OPHTHALMIC DEVICES MARKET ANALYSIS

Ophthalmic Devices Market - Insights

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.

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).

        
Global Ophthalmic Devices Market Share, By Product Type: 2018 & 2026  

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Source: Coherent Market Insights Analysis (2018)

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.

According to the BrightFocus Foundation, June 2017 data findings, in 2017; over 3 million Americans  suffer from glaucoma, of which 2.7 million - aged 40 and older - are affected by its most common form, open-angle glaucoma. Such high numbers are attributed to increasing prevalence of eye disorder in geriatric population and changing food habits leading to nutritional deficiency in younger population.

Although glaucoma may occur in people with or without diabetes, those with diabetic retinopathy have an increased risk of glaucoma. The condition is associated with abnormal blood vessel growth, which can result in retinopathy to eventually block natural drainage of the eye. According to the International Diabetes Foundation (IDF) 2017 statistics, prevalence of diabetes is high among people aged between 20 to 79 years worldwide, of which Africa (156%) accounted for the highest diabetic population, followed by Middle East (110%), South East Asia (84%), Latin and Central America (62%), North America (35%), Europe (16%), and Western Pacific (15%).  

Global Ophthalmic Devices Market Share, By End User: 2018 & 2026

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Source: Coherent Market Insights Analysis (2018)

Increasing Adoption of Refurbished Ophthalmic Devices is Expected to Hinder the Market Growth

Among ophthalmic devices segment, ophthalmic imaging devices in the refurbished form witness increasing demand due to low production & material cost. However, this adversely affects the sales of manufacturer build or OEM build ophthalmic devices.     

For instance, according to the Refurbishment of Medical Equipment Report on promising Key Enabling Technologies (KETs)-based product, published by European Commission in August 2017, refurbished diagnostic imaging equipment accounted for 75.5% of the global demand for refurbished medical devices, in 2015.

Refurbished medical devices specifically include, diagnostic imaging devices that create visual representations of internal organs of the body to help in medical intervention and clinical analysis. Generally, damaged or unused component are replaced with newer and updated components in the production of refurbished medical devices. Hardware or software may also be upgraded, followed by extensive testing, quality assurance, and (as required) re-submission for regulatory approval. Furthermore, high cost of new ophthalmic devices has led to increasing adoption of refurbished counterparts. 

Among region, Asia Pacific is expected to be lucrative market for growth of the global ophthalmic devices market. This is owing to growing healthcare infrastructure, high prevalence of eye diseases, and increasing engagement of government bodies in preventing the cataract and blindness cases among the population. For instance, according to the data published by the Indian Journal of Ophthalmic in September 2018, cataract is responsible for 50–80% of bilateral blindness in India. Moreover, government initiatives such as the National Program for Control of Blindness (NPCB) and Vision 2020 are aimed at eliminating preventable blindness at the national level. Moreover, emerging economies such as China, India, and Japan are expected to witness significant growth in the market, owing to increasing investments by manufacturers in the region. Therefore, these factors are expected to increase adoption of ophthalmic devices in Asia Pacific.

Key players operating in the global ophthalmic devices market 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.