Ophthalmic Devices Market size is set to exceed USD 53.5 billion by 2024; according to a new research study published by Global Market Insights, Inc.
Recent technological advancements have resulted in rapid transformation in ophthalmology in developed regions of North America and Europe over the past several years. Aging population in the developed regions do not have to face blindness and in fact can treat it with the help of advanced technologies that are available in the region. Increase in awareness among the people and technological progress in the treatment of eye diseases in the region has led to significant advancement and has accelerated the demand and ophthalmic devices market growth.
In the last few years, ophthalmic surgeries have been moving towards non-invasive treatment, enhancing the surgical outcomes and faster recovery for the patient. Increasing trend of decrease in the incision size in surgeries such as cataract will result in more patients opting for the surgical procedures, fueling the ophthalmic devices market growth.
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Several number of post operational risks associated with eye surgeries such as over- or under-correction of vision, visual aberrations, development of chronic dry and red eyes, infection, corneal estasia etc. will result in impeding the growth of ophthalmic devices market.
The ophthalmic diagnostic and monitoring devices industry valued USD 7.4 billion in the 2017. Increase in number of eye disorders such as refractive error, visual impairment and blindness will lead to growing demand for diagnostic and monitoring devices. According to the World Health Organization, around 235 million people live with visual impairment, over 36 million are completely blind and approximately 217 million have moderate level visual impairment. High rate of undiagnosed patient with limited access to treatment will boost the ophthalmic devices business growth in the forthcoming years.
The vision care products sales will grow at a CAGR of 3.8% over the forecast timeframe. Globally, uncorrected refractive error is one of the leading causes of vision impairment and responsible for demand for various vision care products. As per WHO, more than 80% of all visual impairment across the globe can be prevented of cured with the help of vision care products such as contact lenses and spectacles lenses. Increase in demand and adoption rate of contact lenses and spectacles will augment the industry growth.
The sales of ophthalmic devices in specialty clinics was USD 6,044.2 million in the year 2017. The rise in number of people suffering from eye disorders has resulted in increased eye care services a greater number of ophthalmologist and optometrist across the globe. This rise in number of eye care services, ophthalmologist and optometrist will result in increase in sales and demand for ophthalmic devices, boosting the growth of ophthalmic devices market growth.
The use of ophthalmic vision care products among the consumers is projected to witness lucrative growth at a CAGR of 3.7% during the forecast period. Increase in number of people opting for eye treatment has increased the demand and adoption rate of the contact lenses and spectacles and will augment the vision care products market growth over the projection period.
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Germany ophthalmic devices market valued over USD 2.6 billion in 2017. According to the recent research and based on demographic trend in Germany, rise in prevalence of eye disorders will increase the demand for ophthalmic devices.
China ophthalmic devices market is estimated to expand at a CAGR of 4.5% during the foreseeable future. Vision loss due to eye diseases is one of the major health problem in China, affecting the quality of life. Also, high rate of eye diseases such as cataract and glaucoma will result in increase in demand and adoption rate of ophthalmic devices in future.
Some of the leading players in the ophthalmic devices market include Essilor International, Johnson and Johnson Vision Care, CooperVision AG, Bausch and Lomb, Hoya, Nidek, Topcon, Alcon, Carli Zeiss and Cannon. These companies mainly focus on strategic decisions to increase the research and development investment. Merger and acquisitions have increased the capabilities of the companies and increase their efficiency to sustain in the market by providing better solutions.
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