Ophthalmology Devices Market by Products (Optical Coherence Tomography Scanner, Ophthalmoscope, Ophthalmic Ultrasound, Vision Correction Glasses/Lens, Slit Lamp, Fundus Camera, Excimer Laser), Application (Glaucoma, Cataract, Refractive Errors, Diabetic Retinopathy), and End User (Hospitals, Ambulatory Surgical Centers, and Specialty Clinics) – Global Outlook & Forecast 2022-2030
According to the deep-dive market assessment study conducted by Growth+ Reports, the global ophthalmology devices market was pegged at ~ US$ 5.0 billion in 2021. The market is expected to witness a CAGR of ~4.9% from 2022 to 2030.
Ophthalmology is a branch that deals with eye health and mostly focuses on eye and vision care using specialized devices. The rising geriatric population and increasing cases of ophthalmic disorders or illnesses such as cataracts, glaucoma, and refractive disorders are a few of the drivers of the ophthalmology devices market. Furthermore, technological advancement and innovations, growing demand for contact lenses and spectacles, and also the rising preferences for invasive procedures contribute to the market growth.
The growing prevalence of eye illnesses is one of the major factors that positively affect the market growth. The number of people with major eye diseases and vision loss is becoming a major health concern in the general population and the overall healthcare system. The growth in the elderly population and rising prevalence of chronic diseases such as hypertension and diabetes have also helped in boosting the incidence of eye diseases such as glaucoma and diabetic retinopathy. According to a WHO report for the year 2021, nearly 1 billion people are suffering from eye disorders such as cataracts (94 million), corneal opacities (4.2 million), trachoma (2 million), glaucoma (3.9 million), and so on. Thus, this factor helps to upsurge the market value of ophthalmology devices.
Technological innovation and advancements using Artificial Intelligence (AI) and the Internet of Things (IoT) can play a crucial role in driving the ophthalmic devices market. Furthermore, the growing adoption of telemedicine in ophthalmic monitoring and diagnosis fuels the market development. This enhancement in the technology can help to address and fulfill the needs for eye screening. The innovation in the technology of these ophthalmic devices will provide high
accuracy and more operational efficacy. Thus, enhancement in the technologies of ophthalmic devices can prove to be a beneficial factor for this market.
The growing demand for spectacles and contact lenses around the world is also a key factor in driving the ophthalmic devices market growth. The increasing usage of mobile phones, laptops, and television is due to a sedentary lifestyle, thereby affecting eye health and causing weak eyesight in the growing population. For instance, according to the CDC (Centers for Disease Control and Prevention), nearly 8 million people in the U.S are suffering from refractive error. These rising refractive error cases give a boost to contact lenses & spectacles which in turn is surging the demand for ophthalmic devices in the global market.
However, there are some pitfalls in this market such high cost of ophthalmic devices and the lack of skilled professionals. Furthermore, risks associated with eye surgeries can also prove to be a big challenge for the ophthalmology devices market. Even though technological advancement provides a better output with ease and convenience, it rose the cost of these devices hampering the ophthalmology devices market. For instance, the cost of a femtosecond laser unit cost from US$ 400,000 – US$ 500,000 which adversely affects the adoption rate of these devices among end-users. Similarly, the cost of optical coherence tomography (OCT) scanner unit is also high i.e., from US$ 50,000 – US$ 120,000. Thus, the high costs of ophthalmic devices hamper the market growth across the globe.
The Asia Pacific (APAC) is expected to be the fastest-growing regional market for ophthalmology devices. The growth of the region is mainly attributed to the advancement in the infrastructure and also the growing population in this region (China and India). Moreover, with the rapid growth of elderly population in Asian countries (such as Japan, South Korea, etc.), the rising necessity for eye care, developing healthcare infrastructure, and the growing base of key market players in APAC fuels the growth of the ophthalmology devices market.
Some of the prominent players operating in the global ophthalmology devices market are Ziemer Ophthalmic Systems AG, Nidek Co., Ltd.; Johnson & Johnson Services Inc.; Essilor International S.A., Carl Zeiss Meditec AG, Topcon Corporation, Bausch Health Companies Inc., Glaukos Corporation, Luneau Technology, and Hoya Corporation among others.