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. Ophthalmic devices cover a wide range of design types and applications such as glasses, contact lenses, intraocular lenses, implants, diagnostics, lasers, solutions and surgical instruments. Globally, it is estimated that at least 2.2 billion people have a vision impairment or blindness, of whom at least 1 billion have a vision impairment that could have been prevented or has yet to be addressed. In terms of regional differences, the prevalence of distance vision impairment in low- and middle-income regions is estimated to be four times higher than in high-income regions. Globally, the leading causes of vision impairment are uncorrected refractive errors and cataracts. Most people with vision impairment are over the age of 50 years. The prevention and treatment of diseases of the eye represents a US$23 billion (£18.2 billion) annual market globally. The major impact eye health and vision make on quality of life means that this is a rewarding area for development of any drug products that meet a medical need. Modern lifestyles and an ageing population are also bringing the need for solutions to ocular diseases, such as dry eye disease (DED), to the attention of the ophthalmology community.
The technological advancements in minimally invasive surgeries such as LASIK, increasing prevalence of eye related diseases such as glaucoma, cataract, and others and rise in global adoption of contact lenses and spectacles are supplementing the growth of Ophthalmic Devices market. However, complications associated with eye surgeries, lack of awareness and accessibility to eye care in developing countries and reimbursement policies for ophthalmic surgical procedures are among the critical factors that restrict the growth of Ophthalmic Devices market.
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Insights Presented in the Report
- Based on product, the market is fragmented into vision care, surgery and diagnostic devices. The vision care is further divided into spectacles and contact lenses, Surgery devices into cataract, glaucoma, refractive and vitreoretinal surgery devices; and the diagnostic devices are sub-categorized into optical coherence tomography scanner, fundus camera, tonometer, ophthalmic ultrasound imaging systems ophthalmoscopes, specular microscopes, retinoscopes, corneal topographer, autorefractors and keratometers and others. The rise in eye disorders are expected to lead to growing demand and adoption rate of diagnostic and monitoring devices, thus fueling the ophthalmic devices industry growth
- Based on application, the market is segmented into cataract, vitreoretinal disorders, glaucoma, refractor Disorders. Since the introduction of lasers in refractive eye surgery, technology has continually evolved to refine the technique and minimize the risk of damage to the retina and optic nerve.Cataracts, or clouding of the eye’s natural lens, are the most common cause of vision loss in the elderly population. Accordingly, cataract surgery is the most performed surgical procedure in the world
- Based on end users, the market is bifurcated into hospitals, ophthalmic clinics and centers, ambulatory surgery centers and consumers. With the evolution of technological advancements in the ophthalmic devices industry, the rising establishment of ophthalmic centers and clinics is driving the ophthalmic clinics and centers segment growth
- For better understanding on the market dynamics of Ophthalmic Devices market, detailed analysis was conducted for different countries in the region including North America (United States, Canada and Rest of North America), Europe (Germany, UK, France, Italy, Spain and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea and Rest of Asia-Pacific), and Rest of the World
- Some of the major players operating in the market include Alcon, Inc., Bausch Health, Essilor International S.A., Johnson and Johnson Vision, Topcon Corporation, Ziemer Ophthalmic Systems AG, Carl Zeiss Meditec AG, HAAG-Streit Group, Ellex Medical Lasers and Escalon Medical Corp.among others
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