Ophthalmic Devices Market - Industry Analysis, size, Share and Upcoming Trends (2021-2027)

Research report presented by UnivDatos, Emphasis on Product [Vision Care (Spectacles, Contact Lens), Surgery Devices (Cataract, Glaucoma, Refractive, Vitreoretinal, and Other Surgery Devices), Diagnostic and Monitoring Devices (Optical Coherence Tomography Scanner, Fundus Camera, Tonometer, Perimeter, Optical Biometry, Ophthalmic Operating Microscopes, Slit Lamp, Autorefractors, Other Diagnostics & Monitoring Devices), Disease Area (Cataract, Glaucoma, Age Related Macular Diseases, Diabetic Retinopathy, Others), End Users (Hospitals, Ophthalmic Clinics, Ambulatory Surgery Centers, Optical Centers) and Geographical analysis (key regions and countries).

As per the research report, Global Ophthalmic Devices Market is expected to reach the market valuation of US$ 46,337.4 million by 2026 expanding at a reasonable CAGR of 5.2% during the forecast period (2021-2026) from US$ 31,856.4 million in 2019. People are gradually opting for ophthalmic surgery to correct their eye-related conditions as a result of the advent of ophthalmic devices integrating these advanced technologies. Because of the ageing population and the rising prevalence of ophthalmic disorders, a developing number of people are receiving ophthalmic prostheses. The five main eye diseases, such as cataract, macular degeneration, glaucoma, diabetic eye disease, and refractive error, account for about three-quarters of all cases of vision disability or blindness. People have been motivated to purchase premium eyewear brands that are in full sync with their rising living standards in recent years as their discretionary income has increased. Furthermore, consumers are already going for chic and luxury sunglasses in line with current industry trends.

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One of the main reasons contributing to the rise in the occurrence and prevalence of patients with eye defects is population ageing. According to statistics, 65 percent of those with vision deficiency and 82 percent of people who are blind are above the age of 50. According to the United Nations, population ageing is described as a shift in a population's makeup that results in a rise in the proportion of elderly people. Growth is slowing in some regions and continents, while population ageing is speeding up. As per the World Health Organization, dietary improvements and urbanisation will significantly raise the number of people with eye diseases, visual deficiency, and blindness in the coming decades. Myopia is one such disease that is a significant public health issue in many East Asian nations, with 80% to 90% of high school graduates suffering from it. Ophthalmology and its subspecialties have been at the forefront of medical research, embracing exponential developments in pharmacology, imaging, computer analysis, and devices, to name a few. Ophthalmologists have new opportunities to increase the standard of treatment thanks to technological advancements in the field. In the world of eye care, scientific and technical advancements have also opened up a vast variety of clinical and academic opportunities.

Insights Presented in the Report

“Amongst product type, vision care devices segment holds the major share”

The market is divided into three categories based on product type: eye treatment products, surgical devices, and diagnostic and tracking devices. Due to the the use of electronic devices such as cell phones, PCs, and laptops, which results in numerous eye-related defects, vision care devices dominated the industry with a share of 79.2 percent in 2019 and are projected to continue their dominance throughout the forecast era.

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“Amongst vision care products, spectacles sub-segment dominated the market in 2019”

Spectacles and contact lenses are two subsets of the eye care market. Spectacles led the industry in 2019, with an 81.6 percent share, and are projected to continue to do so over the forecast period, leading to a growth in the demand for presbyopia and post-cataract surgery refractive correction, which is likely due to the increased need for presbyopia and post-cataract surgery refractive correction. The current use of spectacles has also grown as one's social status has risen, likely as a result of a higher standard of schooling. The contact lenses market, on the other hand, is expected to grow at the fastest rate during the forecast era (2021-2026).

 “Amongst surgery devices segment, cataract surgery devices segment is expected to dominate the market during the analyzed period”

The market is divided into cataract surgery devices, glaucoma surgery devices, refractive surgery devices, vitreoretinal surgery devices, and other surgery devices based on surgery devices. Since cataract surgery is the most common surgical treatment practised in many developing countries, delivering substantial, long-term, and cost-effective changes in the quality of life for patients of all ages, it dominated the market in 2019 with a share of 66.8% and is projected to sustain its dominance throughout the forecast era. Glaucoma surgery implants, on the other hand, are expected to develop at the fastest rate during the study period.

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“Amongst ophthalmic diagnostic and monitoring devices type, optical coherence tomography/scanning laser ophthalmoscopy dominated the market in 2019”

The market is divided into optical coherence tomography/scanning laser ophthalmoscopy, fundus camera, tonometer, perimeter, optical biometry, ophthalmic operating microscopes, slit light, autorefractors, and other diagnostic and monitoring devices based on the form of ophthalmic diagnostic and monitoring devices. Optical coherence tomography/scanning laser ophthalmoscopy led the industry in 2019, accounting for 18% of total sales. In the laboratory, the section is most widely used to diagnosis retinal diseases. OCT has been indispensable in ophthalmology, providing superior resolution of the retina and certain adjacent tissues for eye disease diagnosis and care. New OCT modalities have been integrated into ophthalmic oncology to aid in the monitoring of ocular and periocular tumours via retinal symptoms.

“Amongst disease area, cataract is expected to dominate the market during the analyzed period”

The market is segmented into cataract, glaucoma, age-related macular degeneration, diabetic retinopathy, and others, depending on the disease field. With a market share of 28.5 percent in 2019, cataract was the most popular ophthalmic product in 2019. It is projected to continue to be the most popular over the forecast era. According to the World Health Organization's most recent assessment, cataract is responsible for nearly 51 percent of global blindness, or around 20 million individuals. While cataracts may be surgically removed, many countries have obstacles that prohibit patients from receiving treatment. Diabetic retinopathy, on the other hand, is predicted to develop at the fastest rate between 2021 and 2026.

“Amongst end-users, optical centers dominated the market in 2019”

Optical centres, hospitals, ophthalmic laboratories, and ambulatory surgical centres are among the end-users in the ophthalmic equipment industry. Optical centres led the industry in 2019, accounting for 47.2 percent of total sales. The ophthalmic clinic section, on the other hand, is expected to grow at the fastest rate during the forecast era.

“North America represents one of the largest markets of ophthalmic devices market”

A systematic research was performed for various regions around the globe, including North America (US, Canada, and Rest of North America), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and Rest of the World, to gain a greater understanding of the business dynamics of the ophthalmic devices market. Because of the increasing prevalence of ocular diseases, increases in the geriatric population, rise in healthcare spending, and technical advances in ophthalmic instruments, North America led the industry in 2019 and reported sales of US$ 10,826.2 million. About 11 million people in the United States, aged 12 and up, could benefit from proper refractive correction.

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