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The increasing prevalence of eye disorders around the globe along with technological advancement in ophthalmic medicine is driving the growth of the Global Ophthalmic Devices Market. Prevalence of cataracts, diabetic retinopathy, myopia, hyperopia, astigmatism, and other eye ailments boost the demand for ophthalmic devices. According to the Royal National Institute of Blind Persons (RNIB), over 2 million people in the UK were blind in 2013, with the number expected to rise to nearly 4.1 million by 2050. The supply chain has seen a dramatic increase in the number of participants investing in the industry as various organizations aim to implement new business strategies and regulations.
In 2020, the global ophthalmic devices market earned a significantly high revenue as compared to previous years, and following the pattern it is expected to record US$ 57,571.4 million by 2027, rising at a CAGR of 6.5 percent from 2017 to 2027.
Globally, the number of people suffering from a significant eye problem is rising, and vision loss is becoming a serious public health concern. According to the American Academy of Ophthalmology, primary open-angle glaucoma will afflict 7.32 million persons in the United States by 2050. Furthermore, these devices detect severe health issues early, provide superior prescriptions, and ensure patient safety, making them an effective treatment alternative for a variety of visionary disorders. Another factor potentially supporting the growth of this market is the technological advancement in the field of ophthalmology. So far, the technology used by ophthalmologists in all subspecialties has seen significant advancement in healthcare infrastructure and companies. Ophthalmic equipment and techniques have the potential to improve outcomes in individuals suffering from eye illnesses, from expediting standard procedures to curing previously incurable conditions. Bio-printing in 3D, visual implants, mathematical modeling, and other new emerging technologies are only a few examples. Such innovative technological integration results in commendable ophthalmic device applications, which will fuel market expansion in the forecast years.
Conversely, lack of insurance coverage for eye care treatment, as a result of the high cost of ophthalmic surgical procedures and the higher risks associated with ophthalmic devices, is likely to be a major stumbling block in the worldwide ophthalmic device market growth. This is because most insurance plans do not cover the expense of refractive or laser eye surgery. Moreover, the lack of optometrists causes a delay in providing timely eye care to patients with vision problems and restricts the use of treatment strategies such as contact lenses in healthcare settings.
Vision care products, surgical devices, and diagnostic & monitoring devices are various types of products available in the market. Factors such as the increased integration of advanced materials in glasses and lenses to assist users with better vision abilities, combined with an increase in individual awareness of eye care or eyesight correction, have resulted in vision care products gaining a dominant part of the market. Among various end users, consumers dominated the market with around 56.4% share in 2020, due to robust growth of consumers, which requires efficient treatment of the eye to reduce the prevalence of related disorders.
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The global ophthalmic device market is dominated by North America with about 37% market share. This is due to major investments in healthcare technology, as well as high adoption of eye surgical operations and appropriate availability of innovative ophthalmic technologies. Furthermore, the increased popularity of a healthy lifestyle among individuals, as well as a higher concentration of ophthalmic device makers, are likely to propel the market expansion in the region.
The competitive landscape is supported by innovative strategies and product launches by various market players. Alcon, a leading player in the ophthalmic devices market launched the non-diffractive expanded depth of focus intraocular lens (IOL) in the United States, namely the AcrySof IQ VivityTM IOL (Vivity) in 2021. Similarly, in 2020, Carl Zeiss AG has introduced the world's first dual-speed Swept-Source OCT/OCTA, which scans at 200kHz in addition to 100kHz, giving doctors a more thorough image of the retina and enabling cognitive therapy options for a variety of disorders.
Other key players doing well in the market are Cooper, Bausch + Lomb, Alcon, Carl Zeiss, Esillor Luxotica, Hoya, Johnson & Johnson Vision, and Topcon among others. To study the market in detail, the global ophthalmic devices market is segmented into:
By Vision Care Products
By Surgical Device
By Diagnostic & Monitoring Devices
By Region/ Country
Developing economies, the frequency of eye problems, an aging population, and individual lifestyles all give market competitors many opportunities to expand their operations. The following are some of the significant players in the industry.