Market Size of Global Ophthalmic Devices Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.20 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| 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?
Ophthalmic Devices Market Analysis
The ophthalmic devices market is projected to register a CAGR of 4.2% over the forecast period (2022-2027).
The COVID-19 epidemic has resulted in considerable service reductions throughout the NHS, with ophthalmology being one of the most severely impacted specialties. According to a study published in March 2021 titled "The Impact of the First Peak of the COVID-19 Pandemic on a Pediatric Ophthalmology Service in the United Kingdom: Experience from Alder Hey Children's Hospital," outpatient clinic appointments were reduced by 87.2%, ophthalmic surgery by 90.9%, outpatient referrals to ophthalmology by 50.2%, and ward reviews by 50% during the first peak of the pandemic. There were 1,377 canceled appointments, with 6.8% of them deemed appropriate for teleophthalmology. Another study titled "Modeling the Impact of COVID-19 on Retina Clinic Performance," released in May 2021, found that during the COVID-19 health emergency, retina clinic volume fell by 62%. The average time from check-in to technician has decreased by 79%, total visit length has decreased by 46%, and time spent in the provider phase of care has decreased by 53%. Thus, the COVID-19 pandemic severely curtailed ophthalmology service clinical activities, thereby impacting the market growth rate in its initial phase.
Furthermore, ophthalmic devices are medical equipment designed for diagnosis, surgical, and vision correction purposes. These devices have gained substantial importance due to the high prevalence of various ophthalmic diseases such as glaucoma, cataracts, and other vision-related issues across the globe. According to the World Health Organization, March 2022, update, trachoma is a public health problem in 44 countries and is responsible for the blindness or visual impairment of about 1.9 million people globally. It also reported that in 2020, 42,045 people received surgical treatment for the advanced stage of the disease. Such a high burden of disease and the need for surgical treatment is thus driving the growth of the market.
Moreover, technological advancements in the ophthalmology field have boosted the adoption rate of these devices globally. Portable medical devices are increasingly being used for home-based diagnosis and treatment of eye disorders, allowing for the diagnosis and monitoring of eye illnesses. For example, in May 2020, Icare USA released the Icare ic200 handheld tonometer for measuring intraocular pressure (IOP) on the go. There are no air puffs, anesthetic drops, or specific abilities required to assess IOP with this device. It can test patients while they are seated, lying down, or elevated.
Thus, the aforesaid factors are likely to have a positive impact on the growth of the market. However, poor primary healthcare infrastructure in developing and under-developed countries and the risk associated with ophthalmic procedures may hinder the market's growth.
