Number of pages: 100 | Report Format: PDF | Published date: July 13, 2022
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
According to the deep-dive market assessment study by Growth Plus Reports, the global ophthalmology devices market was valued at US$ 6.4 billion in 2022 and is expected to register a revenue CAGR of 4.7% to reach US$ 10.13 billion by 2031.
Ophthalmology devices are specialized instruments and equipment used in the field of ophthalmology, which is the branch of medicine that deals with diagnosing, treating, and managing eye disorders and diseases. These devices are designed to aid in the examination, diagnosis, and surgical treatment of various eye conditions. These devices are essential for inspecting the eye, determining visual acuity, identifying problems, and performing surgical treatments. With the use of an ophthalmoscope, the retina, optic disc, blood vessels, and lens may all be seen, as well as other internal eye components. Diagnoses for macular degeneration, diabetic retinopathy, and retinal detachment are made with their assistance. A microscope and a powerful light source are combined to form a slit lamp. Due to this, ophthalmologists can examine the cornea, iris, lens, and other frontal eye components. Conjunctivitis, glaucoma, and cataracts are just a few of the diseases it may help diagnose.
During the forecast period, factors such as an increasing senior population, an increase in the number of cataract procedures, and technological developments in the area of ophthalmology are anticipated to boost the market's growth. In India, ophthalmology-related illnesses are on the rise. For instance, according to research reported in a May 2021 issue of the Indian Journal of Ophthalmology article, the crude and overall age-adjusted prevalence rates for any positive dry eye disease symptom were 6.5% and 6.8% in males and females, respectively. Additionally, a study was carried out, and the results indicated that the total national incidence of diabetic retinopathy in India was determined to be about 12.3%, according to an article published by Lancet Global Health in October 2022. This demonstrated that there is a significant and growing burden of ophthalmic diseases in the region.
In addition, the Ministry of Statistics and Program Implementation (MoSPI), India, projects that by 2031, there will be 100.9 million females and 92.9 million males in the old population, respectively. This predicted rise in the old population growth rate is also linked to the rising number of annual cataract operations, reflecting the nation's increasing need for ophthalmic technology. For instance, the country would need 49 lakh procedures to address the backlog of blindness due to cataracts by May 2022 and 53.63 lakh surgeries to address the backlog of severe visual impairment due to cataracts.
Another driver of the market's growth is the increase in ocular conditions, including cataracts, diabetic retinopathy, myopia, etc. According to the International Diabetes Federation (IDF), there were 463 million cases of diabetes mellitus (DM) globally in 2019 and 700 million cases by 2045. According to the Centers for Disease Control and Prevention (CDC), diabetic retinopathy now affects 93 million individuals globally. It is expected to impact 14.6 million Americans by the year 2050, making it a major factor in the near future.
Additionally, several government organizations are working to increase public knowledge of ocular illnesses, which will aid in restricting industry growth for the expected period. The ophthalmic devices market will grow due to a greater focus on consumer education, provider training, and awareness of eye diseases and related issues. For instance, the "Netra Suraksha - India against Diabetes" campaign was launched by Network18 Group and Novartis India on November 27, 2021. This campaign seeks to spread knowledge about the risks of diabetes-related eye illness and to urge people with diabetes to have regular eye exams to prevent blindness. A nationwide nonprofit group called Prevent Blindness advocates for raising awareness of inflammatory eye disease and outlining actions that should be performed to preserve vision.
The global ophthalmology devices market is analyzed from the following perspectives by products, applications, end-user, and region.
Ophthalmology Devices Market by Products
Based on the products, the global ophthalmology devices market is segmented into Surgical Devices, Diagnostic and Monitoring Devices, and Vision Correction Devices.
The market for vision correction devices is anticipated to grow rapidly throughout the forecast period. For people with common refractive problems such as myopia, hypermetropia, astigmatism, and presbyopia, corrective lenses or devices are utilized to help and enhance vision. Low vision is the result of certain visual impairments. Additionally, because of increasing screen time, an aging population, and other chronic disorders that cause vision loss, it is anticipated that the prevalence of these conditions will increase in the near future. For instance, the World Health Organization (WHO) estimates that at least 2.2 billion people worldwide suffer from near- or farsightedness. In at least 1 billion of these cases—nearly half—vision impairment may have been prevented or treated. Most people who are blind or have vision impairment are older than 50. As a result, these numbers indicate a growing need for vision correction equipment and are thus anticipated to fuel the sector's expansion.
The pandemic lockdown also prevented hundreds of ocular clinical consultations and procedures, which could have caused patients' eyesight serious and long-lasting harm. Furthermore, the lockdown had a significant negative psychosocial impact on people with visual impairment, with about half of them fearing further sight loss due to postponed review or treatment, according to a research article titled "The impact of COVID-19 pandemic on ophthalmology services: are we ready for the aftermath?" that was published in October 2020.
Ophthalmology Devices Market by Application
Based on the application, the global ophthalmology devices market is segmented into cataract, vitreo retinal disorders, glaucoma, refractor disorders, and others.
In 2022, the cataract segment held a commanding 40% of the market for ophthalmic equipment and was predicted to rise significantly over the forecast period. This can be attributed to the frequent use of ophthalmic instruments in cataract surgeries. The primary cause of blindness, according to the World Health Organization (WHO), is cataracts. Cataracts are the cause of about 51% of all occurrences of blindness worldwide.
Over the projection period, the refractor disorders sector is predicted to increase at the quickest rate. According to the WHO, around 2.2 billion individuals worldwide suffer from near- or far-sightedness.
Ophthalmology Devices Market by End User
Based on the end user, the global ophthalmology devices market is segmented intohospitals and eye clinics, academic and research laboratories, and others.
The hospitals and eye clinics segment held the largest share of 70% and was likely to dominate the market during the forecast period. This is due to the growing use of ophthalmic medical equipment in hospitals and the availability of affordable, high-quality care in clinics. In the upcoming years, the need for new installations is projected to increase because of the rising number of hospital and ophthalmology clinic mergers and acquisitions.
Ophthalmology Devices Market by Region
Based on the region, the global ophthalmology devices market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The market for this region is expected to increase due to the fast adoption of high-tech intraocular lenses to treat cataracts and major firms reselling various devices there. High-impact key drivers for the sector include the rapidly aging population and the rise in chronic eye problems brought on by poor lifestyles, high levels of stress, and diabetic retinopathy. The demand for ophthalmic devices in this area is also anticipated to be driven by the adoption of new reimbursement models for ophthalmologic therapy and a strict regulatory environment designed to ensure patient safety.
The European market is expected to see rapid expansion. This results from significant government investments to support the R&D sector and create cutting-edge ophthalmic surgical devices. Introducing cutting-edge equipment for treating eye problems is another area on which major European firms are concentrating heavily. For instance, Alcon announced the release of the Vivity presbyopia-correcting IOL with X-WAVE technology in Europe in March 2020. This announcement is anticipated to increase the use of IOL implants to correct refractive defects in the upcoming years.
Due to its rapidly expanding healthcare infrastructure, increased prevalence of eye diseases like glaucoma, and rising patient awareness of it, the Asia Pacific market is expected to expand at the fastest CAGR of 5.8% over the projected period. The expansion might be attributable to the rising outsourcing operations for ophthalmology devices by significant market participants, such as Alcon, Inc. Furthermore, one of the main growth-stimulating factors for developing nations like China and India is the rising knowledge of modern corrective eyesight procedures.
Some of the prominent market players in the global ophthalmology devices market include,
Ophthalmology devices are specialized instruments and equipment used in the field of ophthalmology, which is the branch of medicine that deals with diagnosing, treating, and managing eye disorders and diseases. These devices are designed to aid in the examination, diagnosis, and surgical treatment of various eye conditions.
North America region is dominating the global ophthalmology devices market.
The estimated market size of the ophthalmology devices market in 2031 will be US$ 10.13 billion.
The revenue CAGR of the ophthalmology devices market during the forecast period will be 4.7%.
The cataract application segment is dominating the ophthalmology devices market.
*Insights on financial performance are subject to the availability of information in the public domain