline. Our report also examines the outlook for dry eye treatments, diagnostic equipment, surgical instruments, and single-use surgical devices. We analyze unit demand and revenues and forecast future performance over the next five years. We also include market share data and discuss key strategic issues.
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