Ophthalmic Devices Market Size, Share and Growth Forecasts to 2024

by Susan Hill Business Consultant

The global ophthalmic devices market is expected to reach USD 55.5 billion by 2024, according to a new report by Grand View Research, Inc. The rising geriatric population base is presumed to propel the need for ophthalmic devices as this age group is more prone towards the development of chronic eye disorders. The rising prevalence of eye disorders such as macular degeneration, cataract, diabetic retinopathy and glaucoma is also boosting the growth of ophthalmic devices.

Approximately 10% of the people suffering from eye disorders will experience loss of vision in spite of the proper treatment as per the statistics of the WHO, driving the clinical urgency to incorporate highly advanced ophthalmic devices. Additionally, the rising demand for minimally invasive and complication-free operative surgeries is expected to upsurge the demand for ophthalmic devices.

The ophthalmic devices market growth can also be attributed to technological advancements such as the development of intraocular lenses, mydriatic fundus cameras, and OCT devices. Furthermore, the increasing involvement of market players in expanding treatment solutions through strategic alliances is expected to present this market with a potential growth platform. For instance, in May 2016, Bausch & Lomb through its enterprise partnership with Apple and IBM will develop a cataract surgery app that would integrate patient data, calculation data, and records thereby helping cataract surgeons’ work efficiently. The app will be enabled with IBM’s cognitive computing capabilities to reduce surgical errors.

Further key findings from the study suggest:

The vision care segment dominated the product segment of the overall ophthalmic devices market in terms of revenue share at over 78.0%in 2015,owing to its adoption in vision correction procedures and the rising number of initiatives to promote the awareness pertaining to vision care

For instance, in April 2016, Alcon announced its support to the “Think About Your Eyes”, which is a public awareness program. Alcon committed USD 4 million to support this initiative to promote the awareness pertaining to vision care

The diagnostic & monitoring devices segment is expected to grow at the fastest CAGR at over 7.0% in 2015. This can be attributed to the fact that diagnosis is an indispensable process in the treatment of eye disorders and is responsible for contributing towards the diagnostics & monitoring segment’s growth

In 2015, North America dominated the overall ophthalmic devices market at over 36.0% owing to the increasing utilization of ophthalmic devices in hospitals and private clinics. Moreover, subsequent changes in demographic trends, such as a rise in the geriatric population & unhealthy lifestyles, are presumed to drive the market in this region. Moreover, high R&D investments in the development of new products are expected to impel the market growth in North America

Asia Pacific is anticipated to be growing at the fastest CAGR of around 7.0% over the forecast period due to the presence of untapped opportunities in the emerging economies in China and India. Moreover, the increasing government initiatives towards healthcare infrastructure; for instance, in China, healthcare reforms through an initiative called New Health Care Reform Plan implemented by the Chinese State Council and the Communist Party of China (CPC) Central Committee is expected to drive growth of the Chinese regional market.

Some key players in this market are involved in adopting collaborative strategies and indulge in frequent product approvals to facilitate business and geographical expansions. For instance, in February 2016, Alcon acquired Transcend Medical, Inc., in a probe to expand its business in the treatment of glaucoma. This acquisition added Minimally Invasive Glaucoma Surgical (MIGS) devices to Alcon’s product portfolio.

Grand View Research has segmented the ophthalmic devices market on the basis of product and region:

Global ophthalmic devices product outlook (Revenue, USD Million, 2013 - 2024)