Increase in prevalence of eye-related diseases across the globe, rapid technological advancements in ophthalmic, high adoption of global devices, and rise in focus on customer training and education along with awareness have boosted the growth of the global ophthalmic devices market. However, low awareness about eye-related diseases and dearth of skilled professionals hamper the market growth. On the contrary, potential growth opportunities in developing countries for manufacturers of ophthalmic devices are expected to create lucrative opportunities for the market players in the future.
The global ophthalmic devices market garnered $32.53 billion in 2019, and is estimated to reach $44.86 billion by 2027, registering a CAGR of 4.0% from 2020 to 2027.
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The use of ophthalmic devices is expected to increase in the near future, owing to alarming rise in the prevalence of eye diseases, such as glaucoma, cataract, and refractive errors. In 2019, North America dominated the ophthalmic devices market, and is expected to maintain its lead throughout the forecast period, owing to high adoption of ophthalmic devices.
COVID-19 is an infectious disease that originated in Hubei province of the Wuhan city in China in late December. The virus that causes COVID-19 is from the family of viruses called Coronaviridae. The highly contagious disease, caused by a virus, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), is transmitted from humans to humans. Thus, COVID-19 was declared a pandemic by the World Health Organization (WHO) on March 11, 2020. The pandemic has impacted the ophthalmology screenings due to lockdown, as ophthalmology surgeries and diagnostic screenings have been postponed. Therefore, this resulted in decline of revenue generation of market players from sales of ophthalmic equipment. Furthermore, doctors started preferring screenings teleophthalmology services such as an app, phone calls, emails, and messages.
- The operational disruption in the surgical instrument and equipment manufacturing, due to COVID-19 outbreak, has impacted the ophthalmic devices market. On the other hand, the supply chain disruptions have resulted in shortages of devices.
- However, the government bodies in several regions have imposed certain relaxations on the restrictions, in order to maintain economic requirement. Owing to this the companies have restarted the manufacturing.
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North America dominated the market
By region, the global ophthalmic devices market across North America held the lion’s share in 2019, contributing to more than one-third of the market. This is owing to prevalence of age-related eye diseases including macular degeneration, cataract, glaucoma, and diabetic retinopathy in the U.S. However, the market across Asia-Pacific is estimated to showcase the highest CAGR of 4.6% from 2020 to 2027, due to presence of high population base, surge in disposable incomes, and improvement in patient awareness about advanced ophthalmic devices.
Major market players
- Novartis AG
- Essilor International S.A.
- Carl Zeiss Meditec AG
- HOYA Corporation
- HAAG-Streit Holding AG
- Nidek Co., Ltd.
- Johnson & Johnson
- Valeant Pharmaceuticals International, Inc.
- Topcon Corporation
- Ziemer Ophthalmic Systems AG.
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