Ophthalmic Devices Market – Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2017–2025

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Ophthalmology refers to a branch of medical sciences that deals with the structural and functional defects of the eye. Ophthalmic devices are medical devices used in the treatment and identification of certain ocular deformities and deficiencies of the eyes. The global ophthalmic devices market is driven by eye disorders such as glaucoma, diabetic retinopathy, macular degeneration, and cataract and vision care devices. Ophthalmic devices are also used in various surgical processes such as ultrasound phacoemulsification for faster recovery rates and improved safety. A wide range of ophthalmic devices are available in the market from high complexity devices such as phoropters , ophthalmoscopes, retinoscopes and scanning laser polarimetry devices to low end products such as contact lenses, spectacles and lens cleaning and disinfecting solutions, Thus, the demand for ophthalmic devices is anticipated to be increasing significantly over the forecast period.

Increasing prevalence of eye disorder is projected to fuel growth of the global ophthalmic devices market

According to the International Journal of Advanced Medical and Health Research 2015, cataract has been reported to be the major cause of blindness, affecting 17-18 million people worldwide, accounting for 39% of such cases. Following cataract, glaucoma is seen to be the second major reason causing blindness among people. According to the Glaucoma Research Organization, over 120,000 people are blind due to glaucoma accounting up to 9-12% of total blind cases. These massive numbers are basically the output of eye disorders prevalence in the geriatric population and changing food habits leading to nutritional deficits in the younger population. The ophthalmic devices can be used in order to treat cataract, glaucoma and several other eye disorders that could propel the global ophthalmic devices market.

The vision care devices segment dominating the global ophthalmic devices market in terms of over the counters sales

The global ophthalmic devices market is segmented on the basis of product type, disorder, and geographical region.

On the basis of product type, the global ophthalmic devices market is segmented as

  • Diagnostic and Monitoring Devices

  • Surgical Devices

  • Vision Care Devices

Vision care devices witnesses maximum sale over the counter and therefore accounts for the largest share. Furthermore there is a rapid rise in number of people affected with eye disorders and increasing awareness among the populace about eye health and safety augments growth of the segment. According to The Vision Council, over 87% of people in the U.S. are reported to be using digital devices for over 2 hours per day, thereby developing eye strain, dry eyes, blurred vision, etc. These small eye related troubles can be sorted with the use of vision care devices in turn potentiating the global ophthalmic devices market. Moreover, rapid growth in the eye diseases such as cataract and glaucoma are resulting in potential growth of the surgical devices segment that would be required in the treatment of these disorders.

On the basis of disorders, the global ophthalmic devices market is segmented as

  • Cataract Surgery Devices

  • Refractive Surgery Devices

  • Vision Care

  • Ophthalmic Diagnostic Devices

  • Vitreo Retinal Surgery Devices

  • Glaucoma Surgery Devices

Emerging economies of Asia Pacific to boost global ophthalmic devices market growth in the forecast period

Based on regional segmentation, the global ophthalmic devices market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East and Africa. The North America is accounted to capture highest share in the global ophthalmic devices market owing to innovation and focus on diagnostic devices and surgery applications as well as higher market penetration levels. The emerging economies such as China, India, Japan and Brazil are estimated to gain an early momentum in the market as a result of massive investments by manufacturers.

Governments in developing countries focusing towards eye safety and vision care thereby mushrooming the global ophthalmic devices market

The annual rise in the prevalence of eye disorders such as cataract, glaucoma and macular degeneration are the major drivers of the global ophthalmic devices market. Several other factors that are responsible to bolster the growth of ophthalmic devices market includes advent of technologically advanced minimally invasive surgery, rise in geriatric population and demand for surgical and diagnostic instruments. The growing occurrence of eye disorders in children will also add up to fuel the market growth. The governments in developing countries supporting to establish sophisticated healthcare infrastructure and eye care centers will in turn favor growth of the global ophthalmic devices market. However, the inadequate awareness among the developing nations regarding vision care and treatments related to eye disorders can inhibit the market growth.

The global ophthalmic market is very vast, rapidly growing as well as highly competitive. Some of the major players operating global ophthalmic market are Johnson and Johnson, Novartis AG, Bausch & Lomb Inc., Essilor International, Abbott Laboratories Inc., VisionCare Inc., Hoya Corporation, Canon Inc., Carl Zeiss AG, Topcon Corporation, Nidek Co Ltd., CooperVision AG and Alcon Inc. The players are sustaining their prime position in the global ophthalmic devices market due to consistency in launching of new ophthalmic devices and eye care products. Alongside, several other new entrants may also create growth opportunities and enhance the growth of the global ophthalmic devices market.

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Ophthalmic Devices Market by Product – Global Industry Analysis and Forecast to 2025

Ophthalmic Devices Market Overview:

Ophthalmic disorders are dysfunctioning of eyes and related parts such as retina and cornea. The eyes are complex organs that work together to produce clear vision. A number of things can go wrong with the basic structure of eye leading to visual impairment and blindness. Some of the high prevailing eye diseases include glaucoma, cataract, diabetic retinopathy, and ocular surface neoplasia. As per studies conducted by Glaucoma Research Foundation, it is estimated that over 3 million Americans are living with glaucoma and more than 120,000 are blind due to glaucoma and estimated number of total glaucoma cases globally is expected to be around 60 million. Such a high prevalence of glaucoma will further increase incidence of diabetic related eye disorders and blindness. Among various eye disorders, around 80% loss of vision is caused by five conditions, namely, glaucoma, diabetic retinopathy, cataract, macular degeneration, and uncorrected refractive error.

Many eye disorders such as minor ocular irritation and allergic conjunctivitis can be self-treated with use of non-medicated ointments including ocular lubricants and products containing combination of decongestants and antihistamine. However, major disorders require surgical procedures to restore normal functioning of eyes. For instance, cataract can be treated with surgery by removing opaque lens present in eye and replacing it with artificial intraocular lens. Similarly, diabetic retinopathy can be treated with timely laser photocoagulation of retina to fused small areas of tissue where excessive glucose is deposited.

Increasing prevalence of eye disorders (macular degeneration, glaucoma, and diabetic retinopathy), rise in elderly population which is prone to high risk of developing age related disorders, technological advancements and increased demand for minimal invasive surgery will propel the market growth. As per International Diabetes Federation (IDF) 415 million people worldwide suffered from diabetes and diabetes related complications as of 2015 and this number is expected to reach 642 million by 2040.Such a high prevalence of diabetes worldwide, will lead to increase in demand for ophthalmic devices to correct such disorders. Technological advancements such as LASIK surgery, use of lasers to treat various eye disorders especially cataract and diabetic retinopathy will drive the growth of the market. Moreover development of noninvasive surgical procedures such as ultrasound phacoemulsification and femtosecond laser surgery is expected to increase adoption rate of these equipment’s. However, inadequate primary healthcare infrastructure and unfavorable reimbursement policies are expected to restrain the market growth.

Currently, major players operating in the global market are focusing on developing highly advanced smart end devices to provide effective and timely treatment. Ophthalmic devices market has seen tremendous growth in last few decades owing to increasing technological innovations. For instance in 2013, Ziemer Group AG had launched a series of femtosecond technology for corneal surgeries, which enabled doctors to provide effective treatment even to patients with severe opaque or scarred corneas. Such breakthrough technological innovations will provide ample opportunities for market development in coming years.

Major key players operating in the global ophthalmic devices market includes Abbott Medical Optics, Inc., Carl Zeiss Meditec AG, Alcon, Inc., Bausch & Lomb, Inc., Haag-Streit Holding, Topcon Corporation, Johnson & Johnson, Essilor International S.A., Ziemer Ophthalmic Systems AG, Nidek Co. Ltd. These players are focusing on gaining competitive advantage through various strategies such as new product launch and mergers and acquisitions to increase their geographical boundaries and to acquire larger market share. For instance, Alcon (a division of Novartis) on April 2016, had entered into partnership alliance with Power Vision, Inc., a U.S. based medical device company. This strategic partnership focuses on developing fluid-based lens implants designed to restore normal vision of those people affected by presbyopia thereby strengthening their global presence.

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