Ophthalmic Devices Market: 3 key trends set to expand the global industry share through 2025

Expansion of the geriatric patient population affected by various eye-related diseases, pushing the need for surgeries will amplify the adoption of ophthalmic devices.

Expansion of the geriatric patient population affected by various eye-related diseases, pushing the need for surgeries will amplify the adoption of ophthalmic devices. There is a consistent prevalence of blindness, visual impairments, and other ophthalmic disorders like cataracts, diabetic retinopathy, glaucoma and macular degeneration in older individuals across the Asia Pacific and Middle Eastern countries.

A considerable rise in the number of people opting for ophthalmic treatment has fueled the demand for spectacles and contact lenses. Statistics reveal that over 45 million people use contact lenses and as many as 143 million individuals wear spectacles in the U.S. Furthermore, the Statistics Netherlands (CBS) estimated that over 61% of the total population or say, 6 out of 10 individuals around the world use glasses, contact lenses and some of the other visual aids. As per a research report, the global ophthalmic devices market size could surpass more than USD 53.5 billion with regard to yearly revenue by 2024.

Potential in the treatment of cataract and glaucoma

Ophthalmic surgical devices gathered a revenue share of more than USD 9.7 billion in 2017. The growth can be accredited to the surge in the adoption of these devices in surgical procedures to treat cataracts, glaucoma, and refractive error. As per the American Academy of Ophthalmology, more than 24 million individuals in the U.S are diagnosed with cataracts and nearly 2 million affected patients undergo surgeries per year.

Penetration of ophthalmic medical devices across ambulatory surgical centers is anticipated to grow at a 3.9% CAGR over the next few years. This is due to the rise in the number of patients opting for retinal, cataract, and glaucoma surgeries in these facilities. Deployment of some of the latest technologies as well as outpatient facilities will also foster the availability of the devices in the mentioned settings.

To access sample pages of this report titled, “Ophthalmic Devices Market Size By Product (Surgical Devices {Cataract Surgery Devices, Glaucoma Surgery Devices, Refractive Surgery Devices, Vitreoretinal Surgery Devices}, Diagnostic and Monitoring Devices, Vision Care Products {Contact Lenses, Spectacle Lenses}, Ophthalmic Accessories), By End Use ( Hospitals, Specialty Clinics, Ambulatory Surgical Centres, Consumers), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents, please click on the link below:

https://www.gminsights.com/request-sample/detail/2917

Japan and Argentina to define the regional landscape

Japan lead the Asia Pacific ophthalmic devices market for ophthalmic devices in 2017, contributing to a global share of more than USD 3,877.3 million in 2017 as the region is one of the prime health tech countries across the world and is an abode to a large population of geriatric individuals. This set of people is believed to be more vulnerable to an ophthalmic health issue in comparison to the younger population. Along with the expansion of the older population base, there are improvements in healthcare services and the continued prevalence of ophthalmic diseases across the country.

Argentina registers an increasing instance of eye disorders and the regional market is pegged to reach a 4.5% CAGR up to 2024. As per a recent research report, there is a higher prevalence of blindness as well as other ophthalmic diseases like cataracts, age-related macular degeneration, and glaucoma in the residing individuals. Besides, there is a mount in consumer awareness towards ophthalmic treatment procedures, that could accelerate the regional consumption of the devices.

Ophthalmic devices market growth from geographical expansion

Ophthalmic device companies are indulging in R&D investments as well as strategic decisions pertaining to mergers, and acquisitions to magnify their production capabilities besides widening their global reach. The present COVID-19 pandemic has also driven the need for novel product launches in a bid to gain a competitive edge over the other participants.

For instance, in November 2020, Topcon, introduced Chronos, an automated binocular refraction device that is deployed using the SightPilot software. It is designed as such that it combines autorefraction, keratometry, and subjective refraction into a single system to occupy space less than four feet in size. Essilor International, CooperVision, Johnson and Johnson, Vision CareBausch and Lomb, AG, Hoya, Nidek, Alcon, Carli Zeiss, and Cannon are some of the other major device manufacturers.

Inadequate help from human resources to operate ophthalmic devices is likely to hinder the industry forecast to a certain extent. There is a dearth of skilled labor in the developing countries of sub-Saharan Africa, Latin America, and a few parts of Asia. A recent survey estimated that the scarcity of healthcare workers is anticipated to rise to 13 million up to 2035 in comparison to 7.2 million in 2017.

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