Global Ophthalmology Devices Market is Growing at a Significant Rate in the Forecast Period 2019-2026

Drivers: Global Ophthalmology Devices Market

Increase in number of contact lens users:

Contact lenses are curved and thin which are placed on the film of tear that covers the eye surface. Lenses are generally natural in colour but sometimes they might have a slight tinge to help the user to differentiate and handle. Contact lenses are either hard or soft, most people choose to wear them mostly for vision correction, but they are also used for purely cosmetic and novelty purposes.

  • According to National Centre for Biotechnology Information (NCBI), in 2007, there were 125 million users who wears contact lens across the globe, out of which, most are young females. Silicone Hydrogel, a type of soft lens, is used by more people than other types of lenses. According to Centre for Disease Control and Prevention (CDC).

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Increasing Prevalence of Eye Diseases:

A lot of people encounter eye issues from time to time, and vision issues which generally grow with age. These issues are minor and don't keep going too long. In few cases, genuine eye issues can cause harm to the eyes, including a perpetual loss of vision. The major eye conditions are diabetic retinopathy, glaucoma, and age-related macular degeneration.

  • In 2012, In U.S. 34 million, aged 40 and older, has myopia, or near sightedness. Farsightedness, or hyperopia, affects 14 million people who are aged 40 and older.

Restraint: 

High Cost of Equipments and Surgery

Ophthalmic devices are major assets that are required to deliver quality eye care at an appropriate cost. This asset should be chosen with care and once purchased it ought to be maintained and utilized productively with a goal to create profit. Business competition in the health sector, increasing number of services and options to costumers and the limitation of resources will increase the need for professionals to stay up to date about the technical aspects. The general financial issues that should be addressed to justify the investment in ophthalmic devices are as following: Anticipated revenue per year, estimated expenses per year, Volume required for break even and estimated financial returns over multiyear period.

  • In 2017, according to the survey conducted by U.S. cataract and refractive surgeons, the average cost of refractive lens exchange with a standard monofocal IOL implant was USD3, 599 per eye.

OPPORTUNITIES:

Programs and Initiatives to Reduce Burden of Eye Diseases:

Significant advancement in the prevention of  visual impairment have been made, to battle the visual diseases by various organisations like World Health Organization (WHO) and its Member States, UN agencies, nongovernmental organizations (NGOs) and the private sector. The second Thursday of October is observed as the World Sight Day (WSD) which is an annual day of awareness to create global attention on blindness and vision impairment.

Low Adoption of Phacoemulsification and Premium IOLs in Developing Countries:

Phacoemulsification cataract surgery is a procedure which uses ultrasonic devices to break up and remove cataract or a cloudy lens for a better vision immediately after phacoemulsification insertion of an intraocular lens (IOL) is done.

As an alternative to phacoemulsification, extracapsular extraction is a procedure that is done with no sutures and extremely small incisions. Thus, it has become popular in the developing countries.

According to a survey, Surgeons are expected to perform nearly 18.5 million phacoemulsification procedures globally in 2018. Ultrasonic phacoemulsification (USP) continues to be the standard treatment procedure for cataract surgery in developed nations, and its adoption in less developed regions will increase gradually.

CHALLENGES:

Less Number of Skilled Professionals

The number of  ophthalmologists in both developing and developed countries is less, although projections are a little higher for  developed countries, where the number of ophthalmologists is increasing, but not as fast as the population of geriatric patients aged 60 years or older who need increased ophthalmologic care. The problem is that, in most of the countries, the demographic changes do not match up to the professional development. It is necessary to train eye care teams to meet the demand of current number of ophthalmologists worldwide.

Market Trends

  • On the basis of product type, the market is segmented into diagnostic and monitoring devices, surgery devices and vision care devices. The diagnostic and monitoring devices segment is sub- segmented into optical coherence therapy, ophthalmology ultrasound imaging system, fundus cameras, ophthalmoscopes, retinoscopes, wavefront abberrometers, corneal topography, autorefractors, keratometers, specular microscopes, visual field analyzers, tonometers and slit lamps. The ophthalmology ultrasound imaging system is further sub-sub- segmented into A-scan biometers, B-scan ultrasounds, UBM ultrasounds and pachymeters. The surgery devices segment is sub segmented into cataract surgery devices, glaucoma surgery devices, refractive surgery devices and vitreoretinal surgery devices. The cataract surgery devices segment is sub-sub segmented into intraocular lenses, ophthalmic viscoelasticity devices, phacoemulsification devices and retinoscopes. The glaucoma surgery devices segment is further sub-sub-segmented into glaucoma drainage devices, stents and implants and lasers. The refractive surgery devices segment is sub-sub-segmnted into excimer lasers, microkeratomes and femtosecond lasers. The vitreoretinal surgery devices segment is further sub-sub-segmented into vitrectomy machines and packs, photocoagulation lasers, illumination devices and vetrioretinal accessories.  In 2019, vision care devices segment is growing at the highest CAGR and expected to reach USD in the forecast period of 2019 to 2026.
  • On the basis of application, the market is segmented into cataract surgery, vision care, opthalmic woundcare, oculoplastics and others. In 2019, Vision Care segment is growing at a highest CAGR and expected to reach USD in the forecast period of 2019 to 2026.
  • On the basis of end user, the market is segmented into hospitals, academics, eye research institutes, research laboratories, diagnosis clinics, franchise optical stores and government agencies. In 2019, Hospitals segment is growing at the highest CAGR and expected to reach USD in the forecast period of 2019 to 2026.

Major Players: Global Ophthalmology Devices Market

Some of the major players operating in the market are ESSILOR, BAUSCH & LOMB, INC, JOHNSON & JOHNSON SERVICES, INC., Novartis, HOYA GROUP and among others.