Ophthalmology studies the structure, function, and various diseases of the eye. Ophthalmic devices are medical devices designed for diagnosis, surgery, and vision correction. These devices are gaining increasing importance and acceptance due to the high prevalence of eye diseases and other vision-related problems.Β
In 2021 the global ophthalmic device market size was $54.96 billion, and by 2030 it is expected to reach $83.09 billion with a 4.7% 2021-2030. North America being the market dominant represented a market size of 43%in 2021.
The increasing prevalence of eye diseases enhances the growth of the global ophthalmic devices market. In addition, the spread of digital devices such as smartphones, computers, and e-readers, rapid technological advances like the introduction of intraocular lenses (IOLs), and increasing interest in customer education on eye diseases and related complications contribute to the growth of the global market. Emerging countries such as China and India have high growth potential due to their improved healthcare infrastructure and large population base.Β
Nerve transplant therapy, high-quality bioengineered cornea, artificial cornea and retinal, detection of dry eye syndrome, macular degeneration, slit-lamp uveitis, ultra Emulsification systems, and many other diagnostic and therapeutic techniques such as the growing popularity of intraocular lenses and the use of contact lenses with long lasers will ultimately stimulate the expansion of the ophthalmic device industry. Developing countries around the world, including Mexico, China, Russia, India, Brazil, and South Africa will offer future development opportunities for ophthalmic device manufacturers. Several government organizations are also raising awareness about eye-related diseases. Network18 Group and Novartis India on 27 November 2021 launched the “Netra Suraksha- India against diabetes” campaign to raise awareness of the risks of diabetes-related eye disease, raise awareness, and encourage people to have regular eye checkups to avoid blindness.
Rising costs of equipment and technology, lack of awareness, poor access to quality eye care products, and lack of health insurance in emerging markets hinder the growth of this industry.
The ophthalmic device market is segmented on the product, application, end-user, and regions. By product, the industry is segmented into ophthalmic surgical devices, diagnostic devices, Diagnostic and Monitoring devices, lenses, spectacle lenses, and others. The ophthalmic surgical device segment held the largest market share in 2019 owing to the increase in cataracts each year, resulting in increased surgeries.
By application, the industry is segmented into glaucoma, cataract, retinopathies, myopia, and others. The cataract sector leads the ophthalmic device market, accounting for 41.6% of revenue in 2021, and is predicted to rise throughout the forecast peri1od due to the widespread use of ophthalmic devices for cataract surgery. As stated by the World Health Organization, cataract is the major cause of blindness.
Based on end-user, the industry is divided into hospitals, specialty clinics, and home care. The hospitals and eye clinics segment dominated the ophthalmic equipment market with a share of 76.9% and is expected to maintain its dominance during the forecast period. A rapid increase in mergers and acquisitions among hospitals and eye clinics is expected to increase the demand for new equipment in the coming years.
The ophthalmic device market region-wise is analyzed across North America, Europe, Asia Pacific, and LAMEA. North America held the largest share of 21%. However, Asia Pacific is expected to have the highest CAGR of 4.6% in the forecast period due to the increase in ophthalmic diseases like cataracts, glaucoma, and refractive errors. The rise in the geriatric population and increased inclination towards surgical procedures for treatment contribute to the market growth.Β
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The ophthalmic device market is highly competitive as major players focus on developing and launching innovative products to retain their position in the highly competitive market. Major players in the global ophthalmic device market include Novartis AG, Carl Zeiss Meditech AG, Essilor International S.A., HAAG-Strite Holding AG, HOYA Corporation, Johnson & Johnson, Nidek Corporation, Topcon Corporation, Valiant Pharmaceuticals Includes international inks, and Zimmer Ophthalmic Systems AG. These companies’ product launches and geographic expansions to gain the largest market share in the industry and enhance their product portfolios.
The innovation in ophthalmic devices will give permanent solutions to eye disorders and is expected to enhance the market growth. Ophthalmic activities are widely performed for their benefits, such as vision enhancement, quick recovery, and faster results. Rising government initiatives will increase patient awareness and provide financial assistance to play a significant role in market growth.
