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(Medical-NewsWire.com, December 24, 2019 ) Market Overview
The global ophthalmic devices market is expected to grow at a CAGR of YY% to reach a market value of USD YY million by 2026.
Ophthalmic devices are devices used for vision correction and diagnosis. The ophthalmic diagnosis includes retinal angiography (both fluorescein and indocyanine green), optical coherence tomography, visual evoked potential (VHF) ultrasound and as well as other advanced imaging methods.
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Market Drivers and Restraints
An increase in eye disorder population globally and awareness campaigns are the significant factors having a positive impact on the global ophthalmic devices market and is also expected to remain high over the forecast period.
In January 2019, American ophthalmologist Lama Al-Aswad took his medical van to the streets of America to create awareness of eye disorders by providing free checkups.
In December 2017, Vision eye institute stated that over 16million had undergone laser eye surgery globally.
In July 2017, Bright foundation, the non-profit organization stated that more than 3 million are living with glaucoma out of which 2.7 million are above 40 years.
Market Segmentation
By product type, the market is segmented into diagnostics devices, prosthetic devices, and therapeutic devices. Diagnostics devices are segmented to corneal topography, fluorescein angiography, Indocyanine green angiography, fundus photography, IOL (non-contact biometry), optical coherence tomography, perimetry (visual field testing), specular microscopy, A-scan ultrasound.
The diagnostics devices are leading the ophthalmic devices market followed by therapeutic and prosthetic devices. Current technological advancements have higher spending than conventional methods.
In May 2018, FDA approved first stand-alone prosthetics iris in the united states, to treat adults and children with complete missings or damaged iris.
By disease, Cataract is one of the leading causes of blindness, globally for people aged 40 years and above. A cataract is the clouding of the natural eye lens which lies behind the iris and pupil. There are various types includes such as subcapsular, nuclear,etc., Just as our physical strength decreases with age, similarly eye exhibit age-related performance declination and cataract is one of it.
According to the information provided by the International Agency For The Prevention Of Blindness in 2017, is responsible for 48% of world blindness.
According to the Royal College of an Ophthalmologist, in 2017 it has been estimated that approximately 3,30,000 cataract operations are performed in the U.K. alone.
Geographical Share
By geography, North America holds the dominant market share for the year 2017 and is expected to remain dominant over the forecast period. Europe is the second most dominant market followed by the Asia Pacific for the year 2017.
Visual impairment is a significant health problem in the African Region. The dominant eye problems include cataracts, uncorrected refractive errors, glaucoma, age-related macular degeneration, corneal opacities, diabetic retinopathy, trachoma, and onchocerciasis.
With the help of current technology, 80% of blindness is preventable and curable. However, millions of people living in this region remain at risk of visual loss due to a lack of eye care services.
Approximately 26.3 million people in the African region have visual impairment out of which 20.4 million have low vision and 5.9 million are estimated to be blind. It is projected that 15.3% of the world population lives in Africa.
Competitive Trends
Mergers between the companies and research institutes to take on eye diseases, FDA approvals and new inventions in ophthalmic devices are driving the global ophthalmic devices market.
In November 2018, Johnson &Johnson vision merged with Singapore Eye Research Institute on a 26.35 million project to take on myopia, whose rates are rapidly increased in recent decades.
In October 2018, Carl Zeiss Meditech acquired Ian Tech, the developer of miLOOP lens fragmentation device, expanding its cataract surgery portfolio
In July 2018, Glaukos glaucoma treatment company, for through FDA approval to introduce its iStent inject trabecular micro-bypass system.
In May 2018, FDA Approved custom flex artificial iris manufactured by human optics AG.
In April 2018, Zeiss international won FDA approval visumax femtosecond laser (ophthalmic surgical laser).
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