Ophthalmic Devices Market Analysis

Ophthalmic Devices Market Analysis

Growing usage of contact lenses and spectacles across the globe is one of the prime factors driving the industry progression. For instance, as per the Centre for Disease Control and Prevention, around 45 million people in the U.S. wear contact lenses. These contact lenses are ophthalmic devices that are regulated by the U.S. FDA through the Federal Food, Drug, and Cosmetic Act. The preference for contact lenses and spectacles among adults is increasing significantly due to a couple of factors including vision improvement, ability to focus, and decrease poor distance vision. Around 75% of contact lens wearers are 25 and above, over 17% are between 18-24 age, and 8% are below 18 years old.

The surgical devices segment in the ophthalmic devices market captured more than 23% of revenue share in 2020 led by the growing prevalence of eye diseases, rising preference for minimally invasive surgical procedures, and surge in mobile ophthalmic care centers. Macular degeneration, diabetic retinopathy, and photorefractive keratectomy are the most commonly performed eye procedures. Medicare, a national health insurance policy in the U.S. covers traditional cataract surgeries. These policies also involve the first pair of spectacles following surgery and intraocular lens implant. As per the National Eye Institute, around 50% of adults have cataract or have undergone cataract surgery. In the U.S., in 2019, around 4 million cataract surgeries were performed by 10,000 ophthalmologists. The number is slated to reach 6 million by 2030. Furthermore, market players are emphasizing on the development of ophthalmic surgical devices that allow surgeons to perform eye surgeries more precisely with significant outcomes.

The hospital segment held around 24% of the ophthalmic devices market share and exceeded USD 9.63 billion in 2020. This is attributed to several factors such as availability of skilled healthcare workers, quality care, high success rate, patient satisfaction, etc. The availability of novel technologies surges the adoption of ophthalmic devices in hospitals. Intensive post-surgical care and continuous monitoring will increase the patient preference to perform ophthalmic procedures in the hospitals. Therefore, rising hospital admissions with eye disorders coupled with the developments in surgical and diagnostic devices are expected to drive the demand for ophthalmic devices in these facilities.
 

U.S. dominated the North America ophthalmic devices market and accounted for over USD 13.65 billion in 2020. This high growth in the country is credited to several factors including rising acceptance of advanced ophthalmic devices by surgeons and growing prevalence of eye disorders across the country. As per the Center for Disease Control and Prevention, the number of people in the U.S. living with diabetic retinopathy is anticipated to reach 14.6 million by 2050. The increasing number of minimally invasive surgeries and the growing number of product launches are contributing to the industry value. As per the recently published article, around 700,000 LASIK surgeries are performed every year in the country. In the U.S., around 3 million people have glaucoma, a leading cause of irreversible blindness worldwide. Different government and non-government initiatives have been launched in the country to deliver financial support to patients for ophthalmic surgeries.
 

Germany region captured around 21% of the ophthalmic devices market share in 2020 impelled by the success rate of ophthalmic surgeries, meticulous planning, and skilled performance by doctors in the country. Cataract surgery is the most commonly performed medical surgery in the country. For instance, in Germany, over 400,000 cataract surgeries are performed every year. Market leaders in Germany are emphasizing on constant developments in ophthalmic devices and the use of modern technologies to correct defects. The key benefits of performing these procedures in the country are according to the indications, high level of service, etc.