Press release
Ophthalmic devices Market Brief Analysis by Top Key Players - Essilor International, Johnson and Johnson Vision Care, CooperVision AG, Bausch and Lomb, Hoya, Nidek, Topcon, Alcon, Carli Zeiss and Cannon
Ophthalmic devices Market will exceed USD 53.5 billion by 2024; as per a new research report.
In the last few years a vast majority of the population needing ophthalmic treatment has increased the demand and adoption for spectacles and contact lenses. According to the recent statistics, around 45 million people wear contact lenses and over 143 million people wear spectacles in the Unites States currently. As per the Statistics Netherlands (CBS), around 61% of 6 out of 10 people in the world wear glasses, contact lenses or any other visual aids.
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Some of the leading players in the ophthalmic devices market include Essilor International, Johnson and Johnson Vision Care, CooperVision AG, Bausch and Lomb, Hoya, Nidek, Topcon, Alcon, Carli Zeiss and Cannon. These companies mainly focus on strategic decisions to increase the research and development investment. Merger and acquisitions have increased the capabilities of the companies and increase their efficiency to sustain in the market by providing better solutions.
Rise in prevalence of blindness, visual impairments and other ophthalmic disorders such as cataract, diabetic retinopathy, glaucoma and macular degeneration in aged people is high in Asia Pacific and Middle Eastern countries. Increase in number of elderly population will result in large patient population with ophthalmic disorders requiring ophthalmic surgeries thereby, fueling the demand for ophthalmic devices market.
Shortage of human resources for operating ophthalmic devices will restraint the market growth. The high burden of lack of skilled labors is borne by developing regions of sub-Saharan Africa, Latin America and some parts of Asia. According to the recent survey, the shortage of healthcare workers is estimated to reach around 13 million by 2035 from 7.2 million in the year 2017. Hence, lack of skilled labors will affect the growth of ophthalmic devices market growth.
The sales of surgical devices accounted for USD 9.7 billion in the year 2017. According to American Academy of Ophthalmology, around 24 million Americans have cataract and over 2 million cataract surgical procedures are conducted annually in the Unites States. Increase in number of ophthalmic surgical procedures such as cataract, glaucoma, refractive error, etc. will result in growing demand and adoption rate of surgical devices thereby, propelling the business growth.
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The sales of ophthalmic devices in ambulatory surgical centers will grow considerably at a CAGR of 3.9% over the forecast timeframe. Increase in number of ophthalmic surgeries such as retinal, cataract and glaucoma surgery, adoption of new technologies and outpatient facilities will result in growing the demand for ophthalmic devices, boosting the industry growth.
Japan ophthalmic devices market dominated the Asia Pacific region and was valued over USD 3,877.3 million in the year 2017. Japan is one of the countries that is experiencing rapid aging population. An aging population is comparatively more susceptible than the younger population to many ophthalmology related health concerns. Rise in geriatric population in the country, developed healthcare services and rising prevalence of ophthalmic disorders will augment the ophthalmic devices market growth.
Argentina ophthalmic devices market is estimated to expand at a CAGR of 4.5% over the forecast period. According to the recent research prevalence of blindness and other ophthalmic disorders such as cataract, age-related macular degeneration and glaucoma is high in Argentina. High prevalence of eye disorders along with rise in awareness among the country population regarding ophthalmic treatment will increase the demand and adoption of ophthalmic devices in country.
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