Ophthalmic Devices Industry Overview
The global ophthalmic devices market size was valued at USD 5.0 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 5.0% from 2022 to 2030.
The market growth can be attributed to the rising prevalence of optical disorders such as glaucoma, cataract, diabetic retinopathy, and vitreo retinal disorders, coupled with technological advancements in ophthalmic surgical as well as diagnostic instruments required for these target applications. Improved government initiatives to increase awareness related to visual impairment is further anticipated to widen the base for the market growth.
Gather more insights about the market drivers, restrains and growth of the Global Ophthalmic Devices Market
The growing geriatric population is increasing the demand for ophthalmic devices, as they are more susceptible to age-related ophthalmic disorders. According to the National Institute on Aging (NIA), the geriatric population is expected to reach 72 million by 2030. The increasing prevalence of diabetes and the incidence of diabetes-related blindness are predicted to fuel the market growth. According to the World Health Organization, nearly 422 million people worldwide have diabetes, and the majority are living in low- and middle-income countries.
Increased screen time due to the lockdown measures in the COVID-19 pandemic has been associated with the onset and progression of various eye diseases, thus driving the demand for eye examinations. In June 2020, Johnson & Johnson Vision donated USD 320 K to provide eye care to Covid 19 impacted patients. The organization conducted this donation to the Optometry Cares unit of the American Optometric Association (AOA) Foundation and the American Academy of Optometry Foundation (AAOF).
Technological advancements have enabled accurate diagnosis and improved treatment of ophthalmic disorders. Advancements in medications, diagnostic devices, laser technology, and surgical techniques, have enabled improved handling of cataract & macular degeneration, glaucoma, and dry eye disease. Minimally invasive surgeries, such as LASIK surgery, multi-wavelength diabetic retinopathy treatment, ultrasound phacoemulsification, and femtosecond laser surgery are expected to increase the usage of ophthalmic devices. These surgeries are accompanied by better patient outcomes and faster recovery rates.
Many organizations have conducted campaigns and programs to raise awareness for eye health and vision care among the general public, optometrists, and ophthalmologists for the diagnosis and treatment of ophthalmic problems. Additionally, several suppliers also offer hands-on training for ophthalmologists and technicians on how to use various ophthalmic equipment through courses, tutorials, and workshops. Such initiatives help to increase awareness of eye diseases and the availability of diagnostic equipment. Nonetheless, constraints such as the high cost of ophthalmic equipment in developing countries and a scarcity of skilled ophthalmologists may limit the market growth.
Browse through Grand View Research's Medical Devices Industry Related Reports
- Diabetic Retinopathy Market - The global diabetic retinopathy market size was valued at USD 6.6 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 6.4% from 2022 to 2030. The rising prevalence of diabetes, growing geriatric population, and increasing prevalence of blindness due to diabetes are among the major factors anticipated to boost market growth over the forecast period.
- Optical Coherence Tomography Market - The global optical coherence tomography market size was valued at USD 1,474.1 million in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 15.41% from 2022 to 2030. Constant innovation and development of newer technologies, higher demand for new biomedical applications and rising prevalence of eye disorders are expected to drive the OCT market growth.
Market Share Insights
January 2022: Alcon acquired Ivantis, a company that manufactures Hydrus Microstent, Glaucoma Surgery (MIGS) device designed to lower eye pressure for open-angle glaucoma patients in connection with cataract surgery. This acquisition has led to the strengthening of Alcon’s market presence. It also aimed to allow Alcon to expand Hydrus Microstent into the international market and prioritize evidence-based research.
October 2021: Dr. Agarwal’s eye facilities merged with Aditya Jyot Eye Hospital, improving the latter’s market footprint within India and across the globe.
Key Companies profiled:
Some prominent players in the global Ophthalmic Devices market include
- Johnson & Johnson Vision Care
- Alcon Vision LLC
- Carl Zeiss Meditec AG
- Bausch & Lomb Incorporated
- Essilor International S.A
- Ziemer Ophthalmic Systems Ltd
- Nidek Co. Ltd
- TOPCON Corporation
- Haag-Streit Group
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