Impact of Outbreak of COVID-19 on Ophthalmic Devices Market
The ophthalmology field requires medical devices for several functions such as diagnosis, vision care, and surgery. The development of innovative devices and increasing application of technology in ophthalmology has paved way for consumers to have practical and economical solutions for various eye-related disorders such as vitreoretinal disorders, refractor disorders, and cataract. The most significant share of the global ophthalmic devices market is contributed by vision care devices. These devices include contact lens, spectacles, and lens cleaning and disinfecting solutions for eyewear as well as for surgical devices.
Several factors such as a rising geriatric population and increased focus on healthcare are driving the global market for ophthalmic devices, which was valued at US$12.92 bn in 2011 and is estimated to expand at a healthy CAGR of 5.10% to reach a global valuation of US$18.28 bn by 2018.
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Ophthalmic Devices Market: Trends and Opportunities
One of the primary factors for the upward trend in the ophthalmic devices market is the rising geriatric population. It is observed that the aged are more prone to developing eye-related disorders, such as glaucoma and dry eye, and are the target customers of ophthalmic device manufacturers. Moreover, several emerging economies in Asia Pacific are increasingly investing on healthcare infrastructure and promoting awareness about these common disorders which in turn is aiding the regional market for ophthalmic devices. The market growth is also boosted by continuous advancements in the field of medical technology to develop novel products that are more efficient and accurate.
One of the primary restraints in the growth of the global market for ophthalmic devices is high cost of some devices, particularly those that are exported. Additionally, the lack of skilled professionals, especially in the rural regions of emerging economies, is another prime concern for manufacturers.
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Global Ophthalmic Devices Market: Region-wise Outlook
Among North American countries in 2011, the U.S. held the largest share in the market for ophthalmic devices across all segments, followed by the U.K. which lead the European region. These two western country markets are experiencing rigorous competition due to mushrooming local device manufacturers while prominent players with higher market penetration levels are focusing more on devices with diagnosis and surgery applications. The report provides the geographic analysis of all major countries including U.S, Canada, UK, Italy, Spain, Germany, France, Japan, China, India, Brazil, and Mexico.
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Emerging economies such as China, India, Japan, Brazil, and Mexico are estimated to experience a higher growth rate than the global rate in the market for ophthalmic devices during the forecast period. This shift is a result of investments by many prominent manufacturers in these emerging markets to gain early momentum.
The global market for ophthalmic has also been analyzed on various parameters such as application, disorder, and device type. On basis of application: diagnosis, surgery, and vision care devices; on the basis of disorder: cataract, glaucoma, refractor disorders, vitreo retinal disorders, and vision care. There are variety of devices available in the market, including high-end to low-end devices such as phoropters, refractors, contact lenses, lens cleaning and disinfecting solutions, spectacles, scanning laser polarimetry devices, retinscopes, and ophthalmoscopes.
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Some of the most prominent players who are driving growth in the ophthalmic devices market include: Essilor International, Johnson & Johnson Vision Care Inc., CIBA Vision Corporation, Solotica Lentes de Contato, Alcon Inc., Bausch & Lomb Incorporated, Abbott Medical Optics Inc., Cooper Vision Inc., Carl Zeiss AG, and Hoya Corporation.
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