Market Size of China Ophthalmic Devices Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 4.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
China Ophthalmic Devices Market Analysis
During the time frame of the forecast, the Chinese ophthalmic devices market is expected to grow at a CAGR of 4.5%.
COVID-19 had a profound impact on the ophthalmic devices market owing to the cancellations of elective procedures, including glaucoma surgeries and diagnostic procedures in China. There were also restrictions in the supply chain of medical devices across the country and on international markets. For instance, an article published in August 2021 in PLoS One stated that surgeries on pathological myopia patients with macular hole retinal detachment were postponed during the COVID-19 pandemic in one tertiary center in Beijing. Hence, COVID-19 caused prolonged pre-surgical waiting times, shorter hospital stays, and a significant reduction of RRD (rhegmatogenous retinal detachment) surgeries. However, the market has been recovering over the last two years since the restrictions have been lifted. The market is expected to show a stable growth rate in the upcoming years of the forecast period.
Some of the things that are making the market grow are changes in the population, the effects of the high number of eye diseases, technological advances in ophthalmic devices, and the growing number of older people.
According to an article published in the Journal of Global Health in March 2022, myopia leads to a substantial economic burden in China, with an estimated 143.6 million cases, due to which China contributes to a significant proportion of myopia in the world. Ophthalmic devices are medical equipment designed for diagnosis, surgery, and vision correction purposes. These devices have gained increasing importance and adoption due to the increasing prevalence of various eye diseases, such as glaucoma, cataracts, and other vision-related issues. The high prevalence of eye-related diseases is leading to an increased demand for ophthalmic devices for the detection and treatment of ocular defects, which is estimated to propel market growth.
The various strategies adopted by the key market players, such as product launches, mergers and acquisitions, and fundraising, expand the market in different nations. For instance, in May 2022, Suzhou Microclear Medical closed a USD 14 million (CNY 10 million) Series C investment transaction. Dyee Capital was the sole investor in this round of funding. The funds will be used to strengthen R&D and promote sales of its ultra-wide-angle laser color ophthalmic imaging systems, which are expected to propel market growth in the country.
Thus, all the above-mentioned factors, such as the high burden of eye diseases and rising strategic initiatives by key players, are expected to boost market growth over the forecast period. But the risk of ophthalmic procedures is expected to keep the market from growing over the next few years.
