Global Ophthalmic Devices Market Is Expected To Foresee Significant Growth During The Forecast. North America To Witness The Highest Growth
Global Ophthalmic Devices Market is expected to reach the market valuation of US$ 46,337.4 million by 2026 expanding at a reasonable CAGR of 5.2% during the forecast period (2021-2026) from US$ 31,856.4 million in 2019. About 2.2 million people around the world suffer from visual impairment and other eye conditions. Ophthalmic devices include a wide range of design types and applications such as glasses, contact lenses, intraocular lenses, implants, diagnostics, lasers, solutions, and surgical instruments.
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The various factors driving the ophthalmic devices market include an accelerating geriatric population, a growing number of eye defects, increasing demand for minimally invasive surgical procedures, increasing prevalence of eye-related diseases such as glaucoma, cataract, and others. Also, the technological advancements in the developed regions and the rise in the global adoption of contact lenses and spectacles are expected to boost the market growth. However, complications associated with eye surgeries, reimbursement policies for ophthalmic surgery procedures are expected to hinder the growth of the ophthalmic devices market.
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Trends in the production of strategic visions of the real-world application of new sciences and technologies and the production of knowledge in emerging sectors provide important signals for participants striving to develop innovative products and processes. The ophthalmic industry is a key growth area in the medical device world, with an ever-increasing demand for solutions to improve the day-to-day living of millions of people. According to World Health Organization (WHO), around 253 million people across the globe live with vision impairment; of which, about 36 million are blind and 217 million suffer from moderate or severe vision impairment. The increasing prevalence of infectious eye diseases in developed as well as developing economies will further surge the ophthalmic equipment business growth. A cataract is estimated to affect 52.6 million people worldwide and is globally estimated to cause 33% of total visual impairment and 51% of total blindness.
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The various products in the ophthalmic devices market include vision care devices, surgery devices, and diagnostic and monitoring devices. The vision care devices segment dominated the product segment market in 2019 accounting for 79.2% and is anticipated to maintain its dominance during the forecast period owing to the rising use of electronic devices such as laptops, mobiles, PCs, and others. The usage of these devices has been increased in day-to-day life, which is the major factor responsible for eye-related problems.
The vision care devices are further bifurcated into spectacles and contact lenses. Moreover, the surgery devices are fragmented into cataract surgery devices, glaucoma surgery devices, refractive surgery devices, vitreoretinal surgery devices, and other surgery devices. The ophthalmic diagnostic and monitoring devices are further segmented into optical coherence tomography/scanning laser ophthalmoscopy, fundus camera, tonometer, perimeter, optical biometry, ophthalmic operating microscopes, slit lamp, autorefractors, and other diagnostic and monitoring devices. The optical coherence tomography/scanning laser ophthalmoscopy dominated the market in 2019 and is anticipated to maintain its dominance during the analyzed period.
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Based on the disease area, the market is segmented into cataract, glaucoma, age-related macular degeneration, diabetic retinopathy, and others. In 2019, the cataract segment accounted for 28.5% of market revenue share and dominated the market owing to the most common worldwide cause of impaired vision and a particular problem in developing countries, where they commonly lead to blindness. According to the National Institute of Eye, the risk of cataract increases with each decade of life starting around the age of 40. By age 75, half of Americans have cataract. However, the diabetic retinopathy segment is expected to witness the highest CAGR of 5.5% during the forecast period.
The major end-users of ophthalmic devices include optical centers, hospitals, ophthalmic clinics, and ambulatory surgery centers. The optical centers dominated the market and generated revenue of US$ 14,856.1 million in 2019. However, the ophthalmic clinics are expected to witness the highest CAGR of 5.9% during the forecast period. Approximately 33% of the people visit or consult eye doctors such as optometrists or ophthalmologists once a year.
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Additionally, the report provides detailed initiatives that are being taken in the field of ophthalmic devices. The market is classified into distinct regions including North America (the United States, Canada, and Rest of North America), Europe (Germany, United Kingdom, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and Rest of the World. North America generated maximum revenue of US$ 10,826.2 million in 2019 owing to the rising prevalence of ocular disorders, growth in the geriatric population, increase in healthcare expenditure, and technological advancements in ophthalmic devices. Approximately 11 million Americans aged 12 years and older could improve their vision through proper refractive correction.
Essilor International S.A., Bausch Health Companies, Ellex Medical Lasers, Second Sight Medical Products, Hoya Corporation, Alcon, Johnson & Johnson, Carl Zeiss Meditec AG, Escalon Medical Corp., Topcon Corporation, Nidek Co., Staar Surgical, Lumenis, Glaukos Corporation, and Vision Care are some of the prominent players operating in the global ophthalmic devices market. Several M&A’s along with partnerships have been undertaken by these players to develop ophthalmic devices.
Global Ophthalmic Devices Market Segmentation
Market Insight, by Product
- Vision Care Devices
- Contact Lenses
- Surgery Devices
- Cataract Surgery Devices
- Glaucoma Surgery Devices
- Refractive Surgery Devices
- Vitreoretinal Surgery Devices
- Other Surgery Devices
- Diagnostic and Monitoring Devices
- Optical Coherence Tomography/Scanning laser ophthalmoscopy
- Fundus Camera
- Optical Biometry
- Ophthalmic Operating Microscopes
- Slit Lamp
- Other Diagnostics & Monitoring Devices
Market Insight, by Disease Area
- Age-related macular diseases
- Diabetic retinopathy
Market Insight, by End-User
- Ophthalmic Clinics
- Ambulatory Surgery Centers
- Optical Centers
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of the World
Top Company Profiles
- Bausch Health Companies
- Carl Zeiss Meditec AG
- Ellex Medical Lasers
- Escalon Medical Corp.
- Essilor International S.A.
- Glaukos Corporation
- Hoya Corporation
- Johnson & Johnson
- Nidek Co.
- Second Sight Medical Products
- Staar Surgical
- Topcon Corporation
- Vision Care