Near Vision Devices Market: Advanced technologies & growth opportunities in global Industry by 2024

Near vision devices are implantable devices used for near vision correction in patients who didn’t had cataract surgery. The device blocks unfocused light rays from entering the eye to improve patients near vision. These devices resemble the contact lenses and are made from hydrogel material. The device is implanted on a cornea of one eye to improve near vision in patients with presbyopia. Many of the surgeons use a laser to make a lappet on a cornea in order to implant near vision device. Presbyopia occurs in people aged between 40 to 50 years that results in difficulty with near vision. The growing prevalence of presbyopia has propelled the use of near vision devices owing to the ease of usage and effectiveness compared to cataract surgery. According to Medscape, around 14% of people of 80 million presbyopia patients develops from emmetropic presbyopia.

Currently, there are only two near vision devices are approved by FDA i.e. Raindrop Near Vision Inlay and KAMRA inlay. AcuFocus manufactured Kamra Inlay was the first implantable near vision device approved by FDA in April 2015. Now the devices are commercially available in around 50 countries across the globe. Similar, ReVision Optics manufactured Raindrop Near Vision Inlay was approved in June 2016 and is commercially available in the U.S. Apart from these two; there are many vision care products manufacturers looking forward to develop implantable near vision devices. For example, Presbia PLC, an Ireland-based manufacturer has designed innovative corneal inlay i.e. flexivue microlens for the correction of presbyopia. The specialty of this devices is that it can be removed and replaced with a higher or lower power according to requirement. The devices did not receive FDA approval; however, it received CE mark for commercialization in European countries.

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The growth of the global near vision devices market is driven by increasing geriatric population prone to ophthalmic disease, growing prevalence of presbyopia and technological advancement in the healthcare industry. Similarly, sedentary lifestyle and increased usage of computer, television viewing would contribute towards the growth of near vision devices globally. Moreover, with the increase in the disposable income levels and health consciousness among the general population, the adoption of near vision device is expected the boost in the near future. Despite several advantages, the devices have few drawback such as, it cannot be used by patients with severe dry eye and active eye infection, the use of devices can lead to a risk of eye infection and inflammation, and can cause a decrease in distance vision.

The global near vision devices market can be segmented based on end user and geography:

By End User:

Hospitals

Ophthalmic Clinics

By Geography:

North America

Latin America

Europe

Asia-Pacific

MEA

Geographically, North America occupies the substantially larger market share, which is followed by Europe. The high attentiveness level in this region will lead the increasing adoption of implantable near vision devices. According to the American Academy of Ophthalmology, one of 5 American use reading glasses, which depicts the huge need for implantable near vision devices in North America. Moreover, it has been estimated that around 2.1 billion people are expected to suffer from an eye disease known as presbyopic by 2020.

However, in the case of emerging economies, affordability has become a restraining factor for implantable near vision devices in, Asia Pacific and Latin America. Similarly, increase in disposable income, rising aging population, and growing awareness level are some of the key factors driving the global implantable near vision devices market. The Asian market is expected to witness entry of the higher number of new players compared to those in developed regions. Some of the top players in the global near vision devices market are AcuFocus, Presbia PLC, ReVision Optics, etc.

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