Market Trends of United Kingdom Ophthalmology Devices Industry
This section covers the major market trends shaping the UK Ophthalmology Devices Market according to our research experts:
Optical Coherence Tomography Scanners under Diagnostic and Monitoring Devices Segment is Expected to Register Significant CAGR over the Forecast Period
Optical coherence tomography (OCT) imaging is a rapid, safe, and non-invasive procedure and is increasingly being recognized as the gold standard for diagnosing retinal disease. OCT uses light waves to take cross-section pictures of the retina. They also provide treatment guidance for glaucoma and conditions of the retina. These retinal diseases include age-related macular degeneration (AMD) and diabetic eye disease.
The optical coherence tomography (OCT) segment in the market studied is expected to be driven due to the growing burden of glaucoma and retinal diseases and the rising focus of key players. For instance, according to the statistics published by Glaucoma UK, in the International Glaucoma Association Report and Financial Statements year ended 31st July 2021, it was predicted that the number of people living with glaucoma will increase by 31% in the United Kingdom by 2035. Additionally, as per the article published by City, University of London, in May 2022, glaucoma affected around 2% of people aged over 40 years and almost 10% of those over 75 years, leading to more than a million hospital visits every year. Thus, a significantly high glaucoma burden on the country's healthcare infrastructure is expected to drive the market. In addition, as per the same source, optical coherence tomography (OCT) scanner can differentiate layers within the retina and measure its thickness, thereby assisting in the early detection and diagnosis of diseases. Therefore, the rising demand for early diagnosis of diseases throughout the country will fuel the segment's growth.
Furthermore, the rising company activities in developing optical coherence tomography products and increasing product installations and launches in the country are also contributing to the market's growth. For instance, in September 2022, the Association of Optometrists of the United Kingdom announced that the Specsavers company had installed more than 1,000 optical coherence tomography (OCT) scanners across its practices in the United Kingdom and the Republic of Ireland. The source also claims that the growing use of OCT across the optometry sector has been essential in preventing sight loss in the United Kingdom. Due to the great precision and dependability of OCT scanners, it is anticipated that such initiatives will eventually draw a sizable number of individuals for eye exams. This will augment the market during the study period.
Thus, the factors mentioned above are expected to enhance segment growth significantly and contribute to the market growth over the forecast period.
Contact Lenses Segment is Expected to Hold a Significant Market Share Over the Forecast Period
Contact lenses are used for correcting vision. They can correct several eye disorders, such as nearsightedness, farsightedness, astigmatism, age-related loss of close-up vision, and irregular corneal curvature (keratoconus). They are more comfortable to wear than traditional gas-permeable lenses.
The major factors driving the segment's growth are the rising prevalence of eye disorders, the increasing geriatric population, and activities by major players in the country.
The increasing prevalence of eye disorders such as myopia and hypermetropia are major factors driving the growing use of contact lenses. For instance, according to an article published by PLOS One in January 2022, a study showed that the overall frequency of primary myopia in the United Kingdom biobank population was 26.9%, which comprised 4.0% high myopia, 9.5% moderate, and 13.3% low myopia. Moreover, the increasing geriatric population coupled with the age-related loss of close-up vision is also expected to enhance segment growth.
Key developments by major market players are also driving the market's growth. For instance, in June 2021, Johnson & Johnson Vision launched its new reusable contact lens, 'Acuvue Oasys Multifocal,' for patients with presbyopia in the United Kingdom.
Hence due to factors such as the increasing prevalence of eye disorders, the rising geriatric population, and key developments by major players, the contact lenses segment is expected to experience growth during the forecast period of the study.
