Ophthalmic Devices Market Expected to Reach $66.7 Billion by 2027

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 $53.4 billion in 2019, and is projected to reach $66.7 billion by 2027, registering a CAGR of 4.2% 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 prevalence of eye-related disorders and rapid technological advancements in ophthalmic devices such as intraocular lenses (IOLs). In addition, increase in focus toward 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 notably contribute toward the growth of the global market. Furthermore, increase in R&D activities for the treatment of vision errors is driving the ophthalmic devices market growth. However, low awareness regarding eye-related diseases and dearth of skilled professionals are expected to hamper the growth of the market. Conversely, emerging countries such as China and India possess high growth potential, owing to improvement in healthcare infrastructure in these countries. 

COVID-19 is an infectious disease that originated in Hubei province of the Wuhan city in China in late December. The virus that causes COVID-19 is from the family of viruses called Coronaviridae. The highly contagious disease, caused by a virus, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), is transmitted from humans to humans. Thus, COVID-19 was declared a pandemic by the World Health Organization (WHO) on March 11, 2020. The pandemic has impacted the ophthalmology screenings due to lockdown, as ophthalmology surgeries and diagnostic screenings have been postponed. Therefore, this resulted in decline of revenue generation of market players from sales of ophthalmic equipment. Furthermore, doctors started preferring screenings teleophthalmology services such as an app, phone calls, emails, and messages.

Depending 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, owing to increase in prevalence of cataract, which resulted in increase in number of surgeries. 

The ophthalmic diagnostic devices segment is subsegmented into refractors, corneal topography systems, retinal ultrasound systems, fundus camera, ophthalmoscopes, optical coherence tomography systems, perimeters, slit lamps, and tonometer. 

The vision care devices segment is further bifurcated into contact lenses and spectacle lenses. The spectacle leases segment dominated the market in 2019, due to increase in number of preventive measures for vision care and rise in prevalence of stress-induced eye disorders, which promote the use of anti-glare spectacle lenses, thus contributing toward the growth of the ophthalmic devices market.

Region wise, the ophthalmic devices market analyzed across North America, Europe, Asia-Pacific, and LAMEA. The North America ophthalmic devices market accounted for the largest share in 2019; however, Asia-Pacific is anticipated to grow at the highest CAGR of 4.6% 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.

Asia-Pacific is projected to witness significant growth during the forecast period, due to increase in the incidence of ophthalmic diseases such as cataract, glaucoma, age-related macular degeneration (AMD), and refractive errors. Moreover, rise in geriatric population and increase in inclination toward surgical procedures for treatment contribute toward the market growth. Furthermore, large number of patients operated with glaucoma and cataract in Asian countries provide a major opportunity for manufacturers, which they can capitalize 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. The key players operating in the market include Novartis AG, Carl Zeiss Meditec AG, Essilor International S.A., HAAG-Streit Holding AG, HOYA Corporation, 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 adopting strategies such as mergers & acquisitions, product launch, and geographical expansion to attain a larger share in the industry.

Key Findings Of The Study

• By product function, the vision care devices segment dominated the market in 2019.
• Depending on diagnostics devices, the optical coherence tomography systems dominated the market in 2019, and is expected to continue this trend during forecast period with a CAGR of 4.9%.
• North America accounted for the largest share in 2019; however, Asia-Pacific is anticipated to grow at the highest CAGR of 4.6% during the forecast period.