Ophthalmic Devices Market

SKU: DMMD721 | Last Updated On: Jan 20 2023 | Available Formats

>Ophthalmic Devices Market Expected to reach a high CAGR of 10.1% By 2023-2030:

Ophthalmic Devices Market is segmented By Product Type (Diagnostics devices, Prosthetic devices, Therapeutic devices), By Disease (Glaucoma, Cataract, Age-related macular degeneration, Diabetic retinopathy and Others), By Application (Vision care, Diagnosis, Wound care and Others), By End-Users (Hospitals, ENT Hospitals, Diagnostic centers), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030

Ophthalmic Devices Market is expected to grow at a CAGR of 10.1% during the forecasting period (2023-2030). Ophthalmic devices are devices used for vision correction and diagnosis. These devices gain increased importance and adoption due to the high prevalence of various ophthalmic diseases such as glaucoma, cataract, and other vision-related issues.

Ophthalmic Devices Market

Metrics

Details

Market CAGR

10.1%

Segments Covered

By Product Type, By Disease, By Application, By End-Users, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

Market Dynamics

The global ophthalmic devices market growth is driven by the increase in the prevalence of ophthalmic diseases such as cataracts and glaucoma, in addition, the increase in focus on customer training and education among eye care professionals regarding eye diseases and associated complications notably contribute toward the growth of the market.

Technological advancements in ophthalmic devices are driving the market growth

The ophthalmic devices are medical equipment designed for diagnosis, surgical, and vision correction purposes. These devices have gained increasing importance and adoption due to the high prevalence of various ophthalmic diseases such as glaucoma, cataract, and vision-relatedlated issues across the globe. Moreover, technological advancements in the field have boosted the adoption rate of rate globally. Portable medical devices are increasingly being used for home-based diagnosis and treatment of medical disorders, allowing for the diagnosis and monitoring of eye illnesses.

For instance, in May 2020, Icare USA released the Icare ic200 handheld tonometer for measuring intraocular pressure on the go (IOP). There are no air puffs, anesthetic drops, or specific abilities required to assess IOP with this gadget. It can test patients while they are seated, lying down, or elevated. In January 2019, American ophthalmologist Lama Al-Aswad took his medical van to the streets of America to create awareness of eye disorders by providing free checkups. Also, in July 2017, Bright foundation, a non-profit organization stated that more than 3 million are living with glaucoma out of which 2.7 million are above 40 years.

The low awareness about eye-related diseases will hamper the market growth

However, low awareness about eye-related diseases and a dearth of skilled professionals are expected to hamper the growth of the market. Also,  poor primary healthcare infrastructure in developing and under-developed countries has hindered the growth rate of the market.

COVID-19 Impact Analysis

The COVID-19 pandemic has resulted in considerable service reductions with ophthalmology being one of the most severely impacted specialties. According to a study published in March 2021 titled "The Impact of the First Peak of the COVID-19 Pandemic on a Pediatric Ophthalmology Service in the United Kingdom: Experience from Alder Hey Children's Hospital," outpatient clinic appointments were reduced by 87.2%, ophthalmic surgery by 90.9%, outpatient referrals to ophthalmology by 50.2%, and ward reviews by 50% during the first peek of the pandemic. There were 1377 genuine canceled appointments, with 6.8% of them being deemed appropriate for teleophthalmology. The COVID-19 pandemic has severely curtailed ophthalmology service clinical activities. Thousands of ophthalmic clinical consultations and operations have been canceled as a result of the recent pandemic lockdown, potentially causing lasting and substantial eyesight damage to patients.

Ophthalmic Devices Market Segment Analysis

The vision care segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)     

As per World Health Organization (WHO) statistics from 2021, at least 2.2 billion individuals worldwide have a near or far vision impairment. Vision impairment may have been avoided or managed in at least 1 billion or nearly half of these cases. The majority of those who have vision impairment or blindness are over 50 years old.

As per the same source, in terms of regional disparities, the prevalence of distant vision impairment is predicted to be four times higher in low- and middle-income countries than in high-income ones. In the case of near vision, rates of untreated near vision impairment are believed to be higher than 80% in western, eastern, and central Sub-Saharan Africa, while rates in high-income regions such as North America, Australasia, Western Europe, and Asia-Pacific are claimed to be less. Hence, the high number of cases is likely to create demand for advanced products and Therapeutic devices, thereby boosting the market growth.

Geographical Analysis

North America region holds the largest market share of the global ophthalmic devices market

North America has the largest market share in the forecast period owing to the factors such as high disposable income, high awareness, rising geriatric population and the increasing prevalence of eye diseases, which are fueling the growth of the market in the North American region. The increasing prevalence of eye diseases in the United States is the major factor driving the market growth. The leading causes of blindness and low vision in the United States are primarily age-related eye diseases such as age-related macular degeneration, cataract, diabetic retinopathy, and glaucoma.

Refractive errors are the most frequent eye problems in the United States. Refractive errors include myopia, hyperopia, astigmatism, and presbyopia which occur between the ages of 40 and 50 years. Besides, macular degeneration, often called age-related macular degeneration (AMD), is an eye disorder associated with aging and results in damaging sharp and central vision. As per the Macular Degeneration Research 2021, macular degeneration is a leading cause of vision loss in Americans 60 years of age and older. As many as 11 million people in the United States have some form of age-related macular degeneration. Thus, these factors are hampering the growth of the market in the region.

Competitive Landscape

The ophthalmic devices market is a moderately competitive presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Alcon Inc., Bausch Health Companies Inc., Carl Zeiss Meditec AG, EssilorLuxottica SA, and HAAG-Streit Group, Hoya Corporation, Johnson and Johnson, Nidek Co. Ltd, Topcon Corporation, Ziemer Ophthalmic Systems AG among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the ophthalmic devices market globally. For instance, in November 2021, Grafton Optical announced the launch of two new ophthalmic devices, the FundusVue camera and the NFC-600 non-mydriatic retinal camera, both by global optical manufacturer, CrystalVue.

Alcon Inc.

Overview:

Alcon is a medical device manufacturing company that develops and manufactures innovative medicines and devices to serve the full life cycle of eye care needs. It specializes in the fields of ophthalmology pharmaceuticals and medical devices, eye care, and eye health.   

Product Portfolio:

DAILIES TOTAL1: DAILIES TOTAL1 are daily contact lenses to have Water Gradient Technology, so only a gentle cushion of moisture touches the eye for lenses that feel like nothing.

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