The global ophthalmic device market is projected to grow at a CAGR of 2.47% during the forecast period. Ophthalmic devices are equipment that helps in the correction of vision affected by eye diseases such as cataracts, optic nerve disorder, retinal disorder, diabetic eye problems, and others. These devices also facilitate treatment of myopic and hyperopia, providing the patient a lens less vision. During the forecasted period, the rising geriatric population is a key market driver, which will increase the market size significantly. However, the prime market driver is changing lifestyle and work culture which has intensified the penetration of electronic devices such as smart TVs, smartphones, tablets, and others, that significantly pressurize the optic nerves, leading to cases of myopic and hyperopia, across all ages groups. Increased prevalence of chronic diseases has escalated the chances and severity of eye while surging disposable income has increased the demand for better medical treatment, which will spiral the market growth for the ophthalmic device industry. Growing investment for reducing preventable vision impairment coupled with technological innovation in the industry is projected to increase the market prospects during the forecasted period.
Rising cases of vision impairment and preventable blindness have increased government and health organization concerns which are forecasted to increase the market growth for ophthalmic devices.
A report by the World Health organization on blindness and vision impairment, published in September 2020, estimates that there are around 2.2 billion people, in 2020, suffer from some vision impairments. More than 89% of this vision-impaired population reside in low- and middle-income countries. Moreover, the report states that vision impairment could have been prevented in at least 1 billion people with timely and adequate treatment. It is also estimated that by 2050, around half of the world population, around 4.8 billion people will have a myopic vision.
It was also discovered in the report that cataract is a leading cause of preventable blindness and impacts 100 million eyes annually. A cataract is common among the aging population which slowly loses its vision power with time. The rising density of the geriatric population is anticipated to increase the cases of cataracts, treatment of which will drive the market size of ophthalmic devices. Glaucoma is another eye disease that progressively damages the optic nerve and leads to blindness with its severity. Annually, more than 60 million people, globally, are affected by glaucoma, causing intense pressure on the eyes. To search for the cure of this silent thief of sight, Novartis has been developing neuroprotective therapies for better treatment. Dry eye is another prevalent eye disease that has raised caution. Globally, more than 334 million patients suffer from dry eye, annually, resulting in impaired vision.
Retinal Disease is the dominating cause of severe vision loss, impacting 20 to 25 million people in a year. Furthermore, the rising prevalence of chronic diseases has also severely increased the threat of retinal and dry eye diseases, in addition to other eye diseases. Diabetes, cardiovascular, and obesity combined to cause 51% of global deaths, yearly, and have enlarged the extremity of eye diseases. Diabetes and retinal diseases, in particular, have been known to cause serious damage to patients. Diabetic Macular Edema (DME) and Retinal Vein Occlusion (RVO) are severe retinal diseases whose severity magnifies with if the patient suffers from cardiovascular diseases as well.
Hence, rising instances of vision impairment, blindness, and other eye diseases have increased serious concerns for the government and health organizations, who are expected to invest heavily in the healthcare and vision care industry, which will drive the market growth of ophthalmic devices.
Lifestyle changes and increasing complexity in the work culture is forecasted to increases case of myopic/hyperopia among all age demography, increasing the market prospects.
Another key driver of the global ophthalmic device industry is the rising complexities of lifestyle. Increased penetration of electronics and other devices has significantly boosted the screen time of an average individual. Particularly, during the covid pandemic, with operations shifting to virtual platforms, the average screen time was found to be increased by 25%. Further, a study by Healio found that, due to digital education and other activities, average screen time among students increased by 15% to an increase of 2 hrs/ day. The study raised caution about the possibility of a myopic epidemic due to the covid pandemic. It was discovered, that 90% of teenagers in East Asia have developed short-sightedness, while in the United States, this has value has increased from 20% to 40%.
Furthermore, the adapted work from home market trend to continue business operation has led to an increase in screen time among the workforce, which is anticipated to further increase the patient base and drive the market growth of ophthalmic devices.
|Growth Rate||CAGR of 2.47% during the forecast period|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, End-User, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Johnson and Jonson, Novartis AG, Bausch & Lomb Incorporated, Carl Zeiss Medical AG, Essilor, Nidek Co Ltd, Topcon Corporation, Ziemer Ophthalmic Systems|
|Customization scope||Free report customization with purchase|
Key Market Segments
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the ophthalmic device market?
A1. The global ophthalmic device market is projected to grow at a CAGR of 2.47% during the forecast period.
Q2. How is the global ophthalmic device market segmented?
A2. The ophthalmic device market has been segmented by type, end-user, and geography.
Q3. Who are the major players in the ophthalmic device market?
A3. Prominent/major key market players in the organoids market include Johnson and Jonson, Novartis AG, Bausch & Lomb Incorporated, Carl Zeiss Medical AG, Essilor, Nidek Co Ltd among others.
Q4. What factors are anticipated to drive the ophthalmic device market growth?
A4. Rising cases of vision impairment and preventable blindness have increased government and health organization concerns which are forecasted to increase the ophthalmic devices market growth.
Q5. What is the base year considered in the ophthalmic device market report?
A5. 2019 has been taken as the base year in the ophthalmic device market report.
Bausch & Lomb Incorporated
Carl Zeiss Medical AG
Nidek Co Ltd
Ziemer Ophthalmic Systems
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