The ophthalmic devices market is projected to register a CAGR of 4.2% over the forecast period (2022-2027).
The COVID-19 epidemic has resulted in considerable service reductions throughout the NHS, with ophthalmology being one of the most severely impacted specialties. According to a study published in March 2021 titled "The Impact of the First Peak of the COVID-19 Pandemic on a Pediatric Ophthalmology Service in the United Kingdom: Experience from Alder Hey Children's Hospital," outpatient clinic appointments were reduced by 87.2%, ophthalmic surgery by 90.9%, outpatient referrals to ophthalmology by 50.2%, and ward reviews by 50% during the first peek of the pandemic. There were 1377 genuine canceled appointments, with 6.8% of them being deemed appropriate for teleophthalmology. The COVID-19 pandemic has severely curtailed ophthalmology service clinical activities.
Another study, "Modeling the Impact of COVID-19 on Retina Clinic Performance," released in May 2021, found that during the COVID-19 health emergency, retina clinic volume fell by 62%. The average time from check-in to technician has decreased by 79%, total visit length has decreased by 46%, and time spent in the provider phase of care has decreased by 53%.
The ophthalmic devices are medical equipment designed for diagnosis, surgical, and vision correction purposes. These devices have gained increasing importance and adoption due to high prevalence of various ophthalmic diseases such as glaucoma, cataract, and other vision related issues across the globe. Moreover, technological advancements in the field has boosted the adoption rate of the rate globally. Portable medical devices are increasingly being used for home-based diagnosis and treatment of medical disorders, allowing for the diagnosis and monitoring of eye illnesses. For example, in May 2020, Icare USA released the Icare ic200 handheld tonometer for measuring intraocular pressure on the go (IOP). There are no air puffs, anaesthetic drops, or specific abilities required to assess IOP with this gadget. It can test patients while they are seated, lying down, or elevated.
However, poor primary healthcare infrastructure in developing and under-developed countries has hindered the growth rate of the market. Also, although there have been advancements, the devices are stilled deemed unsafe, and can cause damages if not handles professionally. Hence all these factors have been restraining the market growth.
The Vision Correction Devices or corrective lenses are used to aid and improve vision for those with common refractive errors like myopia, hypermetropia, astigmatism, and presbyopia. These visual impairments result in low vision. Moreover, these conditions seems to be rising.
Thousands of ophthalmic clinical consultations and operations have been cancelled as a result of the recent pandemic lockdown, potentially causing lasting and substantial eyesight damage to patients. Furthermore, according to a research article titled "The impact of COVID-19 pandemic on ophthalmology services: are we ready for the aftermath?" published in October 2020, lockdown has a significant negative psychosocial impact on individuals with visual impairment, with around half of them fearing further sight loss due to delayed review or treatment.
According to World Health Organization (WHO) statistics from 2021, at least 2.2 billion individuals worldwide have a near or far vision impairment. Vision impairment may have been avoided or managed in at least 1 billion - or nearly half - of these cases. The majority of those who have vision impairment or blindness are over 50 years old.
As per the same source, in terms of regional disparities, the prevalence of distant vision impairment is predicted to be four times higher in low- and middle-income countries than in high-income ones. In the case of near vision, rates of untreated near vision impairment are believed to be higher than 80% in western, eastern, and central Sub-Saharan Africa, while rates in high-income regions such as North America, Australasia, Western Europe, and Asia-Pacific are claimed to be less. Hence, the high numebr of cases is likley to create demand for advanced products and servcies, thereby boosting the market growth.
In the field of ophthalmology, the COVID-19 epidemic caused major interruption to in-office and surgical treatments. According to the research report "The impact of COVID-19 on ophthalmology resident surgical experience: a retrospective cross-sectional analysis," published in March 2022, average case logs in 2020 were lower than averages in 2019, across all operations and positions. While total primary surgeon case logs climbed by 3.2 percent per year on average from 2012 to 2019, total primary surgeon case logs declined by 11.2 percent from 2019 to 2020. The most significant percent decline in average primary surgeon cases logged from 2019 to 2020 was in cataract (-22.0%) and keratorefractive (-21.1%) surgery.
The factors, such as, high disposable income, high awareness, rising geriatric population and the increasing prevalence of eye diseases, are fueling the growth of the market in the North American region, especially in the United States and Canada.
The increasing prevalence of eye diseases in the United States is the major factor driving the market growth. The leading causes of blindness and low vision in the United States are primarily age-related eye diseases such as age-related macular degeneration, cataract, diabetic retinopathy, and glaucoma. Other common eye disorders include amblyopia and strabismus.
Refractive errors are the most frequent eye problems in the United States. Refractive errors include myopia, hyperopia, astigmatism, and presbyopia which occurs between age 40-50 years. Besides, macular degeneration, often called age-related macular degeneration (AMD), is an eye disorder associated with aging and results in damaging sharp and central vision. As per the Macular Degeneration Research 2021, macular degeneration is a leading cause of vision loss in Americans 60 years of age and older. As many as 11 million people in the United States have some form of age-related macular degeneration. This number is expected to double to nearly 22 million by 2050. Age is a prominent risk factor for age-related macular degeneration. The risk of getting advanced age-related macular degeneration increases from 2% for those ages 50-59, to nearly 30% for those over the age of 75. Hence, this number of people infected with various eye disorder is likely to boost the market growth.
Some of the players operating in the market are Alcon Inc., Bausch Health Companies Inc., Carl Zeiss Meditec AG, EssilorLuxottica SA, HAAG-Streit Group, Hoya Corporation, Johnson and Johnson, Nidek Co. Ltd, Topcon Corporation, Ziemer Ophthalmic Systems AG, to name a few. The majority of the ophthalmic devices are being manufactured by the global key players. Market leaders with more funds for research and better distribution system have established their position in the market. Moreover, Asia-pacific is witnessing an emergence of some small players due to the rise of awareness. This has also helped the market grow.
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The COVID-19 epidemic has resulted in considerable service reductions throughout the NHS, with ophthalmology being one of the most severely impacted specialties. According to a study published in March 2021 titled "The Impact of the First Peak of the COVID-19 Pandemic on a Pediatric Ophthalmology Service in the United Kingdom: Experience from Alder Hey Children's Hospital," outpatient clinic appointments were reduced by 87.2%, ophthalmic surgery by 90.9%, outpatient referrals to ophthalmology by 50.2%, and ward reviews by 50% during the first peek of the pandemic. There were 1377 genuine canceled appointments, with 6.8% of them being deemed appropriate for teleophthalmology. The COVID-19 pandemic has severely curtailed ophthalmology service clinical activities.
Another study, "Modeling the Impact of COVID-19 on Retina Clinic Performance," released in May 2021, found that during the COVID-19 health emergency, retina clinic volume fell by 62%. The average time from check-in to technician has decreased by 79%, total visit length has decreased by 46%, and time spent in the provider phase of care has decreased by 53%.
The ophthalmic devices are medical equipment designed for diagnosis, surgical, and vision correction purposes. These devices have gained increasing importance and adoption due to high prevalence of various ophthalmic diseases such as glaucoma, cataract, and other vision related issues across the globe. Moreover, technological advancements in the field has boosted the adoption rate of the rate globally. Portable medical devices are increasingly being used for home-based diagnosis and treatment of medical disorders, allowing for the diagnosis and monitoring of eye illnesses. For example, in May 2020, Icare USA released the Icare ic200 handheld tonometer for measuring intraocular pressure on the go (IOP). There are no air puffs, anaesthetic drops, or specific abilities required to assess IOP with this gadget. It can test patients while they are seated, lying down, or elevated.
However, poor primary healthcare infrastructure in developing and under-developed countries has hindered the growth rate of the market. Also, although there have been advancements, the devices are stilled deemed unsafe, and can cause damages if not handles professionally. Hence all these factors have been restraining the market growth.
Key Market Trends
Vision Correction Devices are expected to register a high CAGR during the forecast period.
The Vision Correction Devices or corrective lenses are used to aid and improve vision for those with common refractive errors like myopia, hypermetropia, astigmatism, and presbyopia. These visual impairments result in low vision. Moreover, these conditions seems to be rising.
Thousands of ophthalmic clinical consultations and operations have been cancelled as a result of the recent pandemic lockdown, potentially causing lasting and substantial eyesight damage to patients. Furthermore, according to a research article titled "The impact of COVID-19 pandemic on ophthalmology services: are we ready for the aftermath?" published in October 2020, lockdown has a significant negative psychosocial impact on individuals with visual impairment, with around half of them fearing further sight loss due to delayed review or treatment.
According to World Health Organization (WHO) statistics from 2021, at least 2.2 billion individuals worldwide have a near or far vision impairment. Vision impairment may have been avoided or managed in at least 1 billion - or nearly half - of these cases. The majority of those who have vision impairment or blindness are over 50 years old.
As per the same source, in terms of regional disparities, the prevalence of distant vision impairment is predicted to be four times higher in low- and middle-income countries than in high-income ones. In the case of near vision, rates of untreated near vision impairment are believed to be higher than 80% in western, eastern, and central Sub-Saharan Africa, while rates in high-income regions such as North America, Australasia, Western Europe, and Asia-Pacific are claimed to be less. Hence, the high numebr of cases is likley to create demand for advanced products and servcies, thereby boosting the market growth.
North America is Expected to Dominate the Ophthalmic Devices Market
In the field of ophthalmology, the COVID-19 epidemic caused major interruption to in-office and surgical treatments. According to the research report "The impact of COVID-19 on ophthalmology resident surgical experience: a retrospective cross-sectional analysis," published in March 2022, average case logs in 2020 were lower than averages in 2019, across all operations and positions. While total primary surgeon case logs climbed by 3.2 percent per year on average from 2012 to 2019, total primary surgeon case logs declined by 11.2 percent from 2019 to 2020. The most significant percent decline in average primary surgeon cases logged from 2019 to 2020 was in cataract (-22.0%) and keratorefractive (-21.1%) surgery.
The factors, such as, high disposable income, high awareness, rising geriatric population and the increasing prevalence of eye diseases, are fueling the growth of the market in the North American region, especially in the United States and Canada.
The increasing prevalence of eye diseases in the United States is the major factor driving the market growth. The leading causes of blindness and low vision in the United States are primarily age-related eye diseases such as age-related macular degeneration, cataract, diabetic retinopathy, and glaucoma. Other common eye disorders include amblyopia and strabismus.
Refractive errors are the most frequent eye problems in the United States. Refractive errors include myopia, hyperopia, astigmatism, and presbyopia which occurs between age 40-50 years. Besides, macular degeneration, often called age-related macular degeneration (AMD), is an eye disorder associated with aging and results in damaging sharp and central vision. As per the Macular Degeneration Research 2021, macular degeneration is a leading cause of vision loss in Americans 60 years of age and older. As many as 11 million people in the United States have some form of age-related macular degeneration. This number is expected to double to nearly 22 million by 2050. Age is a prominent risk factor for age-related macular degeneration. The risk of getting advanced age-related macular degeneration increases from 2% for those ages 50-59, to nearly 30% for those over the age of 75. Hence, this number of people infected with various eye disorder is likely to boost the market growth.
Competitive Landscape
Some of the players operating in the market are Alcon Inc., Bausch Health Companies Inc., Carl Zeiss Meditec AG, EssilorLuxottica SA, HAAG-Streit Group, Hoya Corporation, Johnson and Johnson, Nidek Co. Ltd, Topcon Corporation, Ziemer Ophthalmic Systems AG, to name a few. The majority of the ophthalmic devices are being manufactured by the global key players. Market leaders with more funds for research and better distribution system have established their position in the market. Moreover, Asia-pacific is witnessing an emergence of some small players due to the rise of awareness. This has also helped the market grow.
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Table of Contents
1 INTRODUCTION
4 MARKET DYNAMICS
5 MARKET SEGMENTATION (Market Size by Value - USD million)
6 COMPETITIVE LANDSCAPE
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Alcon Inc.
- Bausch Health Companies Inc.
- Carl Zeiss Meditec AG
- EssilorLuxottica SA
- HAAG-Streit Group
- Hoya Corporation
- Johnson and Johnson
- Nidek Co. Ltd
- Topcon Corporation
- Ziemer Ophthalmic Systems AG
- Volk Optical, Inc.
- Leica Microsystems
- Optovue, Incorporated
Methodology
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