Sweden Ophthalmic Devices Market Size

Sweden Ophthalmic Devices Market Analysis

The Swedish ophthalmic devices market is expected to register a CAGR of 4% during the forecast period.

COVID-19 has affected the world and had a major impact on the healthcare system. The COVID-19 outbreak resulted in many changes in European healthcare practice, especially ophthalmology drugs and devices, which were heavily impacted. Elective operations and non-emergency medical procedures were halted in most medical centers, and these services witnessed a significant decline, including cataract and vitreoretinal surgeries. An article published in March 2021 by the European Journal of Ophthalmology reported that ophthalmic surgical procedures were performed in Italy and another European country that was severely struck by the pandemic. The article also stated that in all centers, eye surgical procedures were limited to urgent procedures and intravitreal injections due to government rules. Thus, during the lockdown period in Europe, there was a general decrease in elective, urgent, and intravitreal injection procedures; however, after a few months, the market experienced significant growth as these services were resumed.

The rising prevalence of eye disease, technological advancements in the field of ophthalmology, and the growing geriatric population are all factors driving the market's growth. According to a Clinical and Experimental Optometry article published in August 2022, the distribution of refractive errors was as follows: hyperopia at 48%, emmetropia at 42%, and myopia at 10%. Participants who had two myopic parents had greater myopia and axial length than those who had one or no myopic parents. As a result of the high disease burden and the need for surgical treatment, the market studied is poised to grow over the forecast period.

The technological advancement in ophthalmic devices is driving the market. For instance, in September 2022, BVI received the certification for its intraocular lens (IOL) portfolio under the European Medical Device Regulation (MDR, (EU) 2017/745) from its notified body, the British Standards Institution (BSI). The new regulatory criteria came into effect in May 2021, replacing the prior Medical Device Directive (MDD). Additionally, in September 2022, SIFI launched Evolux, a novel extended monofocal intraocular lens (IOL) based on a hydrophobic material and a non-diffractive profile designed to provide better intermediate vision. Evolux was developed on a patented technology platform, pioneering the extension of the depth of focus through wavefront engineering. Thus, such recent developments are also driving the market. Also, the rise in the geriatric population in Sweden is driving the market, as older people are more susceptible to eye-related disorders.

Thus, due to the aforesaid factors, the market is expected to witness significant growth over the forecast period. However, the high risk associated with eye surgery and stringent regulations may slow down the growth over the forecast period.