Ophthalmic Devices market is projected to grow at a CAGR of 4.6% by 2033: Visiongain

Visiongain has published a new report entitled Ophthalmic Devices Market Report 2023-2033: Forecasts by Vision Care Devices (Spectacle Lenses, Contact Lenses), by Diagnostics Care & Monitoring Devices (Specular Microscope, Fundus Cameras, Optical Coherence Tomography Scanner, Perimeter, Optical Biometer, Slit Lamps, Auto-Refractor, Tonometer, Ophthalmic Ultrasound Imaging Systems, Ophthalmoscope, Chart Projectors, Corneal Topography Systems, Lensometers, Wave Front Aberrometers, Others), by Surgical Devices (Cataract Surgery Devices (Intraocular Lenses, IOL Injectors, Ophthalmic Viscoelastic Devices, Femto-second Laser Cataract Systems, Nd: Yag Lasers, Phaco-emulsification Devices)), Refractive Surgery Devices (Femto-second Laser, Excimer Laser, Phakic IOL, Refractive Lens Exchange Mechanical Keratome, Others), Vitreoretinal Surgery Devices (Vitrectomy Probes, Retinal Implants, Vitrectomy Machines, Vitrectomy Packs, Photo-coagulation Lasers, Illumination Devices), Glaucoma Surgery Devices (Lasers, Trab Adjunctive Devices, Canal Surgery Devices, Microstents, Tube Shunts, Sub-conjunctival Stents), Ophthalmic OR Microscope, Others)), by End-users (Hospitals, Diagnosis Clinics, Franchise Optical Stores, Eye Research Institutes, Government Agencies, Academics) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.

The ophthalmic devices market is valued US$64,442.8 million in 2023 and is projected to grow at a CAGR of 4.6% during the forecast period 2023-2033.

Untapped Emerging Markets to Offer Lucrative Growth Opportunities
Emerging markets in developing countries such as China, India, Russia, Brazil, Mexico, and South Africa present promising growth opportunities for manufacturers of ophthalmic devices, given their substantial population bases. Notably, India and China, which collectively constitute more than half of the global population, offer a vast potential patient pool.

Recent projections from the United Nations Economic and Social Affairs Report indicate a significant rise in the elderly population in Asia, from 395.3 million in 2020 to 587.4 million in 2030. This demographic shift is expected to lead to a higher prevalence of age-related eye diseases in the region. In particular, the prevalence of glaucoma is around 3.5 percent among individuals aged 45 and older in China, but this figure significantly increases to over 9 percent in the population aged 65 and above.

Moreover, India is witnessing a rise in diabetes cases, which, in turn, contributes to an increase in age-related macular degeneration (AMD) cases. Given these demographic and health trends, ophthalmic device manufacturers have a favourable opportunity to tap into the growing demand for eye care solutions in these developing markets. Understanding and addressing the specific needs of these populations can prove to be highly advantageous for businesses seeking to expand their market presence and achieve substantial growth in the industry.

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How has COVID-19 had a Significant Impact on the Ophthalmic Devices Market?
The COVID-19 reported to have a significant negative impact owing to adverse developments originating owing due to availability of parts and components required for ophthalmic devices. The costs related to supply chain were hugely affected due to supply chain disruptions. Additionally, inflation pressures resulted in rise of ophthalmic devices. Companies are still recuperating from the after effects of COVID-19. The elective surgeries which were completely stalled in many facilities created a big hit in revenues of many ophthalmic devices’ companies. Many had reported rescheduling of the surgical procedures during the pandemic. However, there is a gradual witnessed in 2021 in the surgical procedures. The market for spectacles and contact lenses was the largest affected as many optical practitioners and retailers, hospitals, medical offices closed their facilities. These companies faced have experienced higher unabsorbed fixed overhead costs, labour inefficiencies, delays in receiving certain raw materials, higher cost of production and higher freight charges as a result of the COVID-19 pandemic. As many of the contact lens and spectacles companies procure their raw materials from China, the disrupted supply chains of China drastically affected the market creating a negative impact on the sales and exports to other countries and end users.

How will this Report Benefit you?
Visiongain’s 477-page report provides 166 tables and 243 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the ophthalmic devices market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Ophthalmic Devices. Get financial analysis of the overall market and different segments including vision care devices, diagnostics care & monitoring devices, surgical devices, end-users, and capture higher market share. We believe that there are strong opportunities in this fast-growing ophthalmic devices market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.

What are the Current Market Drivers?
Ophthalmic device players are vying to grab the market share through technological innovations and tapping the unmet needs of the market. There has been a lot of innovation witnessed in the field of ophthalmology implants, lenses and surgical devices in the past two years. Companies are opting for drug delivery through contact lenses and ports implanted in the eye vasculature, iontophoresis (mild electric charges to deliver through ocular barriers) devices, punctum plugs electromechanical tear stimulators, and other, thus showing a collaborative work between the ophthalmic pharmaceutical companies and ophthalmic device manufacturers. Some of the examples of latest technological innovations in ophthalmic devices industry include launch of first type of drug eluting contact lens. This was launched in March 2022, by J&J Vision Care, this novel technology combines J&J Vision Care’s flagship daily disposable contact lenses Acuvue with Ketotifen (etafilcon a drug-eluting contact lens with ketotifen). Each lens contains 19 mcg ketotifen. Ketotifen is a well-established antihistamine. ACUVUE® Theravision™ with Ketotifen is an entirely new category of lenses launched especially for contact lens wearers with allergic eye itch.

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Where are the Market Opportunities?
The eye is a complex structure although eye drops are non-invasive method of treatment of anterior segment diseases however, physiological obstruction such as precorneal and corneal, conjunctival layers limit the drug penetration. Moreover, topical eye drops are instantly swept out from the ocular surface on blinking leading to inefficient delivery of the drug in required quantities. To prolong the drug delivery for the anterior segment disease the drug requires to be in constant contact with the cornea and hence contact lenses are being considered as an ideal mode of delivery of such ointments and gels. Moreover, clinical studies have reported use of contact lenses immersed in antibiotics showed better results over ophthalmic drops. Contact lenses enhances the sustained release of drug in the eye. Recently in March 2022 Johnson & Johnson Vision Care Inc., announced the U.S. FDA approval for Acuvue Theravision with Ketotifen (a drug eluting contact lens). This can be considered just as a beginning of a new revolution in this field. Research is being conducted for drug delivery of beta-blockers (Timolol) through contact lenses for treatment of glaucoma. Similarly contact lenses are being tested for treatment of fungal keratitis. Ophthalmic research centres are also exploring the avenues of continuous disease monitoring through use of contact lenses. Bioengineers are working on new sensors on contact lenses which would work as biomarkers from tear fluid to detect the diabetes using microfluidic technology which would change colour as an indication.

Competitive Landscape
The major players operating in the ophthalmic devices market are Alcon, CooperVision, Carl Zeiss Meditec, EssilorLuxottica, Glaukos Corporation, HAAG-STREIT GROUP, HEINE Optotechnik GmbH & Co. KG, Johnson & Johnson Vision, LENSAR, Inc., Lumenis Be Ltd., NIDEK CO., LTD., Ophtec BV, Sight Sciences, Sonomed Escalon, STAAR SURGICAL, Visionix, and Ziemer Ophthalmic Systems AG. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.

Recent Developments

  • On 27th April 2023, Johnson & Johnson Vision announced that its new ELITA Femtosecond Laser received FDA 510(k) clearance for the creation of LASIK flaps.
  • On 12th February 2023, Alcon Inc. entered into a settlement agreement with J&J Surgical Vision, Inc. to resolve their pending legal proceedings relating to femtosecond laser assisted cataract surgery devices, including Alcon’s LenSx® device, which Alcon acquired as part of its purchase of LenSx Lasers, Inc. in 2010. As part of the resolution of this matter, the parties have exchanged cross-licenses of certain intellectual property and other mutually agreed covenants and releases, and Alcon will make a one-time payment to J&J Surgical Vision, Inc. of USD 199 million for those rights and to resolve various worldwide intellectual property disputes relating to this matter.

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