Indian OTC Ophthalmology Products Market size stood at around USD XX billion in 2019 and is projected to reach USD XX billion by 2028, exhibiting a CAGR of around XX% during the forecast period (2019-2028)
Ophthalmology-based diseases in India are increasing. It is reported to cross 5 million cataract surgeries are performed in India. The majority of these procedures involve intraocular lens implantation. The projection is based on the current incidence rates of 45% in Indian urban population. There is a significant and growing burden of moderate visual impairment in India. Based upon increasing burden of eye diseases and moderate growth in technological advancements, the market is up to register a CAGR of 7.3%. The diagnostic equipment market is the second largest ophthalmic market in India and is growing with $257 million in 2022.
Market Driving and Restraining Factors
An increasing number of people suffering from diabetes and glaucoma, Elderly population, urban residence, low socio-economic affluence, increasing incidence of vision impairment, high innovation, and heavy funding in the development of combination therapies are the major factors driving the growth of this market.
Stringent regulatory framework and unclear reimbursement policies are also acting as hurdles for Industry growth. Lack of awareness about various diseases associated with ophthalmology is also a major restraint hindering the Industry growth. Adverse side-effects and long gestation periods in the development of new drugs hamper market growth.