Ocular Diagnostic Agents Market: Key Players, Growth, Analysis, 2017–2025
Eye is the most accessible organ in the human body. Due to this feature, ophthalmic diagnostics agents play a significant role in ophthalmology to aid effective diagnosis of an ocular condition. Ophthalmic or ocular diagnostics agents are offered intravenously to perform demonstrative fluorescein angiography or angioscopy of the retina and iris vasculature. These agents are extensively used for the differential diagnosis in various pathological conditions of the eye, for example, corneal abrasions, congestion, micro-aneurysm, blood vessel proliferations in the retina, etc.
Based on drug agent, the global ocular diagnostic agents market can be segmented into fluorescein dye, rose Bengal stain, trypan blue, and others. The fluorescein dye segment is likely to expand at a significant pace during the forecast period, as the dye more effectively helps in performing angiography or angioscopy of the retina and the iris as compared to other dyes or agents. Additionally, fluorescein dye is available in the form of drops and strips, which makes its use in diagnostics very convenient for physicians. In terms of indication, the global ocular diagnostic agents market can be classified into ophthalmic diagnosis and ophthalmic surgery. The diagnosis segment is expected to expand at a rapid pace during the forecast period, as more number of patients are involved in the ophthalmic diagnosis compared to surgery. In terms of distribution channel, the global ocular diagnostic agents market can be segmented into hospital pharmacies and medical stores. The hospital pharmacies segment is likely to expand at a significant pace during the forecast period, as most ophthalmic diagnoses and surgeries are performed in hospitals.
Increase in the prevalence of dry eye along with inflammation of the ocular surface, especially among elderly people, is one of the major factors fueling the global ocular diagnostic agents market. Moreover, rise in the prevalence of age-related macular degeneration (AMD) and environmental factors such as central heating, air pollution, and chemical burns affecting the tear film leading to eye infection are projected to drive the market during the forecast period. However, high costs associated with ophthalmic diagnosis and adverse reactions of ocular diagnostic agents such as transient nausea and occasional vomiting are likely to hamper the market in the next few years.
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In terms of region, the global ocular diagnostic agents market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the global market. The region is projected to account for a significant share of the global market during the forecast period, due to rise in the prevalence of age-related macular degeneration (AMD) in the region. In Europe, the incidence of diabetic retinopathy, glaucoma, and retinal vein occlusion is increasing among the geriatric population. It is a factor projected to propel the market in the region during the forecast period. According to a report published by the University Eye Hospital Bonn in 2017, age-related macular degeneration (AMD) has currently affected 34 million people in the European Union. This is another factor that boosts the Europe market. Environmental factors such as air pollution and rise in the prevalence of diabetic eye disease in countries such as India and China are likely to fuel the market in Asia Pacific during the forecast period. Rise in the prevalence of retinal vasculitis in central Africa and growing awareness about its effect are likely to augment the ocular diagnostic agents market in Middle East & Africa during the forecast period.
Key players operating in the global ocular diagnostic agents market are Akorn, Incorporated, Nomax, Inc., HUB Pharmaceuticals LLC, Alcon Laboratories, Inc., and Altaire Pharmaceuticals.
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