"Designing Growth Strategies is in our DNA"
The global ophthalmic devices market size was valued at USD 25.04 billion in 2019 and is projected to reach USD 32.36 billion by 2027, exhibiting a CAGR of 4.2% during the forecast period.
The demand for quality eye care is rapidly increasing with the rise in the prevalence of vision disorders worldwide. According to a joint report published by World Health Organization (WHO) & Brien Holden Vision Institute in 2015, myopia and high myopia is anticipated to affect 52% and 10% of the global population by 2050. The ophthalmic diagnostics devices include surgical devices and vision care products/devices that aid in the improvement of vision disorders.
The technological advancements in various devices such as intraocular lenses and rapid rise in the number of eye surgeries are likely to accelerate the demands for ophthalmic devices in the forthcoming years. According to the article published by the American Academy of Ophthalmology (AAO) in 2018, around 3.9 million Cataract surgeries were performed in the U.S.
Market players are focusing to strengthen the R&D domain for the development of novel devices for the treatment of vision errors. For instance, in January 2018, Hoya Corporation launched its new research & development (R&D) facility in Singapore for the development of technologically advanced intraocular lenses. Such development is likely to provide a huge opportunity for the ophthalmic device manufacturers to capture the large customer base and aid in the acceleration of the ophthalmic device market growth.
Decline in Surgical Procedures amid COVID-19 to Affect Sales Revenue
The COVID-19 outbreak has had a negative impact on this market of ophthalmic devices. The significant decline in the number of ophthalmic procedures due to the COVID pandemic has led to a decline of revenues generated by market players from the sales of implants, consumable, and equipment.
The surgical segment is projected to witness a higher decline in revenues including cataract surgeries, vitreoretinal surgeries, and other procedures, which has been responsible for lower sales of Implants, equipment, and consumables. According to the analysis of an estimated 228 hospitals in the U.S. (which accounts for over 2 million patient visits annually), showed that there was a massive decline of around 81% patient visits for ophthalmology during March and April 2020, as compared to 2019. These statistics also suggested that during the same observation period, cataract surgical procedures registered a 97% decline, followed by an 88% decline in glaucoma procedures.
Amid the COVID-19 pandemic, the vision care segment is anticipated to register a negative impact on sales of contact lenses, which is compensated by the growth in sales of ocular health products, such as eye-drops. There was an increased demand for eye-drops and other ocular health products for various conditions such as dry eye diseases. The major reasons were cited to be panic-buying and stockpiling of these commodities, due to uncertainty of the national lockdowns, supply chains, etc.
Many companies are maintaining key inventory at major distribution centers away from high-risk areas and working with external suppliers to maintain the continuity of the company's supply chain during the pandemic
Request a Free sample to learn more about this report.
Introduction of Technologically Advanced Ophthalmic Devices to Surge Demand
The introduction of innovative equipment, consumables, contact lenses, etc., has led to a higher demand for these devices among healthcare providers and patients. For instance, the new micro-invasive glaucoma (MIGs) surgical implants have become one of the fastest-growing technologies for the treatment of mild to moderate glaucoma. These innovative implants are highly efficacious and are likely to fill the gap in the treatment of glaucoma. Market players are focusing on launching novel micro-invasive glaucoma surgical implants that will propel the growth of the global ophthalmic devices market during the forecast period.
Increasing Prevalence of Vision Disorders to Drive the Demand
There has been a significant increase in the prevalence of ophthalmic disorders, including cataract, diabetic retinopathy, myopia, age-related macular degeneration, etc. The increasing prevalence of ophthalmic disorders, along with the increasing initiatives undertaken by national and regional agencies to promote eye health are responsible for higher diagnosis rates in developed and emerging countries.
Such a rapid rise in the prevalence of eye diseases are likely to fuel the demand for surgical and vision care devices at a significant rate. This, coupled with increasing per capita healthcare expenditure, and favorable reimbursement policies for ophthalmic procedures has propelled the number of patients undergoing surgical procedures. This rise in the number of ophthalmic surgeries is fueling the demand for ophthalmic surgical devices, further augmenting the market growth in the future.
Low Treatment Rate in Emerging Nations and High Cost of Devices to Restrict Market Growth
Various factors including lower per capita healthcare expenditure, limited product accessibility, and lack of awareness about ophthalmic diseases, leads to a lower number of patients undergoing treatment in emerging nations. For instance, according to the article published in 2018 in The Ophthalmologist: Clinical and Therapeutic Journal, the cataract surgery rate in China was 2,450 per million inhabitants which were lower in comparison to cataract surgery rate in the U.S. that was around 11, 920 per million inhabitants.
Additionally, most of the ophthalmic instruments are highly expensive. For instance, according to the article published by Las Vegas eye institute, the cost of Femtosecond lasers is around USD 200,000 to USD 400,000. Such high cost limits the acceptance of these highly advanced lasers especially in small and mid-sized eye clinics in developed and emerging countries, which in turn is likely to restrain the overall growth of the market.
To know how our report can help streamline your business, Speak to Analyst
Vision care Segment to Hold the Significant Share of the Global Market
Based on the product, the market for ophthalmic devices is segmented into surgical & vision care. The vision care segment holds a major share of the market and is anticipated to grow at a significant rate in the forthcoming years. This is due to the rising shift of patients from traditional eyeglasses to contact lenses. Additionally, the growing focus of players towards the launch of new contact lenses is anticipated to promote the usage of the product during the forecast period.
According to the data published by the Centers for Disease Control and Prevention (CDC), an estimated 45 million people in the U.S. were using contact lenses. This is expected to contribute to the gradual rise of the vision care segment.
The tremendous rise in the number of cataract and retinal surgeries, along with the introduction of new IOLs by the key players are leading to the increase in the adoption of IOLs, and other devices, further accelerating the growth of the surgical segment. In August 2019, Alcon introduced the AcrySof IQ PanOptix Trifocal Intraocular Lens (IOL), the only and primary trifocal lens for patients receiving cataract surgery in the U.S.
Ophthalmic Clinics to Hold a Dominating Position in the Global Market
On the basis of the end-user, the global market is segmented into hospitals, ophthalmic clinics, and others. The ophthalmic clinic segment dominated the global market in 2019. The rising awareness about the benefits provided by ophthalmic clinics including reduced waiting time is expected to favor the segment growth. These benefits, along with the increasing adoption of advanced devices in clinics are some of the factors expected to attract a large patient pool for the treatment in these settings.
The others segment is likely to witness a strong growth in the coming years owing to the growing shift of patients towards Ambulatory Surgical Centers (ASCs) and multispecialty clinics for cataract and other daycare procedures. This is likely to increase demand for these devices from healthcare facilities, especially in the U.S., and Europe.
North America Ophthalmic Devices Market Size, 2019 (USD Billion)
To get more information on the regional analysis of this market, Request a Free sample
The global market size in North America stood at USD 10.54 billion in 2019. The rapid penetration of advanced technology intraocular lenses for the treatment of cataract and the presence of leading players in the region offering a wide range of devices is likely to boost the growth of the market in the region.
The market in Europe is likely to showcase significant growth. This is attributable to the strong government investments taken to strengthen the R&D sector to develop highly advanced ophthalmic surgical instruments. Additionally, key players in Europe are strongly focusing on the launch of innovative devices for treatment for eye disorders. For instance, in March 2020, Alcon announced the launch of Vivity presbyopia-correcting IOL with X-WAVE technology in Europe, which is likely to boost the adoption of IOLs implants for correcting refractive errors in coming years.
To know how our report can help streamline your business, Speak to Analyst
The market in Asia Pacific is expected to experience a comparatively higher growth. Certain factors such as the rising incidence of cataract, glaucoma, and the growing adoption of highly advanced devices for the treatment of cataract and vitreoretinal disorders in emerging nations such as China and India are projected to drive the growth of the market in the region. For instance, according to a study conducted by L. V. Prasad Eye Institute (LVPEI), Hyderabad, an estimated 275 million people in India are anticipated to be affected by dry eye disease by 2030, further increasing the demand for highly advanced devices for the treatment of eye diseases in the region.
The market in Latin America and Middle East & Africa is expected to experience a strong growth owing to the geographical expansion of the manufacturers in the region and the growing awareness about the benefits of contact lenses in the treatment of various symptomatic corneal diseases.
Strong Product Portfolio has Propelled Alcon, and Johnson & Johnson Vision Care, Inc.to Lead the Global Market
The global ophthalmic devices market is consolidated by the presence of Alcon, Johnson & Johnson Vision Care, Inc., and Bausch & Lomb Incorporated that are the leading players in the market. A diversified product portfolio, strong geographical presence, and robust research & development domain are some of the factors responsible for the well-built position of these companies in the market.
Other players such as Cooper Companies Inc., BVI, Carl Zeiss Meditec, Essilor international, Hoya, and Nidek Co. Ltd. are emphasizing on the strategies such as partnerships and collaborations with the research organizations and other key players and investments to expand the manufacturing facilities in order to introduce novel ophthalmic products in this key market.
An Infographic Representation of Ophthalmic Devices Market
To get information on various segments, share your queries with us
The ophthalmic devices market research report provides a detailed analysis of the market and focuses on crucial aspects such as leading companies, products in pipeline, recent key industry developments, and technological advancements. Also, the report offers insights into market trends and highlights vital industry developments. In addition to the factors mentioned above, the report encompasses various factors that have contributed to the growth of the market over recent years.
Value (USD billion)
By Product Type
Fortune Business Insights says that the global ophthalmic devices market size was USD 25.04 billion in 2019 and is projected to reach USD 32.36 billion by 2027.
In 2019, the market value stood at USD 25.04 billion
Growing at a CAGR of 4.2%, the market will exhibit steady growth in the forecast period (2020-2027).
The vision care is expected to be the leading segment under the technology segment in this market during the forecast period.
The growing demand for effective treatment devices and increase in the prevalence of eye disorders are to drive market growth.
Alcon, Johnson & Johnson Vision Care, Inc., Bausch & Lomb Incorporated, The Cooper Companies are few of the leading players in the global market.
North America dominated the global market in 2019.
“Kudos to your team. Thank you very much for your support and agility to answer our questions.”- Europe-based provider of solutions to automate data centre operations.
“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”- India-based manufacturer of industrial and specialty intermediates with a strong global presence.
“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”- One of the largest cosmetics company in the world.
“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”- U.S. based startup operating in the cultivated meat market.
“We received the below report on the U.S. market from you. We were very satisfied with the report.”- UGlobal hearing aids manufacturer.
“I just finished my first pass-through of the report. Great work! Thank you!”- U.S. based solar racking solutions provider.
“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”- World’s leading advisory firm.
“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”- Germany based machine construction company.
“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”- Japanese manufacturing company of stationery products.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry