Ophthalmic Devices Market Overview
The UK Ophthalmic Devices Market is expected to register a CAGR of nearly 4.5% during the forecast period, 2018-2023. The Ophthalmic Device Market in the United Kingdom is expected to grow, due to rising number of eye-related diseases and disorders, and greater awareness among people. Further, the development of new ophthalmic devices and advanced techniques are favoring the growth of the market.
Technological Advancements in Ophthalmic Devices
Advances are being witnessed in the diagnosis and treatment of various eye diseases, every day, owing to the large pool of patients with eye problems. More than 90% of vision problems can be prevented, treated, or cured with the latest technologies. Recent technological advancements in ophthalmology devices have transformed the historical slow-growth sector to a high-growth sector. The increased acceptance among patients toward the latest surgical procedures has also triggered the market growth. Alcon has developed new designs and launched the AcrySof IQ ReSTOR +2.5 D Multifocal Toric intraocular lens (IOL) with ACTIVEFOCUS optical design. This technology in design greatly improves distance vision in cataract patients with astigmatism.
Technological advancements in multifocal intraocular lens (IOL) design is improving both, optical quality, as well as the patient's range of vision. Additionally, advancements in ocular imaging that uses advanced diagnostic imaging algorithms, based on optical coherence tomography, have virtually.
Other factors that drive this market includerising number of eye-related diseases and disorders, increasing spending on eye care, and patient preference for non-invasive treatment.
High Risk Associated With Eye Surgery
Although the ophthalmic device market displays great promise, due to increasing number of eye problems, it still faces barriers, such as the risk associated with eye surgery. Use of optical lasers and other devices come with the disadvantages of severe damage to the cornea. This may lead to permanent blindness and severe infection, if not treated immediately. In a country like the United Kingdom, in spite of the availability of skilled personnel and ophthalmologists, people are at high risk of such medical errors. Eye surgery is further associated with other side effects, such as glare, seeing halos around images, difficulty driving at night, fluctuating vision, and dry eyes.
In the United Kingdom, cataract affects around 2.5 million people above the age of 65 years, making cataract one of the most prevalent diseases in the country. As more number of surgeries are being done in the country, rate of unsuccessful surgeries is also increasing. As per the National Health Service (NHS) in England, 1 in 1000 people faces total loss of vision or blindness after the cataract surgery in the United Kingdom.
Further, considering the aging population, these factors have resulted in the rapid growth rate of cataract-related blindness. Thus, post-surgery complications associated with eye treatment and surgery have greatly restrained the growth of the ophthalmic devices market.
Other factors impeding this market include lack of skilled technicians and stringent regulations.
Surgical Devices Lead the Market for Ophthalmic Devices
The UK Surgical Devices holds the largest market share in the Ophthalmic Device market, due to the presence of high quality healthcare system and increased healthcare spending on infrastructure and devices.
Key Developments in the Market
- June 18, 2018–Alcon unveils new data that shows significantly improved near and intermediate distance vision with the AcrySof IQ PanOptix intraocular lens (IOL),as compared to the ZEISS AT LISA® tri 839MPIOL.
- The major players include Abbott, Alcon, Johnson & Johnson Vision Care Inc., Cooper Vision Inc., Bausch & Lomb, Carl Zeiss AG, Topcorn Corporation, Nidek Co. Ltd.
Reasons to Purchase the Report
- Current and future outlook of the Ophthalmic Devices Market in the developed and emerging markets
- Analysis of various perspectives of the market with the help of Porter’s five forces analysis
- Analysis of the segment that is expected to dominate the market
- In-sight into regions that are expected to witness the fastest growth during the forecast period
- Identify latest developments, market shares, and strategies employed by the major market players
- 3 months analyst support, along with the Market Estimate sheet (in Excel)
Customization of the Report
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1.1 Market Definition
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. KEY INFERENCES
5. MARKET OVERVIEW
5.1 Current Market Scenario
5.2 Porter's Five Forces Analysis
5.2.1 Bargaining Power of Suppliers
5.2.2 Bargaining Power of Consumers
5.2.3 Threat of New Entrants
5.2.4 Threat of Substitute Product and Services
5.2.5 Degree of Competition
6. DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES (DROCS)
6.1 Market Drivers
6.1.1 Rising Number Of Eye-related Diseases and Disorders
6.1.2 Technological Advancements in Ophthalmic Devices
6.1.3 Increasing Spending on Eye Care
6.1.4 Patient Preference for Non-invasive Treatment
6.2 Market Restraints
6.2.1 High Risk Associated with Eye Surgery
6.2.2 Lack of Skilled Technicians
6.2.3 Stringent Regulations
6.4 Key Challenges
7. MARKET SEGMENTATION
7.1 By Type
7.1.1 Surgical Devices
126.96.36.199 Cataract Surgery Devices
188.8.131.52.1 Intraocular Lenses
184.108.40.206.2 Phacoemulsification Devices
220.127.116.11.3 Ophthalmic Viscoelastic Devices
18.104.22.168 Glaucoma Surgery Device
22.214.171.124.1 Glaucoma Drainage Devices
126.96.36.199.2 Glaucoma Lasers
188.8.131.52.3 Other Glaucoma Surgery Devices
184.108.40.206 Refractive Surgery Devices
220.127.116.11 Vitreoretinal Surgery Devices
7.1.2 Diagnostic and Monitoring Devices
18.104.22.168 Fundus Cameras
22.214.171.124 Other Diagnostic and Monitoring Devices
8. COMPETITIVE LANDSCAPE
8.1 Merger and Acquisition Analysis
8.2 Agreements, Collaborations, and Partnerships
8.3 New Products Launches
9. KEY PLAYERS
9.3 Johnson & Johnson Vision Care Inc.
9.4 Cooper Vision Inc.
9.5 Bausch & Lomb
9.6 Carl Zeiss AG
9.7 Topcorn Corporation
9.8 Nidek Co. Ltd
9.9 Other Key Players
10. Future of the Market