Ophthalmic Devices Market Technological Advancements, Evolving Industry Trends and Insights 2018 – 2026

Ophthalmic devices are medical devices used to treat and identify certain ocular deformities and deficiencies of the eyes. The growth of ophthalmic devices market is driven by increasing incidence of eye disorders such as glaucoma, diabetic retinopathy, macular degeneration, cataract, among others. Ophthalmic devices are also used in various surgical processes such as ultrasound phacoemulsification for fast recovery rates and improved safety. Ophthalmic devices ranging from high complexity devices such as phoropters, ophthalmoscopes, retinoscopes, and scanning laser polarimetry devices to low end products such as contact lenses, spectacles, and lens cleaning and disinfecting solutions are available in the market. Therefore, demand for ophthalmic devices is expected to significantly increase over the forecast period.

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Vision care device segment accounted for highest share in the ophthalmic devices market in 2017, owing to increasing demand for vision care devices such as contact lens and spectacles. Furthermore, increasing prevalence of eye disorders and growing awareness among the populace regarding eye health and safety are expected to propel growth of the vision care device segment. According to World Health Organization (WHO): October 2018, around 1.3 billion people worldwide suffer from some form of vision impairment, annually. According to the same source, uncorrected refractive errors and cataracts are the leading cause of vision impairment worldwide. Therefore, increasing number of eye related disorders propel demand for vision care devices, which in turn propels growth of the ophthalmic devices market. Moreover, increasing prevalence of various eye diseases such as cataract and glaucoma is expected to boost growth of the surgical devices segment.

The Global Ophthalmic Devices Market is estimated to be valued at US$ 48,726.0 million in 2018 and is expected to witness a CAGR of 4.3% over the forecast period (2018–2026).

Increasing Incidence of Eye Disorders is expected to Augment the Market Growth

Increasing prevalence of eye disorders such as glaucoma, diabetic retinopathy, macular degeneration, and cataract is expected to drive growth of the ophthalmic devices market. For instance, according to the International Journal of Advanced Medical and Health Research: 2015, cataract is a major cause of blindness and affects 17-18 million people worldwide, accounting for 39% of such cases, among overall blindness cases. Following cataract, glaucoma is the second major cause of blindness worldwide.

Market Dynamics

Governments in emerging economies are focused on establishing sophisticated healthcare infrastructure and eye care centers. This is owing to increasing demand for treatment related to eye disorders such as cataract, glaucoma, and macular degeneration. This is turn is expected to boost growth of the global ophthalmic devices market.

For instance, Directorate General of Health Services: Government of India launched a National Program for Control of Blindness and Visual Impairment (NPCB&VI) in 1976 with the goal of reducing the prevalence of blindness to 0.3% by 2020. A current survey in progress (2015-18) shows projected rate of prevalence of blindness is 0.45%. Government of India is focused on lowering this rate to 0.3% by 2020.

In February 1999, the World Health Organization (WHO), together with over 20 international non-governmental organizations involved in eye care and prevention and management of blindness, launched VISION 2020, a global initiative that aims to eliminate avoidable blindness by 2020.

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Key companies covered as a part of this study include, Carl Zeiss Meditec Group, Escalon Medical Corp., Haag-Streit AG, Heidelberg Engineering GmbH, Heine Optotechnik GmbH & Co. KG, Essilor International S.A., NIDEK CO., LTD., Quantel Medical SAS, Luneau Technology Group, and Topcon Corporation.

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