Global Ophthalmic Devices market is projected to grow at a CAGR of 4.76% By 2032: Visiongain Reports Ltd
Visiongain has published a new report entitled the Ophthalmic Devices Market Report 2022-2032. It includes profiles of Ophthalmic Devices and Forecasts Market Segment by Optical Coherence Tomography Type (Perimeters , Slit Lamps , Tonometer), Market Segment by Ophthalmic Diagnostic Devices (Refractors, Corneal Topography Systems, Retinal Ultrasound Systems, Fundus Camera, Ophthalmoscopes, Other Ophthalmic Diagnostic Devices), Market Segment by Type (Ophthalmic Surgical Devices, Ophthalmic Diagnostic Devices, Optical Coherence Tomography Systems, Ophthalmic Vision Care Devices, Contact Lenses, Spectacle Lenses), Market Segment by Ophthalmic Surgical Devices (Refractive Error Surgical Devices, Glaucoma Surgical Devices, Cataract Surgery Devices, Vitreoretinal Surgical Devices), Market Segment by End-User (Hospitals, Diagnosis Clinics, Franchise Optical Stores, Eye Research Institutes, Government Agencies, Academics) PLUS COVID-19 Impact Analysis and Recovery Pattern Analysis (V-shaped, W-shaped, U-shaped, L-shaped) Profiles of Leading Companies, Region and Country.
The global ophthalmic devices market was valued at US$58,052 million in 2021 and is projected to grow at a CAGR of 4.76% during the forecast period 2022-2032.
Increase in the Number of People Suffering from Eye Disorders
According to the United Nations, there are currently 2.2 billion people worldwide who suffer from eye problems and visual impairment, with ageing populations, changing lifestyles, and restricted access to eye care among the key causes of the rising number of people living with vision impairment.
Over one billion incidents of vision impairment or blindness could have been avoided out of a total population of 2.2 billion. According to the World Health Organization's first World report on vision, billions of people are not getting the care they need for problems including short and farsightedness, glaucoma, and cataract (WHO). Furthermore, recent technological advances have led in the emergence of new self-monitoring equipment such as multi-parameter diagnostic monitors, home pregnancy tests, and fertility testing. As a consequence, there is a high need for diagnostic equipment, which will drive market revenue throughout the forecast period.
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Lack of Skilled Professionals
Despite the expanded optometry courses available and the resulting higher numbers of graduates, it is estimated that Australia will be short of more than 1,000 full-time equivalent optometrists in 20 years. Optometry Workforce Research: 2018-2037, a new report from DAE, also highlights specific shortages in supply across different populations. Levels vary widely between states and regions, with needs expected to be particularly severe in rural and less densely populated areas. There will also be shortages in the country's main states, according to forecasts. At the moment, 120 optometrists are needed to fill positions within the company's network.
On the other hand, Optometry Australia (OA) has previously warned that there are currently too many graduates entering the sector. The number of registered optometry students had increased by 28% in the previous year, according to data released in November 2018. According to OA's projection research, the profession was close to reaching its optimal level of practitioner supply, notably in the country's eastern states.
How has COVID-19 had a Significant Negative Impact on the Ophthalmic Devices Market?
The COVID-19 epidemic has led to a drastic drop in inpatient clinic visits due to the lockdowns and limits imposed to prevent the disease from spreading. As a result, the number of elective eye treatments conducted each week in hospitals and clinics has reduced significantly. The number of alternative courses offered each week has been decreased from 200 to 10 according to an article published in Ophthalmology Times. Furthermore, in cities such as Boston, patient visits to examination facilities have decreased by 15%. The government has imposed several limitations and prohibitions on medical operations, including elective surgery.
Due to these constraints, the need for ophthalmic equipment has been limited. Due to these restrictions, ophthalmic equipment is having trouble conducting in-person product demonstrations, functioning at full capacity, and attending or organising conferences. Lockdowns in APAC nations such as China and India have slowed the production and delivery of ophthalmic equipment. These obstacles make it challenging to increase the ophthalmic equipment industry.
How this Report Will Benefit you?
Visiongain’s 550+ page report provides 353 tables and 337 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global ophthalmic devices market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Ophthalmic Devices. Get the financial analysis of the overall market and different segments including type and capture higher market share. We believe that high opportunity remains in this fast-growing ophthalmic devices market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report would help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Contact Lenses and Spectacles Are Becoming More Popular
Contact lenses are tiny lenses that are inserted directly on the surface of the eye. Contact lenses are ocular prosthetic devices worn by over 150 million people worldwide for a variety of functions such as vision correction, aesthetics, and medicines. People choose to wear contact lenses for a number of reasons. Aesthetics and cosmetics are the primary motivators for people who desire to avoid wearing glasses or change the look or colour of their eyes. Others wear contact lenses for a variety of reasons, including functionality and appearance. When compared to spectacles, contact lenses generally give better peripheral vision and do not collect moisture (from rain, snow, condensation, etc.) or perspiration. As a result, they are great for sports and other outdoor activities. Contact lens wearers may put on their favourite sunglasses, goggles, or other eyewear without having to worry about prescription lenses or glasses compatibility. Furthermore, some conditions, such as keratoconus and aniseikonia, can be treated more effectively with contact lenses than with spectacles.
Rising Geriatric Population Projected to Fuel Market Growth
According to population-based research undertaken in the last, cataracts, glaucoma, macular degeneration, diabetic retinopathy, trachoma, and uncorrected refractive error are the most frequent causes of blindness and vision impairment globally 20 years. Globally, more than 2 billion individuals are blind or partly impaired. Cataracts are the most frequent cause of blindness, affecting almost 65 million people globally, whereas glaucoma is the third most common cause. Uncorrected refractive abnormalities, on the other hand, impact around 124 million people, resulting in impaired vision.
Due to the expanding geriatric population and greater emphasis on healthcare, the ophthalmology equipment industry is booming. Medical diseases that affect the eyes are more common in the elderly. Globally, there were 703 million people over the age of 65, a figure that is expected to rise to 1.5 billion by 2050. As a result, the elderly constitutes the bulk of ophthalmological product makers' primary consumer base. Furthermore, the clinical sector's ongoing technological advances are fuelling the creation of new equipment. Funding from a variety of private individuals and government entities worldwide has also aided the industry's expansion. The increased occurrences of ocular ailments are also helping to fuel the growth of the ophthalmological device market.
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Where are the Market Opportunities?
Consolidation and Private Equity in Eye Care
Over the last five years, private equity investments in the eye care industry have exploded, as has the consolidation of optometric and ophthalmologic offices. Private equity firms have more than $1 trillion in cash on hand in 2020, ready to invest. Health care, particularly age-related health care, is an attractive investment opportunity because these professions have strong growth potential and have undergone little consolidation yet. More than 3,000 optometrists and 660 ophthalmologists will be involved in a practice consolidation by 2020. Although a new deal may be announced every week and that eye care consolidation is sweeping the industry, private equity's "market share" in optometry and ophthalmology, as defined by the number of doctors, is just 7% and 4%, respectively. Economies of scale, nonclinical synergies, and the effect of greater multiples paid for aggregated earnings are all available to investors. If done correctly, this could be an excellent opportunity to optimise the return on one's private practice. Others may find it infeasible from a financial and personal standpoint.
Untapped Potential Across Emerging Markets
Due to the presence of enormous population base, developing nations throughout the world, including China, India, Russia, Brazil, Mexico, and South Africa, present potential growth opportunities for ophthalmic equipment companies. India and China, which together account for more than half of the world's population, have a sizable patient population. According to the United Nations Economic and Social Affairs Report, Asia's population of people aged 65 and over is expected to grow from 395.3 million in 2020 to 587.4 million in 2030, increasing the region's incidence of age-related eye diseases. Glaucoma affects around 3.5 percent of those over 45 in China, although it climbs substantially with age, reaching over 9 percent of the population over 65. Similarly, as the prevalence of diabetes rises in India, so does the number of age-related macular degeneration (AMD) cases.
The major players operating in the ophthalmic devices market are Alcon AG, Johnson & Johnson Vision Care, HOYA Corporation, Carl Zeiss Meditec, Topcon, Glaukos Corporation, STAAR Surgical, Novartis AG, Bausch Health Companies Inc, Essilor Luxottica, Sonomed Escalon Medical Corp., The Cooper Companies, Inc., NIDEK, Haag-Streit Company, Ziemer Ophthalmic Systems, Lumenis, OPHTEC BV, Heine Optotechnik, Visionix, Gulden Ophthalmics. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
- 10th January 2022, Alcon completed the acquisition of Ivantis®, developer of the novel Hydrus® Microstent, a minimally invasive glaucoma surgery (MIGS) device designed to lower eye pressure for open-angle glaucoma patients in connection with cataract surgery.
- 23rd July 2021, Johnson & Johnson Vision Introduces Veritas Vision System with features to Address Key Unmet Needs in Cataract Surgery. the global availability of the VERITAS Vision System, a next-generation phacoemulsification (phaco) system designed to address three critical areas: patient safety, surgeon efficiency and comfort.
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