According to a new report published by Allied Market Research, titled, “Ophthalmic Devices Market by Product Function: Opportunity Analysis and Industry Forecast, 2020–2027,” the global ophthalmic devices market size was valued at $32,534.0 million in 2019, and is projected to reach $44,865.0 million by 2027, registering a CAGR of 4.0 % from 2020 to 2027.
Ophthalmology is a branch of medical science that deals with the structure, function, and various eye diseases. Ophthalmic devices are medical equipment designed for diagnosis, surgery, and vision correction. These devices are gaining increased importance and adoption due to surge in prevalence of various ophthalmic diseases such as glaucoma, cataract, and other vision-related issues.
The growth of the global ophthalmic devices market is majorly driven by rise in adoption of digital devices, including laptops, smartphones, and computers, e-readers; rapid technological advancements in ophthalmic devices such as intraocular lenses (IOLs) coupled with increasing focus on customer training and education for the use of ophthalmic devices which would help in building the staff skills; and surge in awareness related to devices used in ophthalmology. However, low awareness regarding eye-related diseases and dearth of skilled professionals are expected to hamper the growth of the market. Also, emerging countries such as China, India and other Asia-Pacific countries possess high growth potential, owing to the improving healthcare infrastructures in these countries.
The virus that causes COVID-19 is from the family of viruses called Coronaviridae. This is caused by a contagious RNA virus termed as severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The pandemic has impacted the ophthalmology screenings due to lockdown. The ophthalmology surgeries ana diagnostic screenings are postponed due to COVID-19 and are done through teleophthalmology services such as an app, phone calls, emails, and messages.
Based on product function, the report segments the global ophthalmic devices market into ophthalmic surgical devices, diagnostic devices, and vision care devices. The ophthalmic surgical devices segment is further categorized into refractive error surgical devices, glaucoma surgical devices, cataract surgical devices, and vitreoretinal surgical devices. The cataract surgery devices segment dominated the ophthalmic surgical devices market in 2019, and is expected to reach $5,219.6 by 2017, registering a CAGR of 3.9% from 2020 to 2027.
The ophthalmic diagnostic devices segment is sub segmented into refractors, corneal topography systems, retinal ultrasound systems, fundus camera, ophthalmoscopes, optical coherence tomography systems, perimeters, slit lamps, and tonometer. The retinal ultrasound segment is expected to reach $3,286.6 by 2027, registering a CAGR of 4.4% from 2020 to 2027.
The vision care devices segment is bifurcated into contact lenses and spectacle lenses. The spectacle leases segment is expected to reach $12,669 by 2027, registering a CAGR of 3.6% from 2020 to 2027.
Region wise, the ophthalmic devices market analyzed across North America, Europe, Asia-Pacific, and LAMEA. The North America ophthalmic devices segment accounted for the largest share in 2019; however, the Asia-Pacific segment is anticipated to grow with the highest CAGR of 4.5% throughout the forecast period. According to the Center for Diseases Control and Prevention, diabetic retinopathy is expected to account for major cause of blindness in the U.S. From 2010 to 2050, the number of Americans with diabetic retinopathy is expected to nearly double from 7.7 million to 14.6 million. Glaucoma further contributes toward the loss of vision and blindness.
The Asia-Pacific region is projected to witness significant growth during the forecast period, due to increase in the incidence of ophthalmic diseases such as cataract, glaucoma, AMD, and refractive errors. Moreover, a rise in geriatric population and increase in inclination toward surgical procedures for treatment contribute toward the ophthalmic devices market growth. Furthermore, large number of patients operated with glaucoma and cataract in the Asian countries provide a major opportunity for the manufacturers, which they can capitalize on to increase their ophthalmic devices market share.
The global ophthalmology devices market is highly competitive in nature, as major players have focused on the development and launch of innovative products to garner maximum share in the competitive market. The key players operating in the ophthalmic devices market include Abbott Laboratories, Novartis AG, Carl Zeiss Meditec AG, Essilor International S.A., HAAG-Streit Holding AG, Johnson & Johnson, Nidek Co., Ltd., Topcon Corporation, Valeant Pharmaceuticals International, Inc., and Ziemer Ophthalmic Systems AG. The other players in the industry include Sonomed Escalon, Hoya Group, Gulden Ophthalmics, FCI Ophthalmics, Glaukos Corporation, and STAAR Surgical. These market players are employing in strategies, such as entering into mergers & acquisitions, product launch, and geographical expansions, to attain a larger share of the industry
Key Findings Of The Study
By product function, the vision care devices segment accounted for $15,557.8 million in the global ophthalmic devices market in 2019.
By region, North America account for the largest share in 2019; however, Asia-Pacific is anticipated to grow at the highest CAGR of 4.5% during the forecast period.