Global Market Study on Ophthalmic Devices: Revenues to Surpass US$ 42 Bn by 2020, North America to Remain Global Leader


  • Published On : Sep-2014 |
  • Pages : 120 Pages |
  • Format :

Eye disorders, such as cataract, diabetic retinopathy, visual impairment, blindness, glaucoma, macular degeneration, and many more, are more pronounced worldwide since the past decade. This in turn is fueling the demand for efficient ophthalmic devices on a global level. The global ophthalmic devices market is currently thriving at a moderate rate and revenues are estimated at over US$ 42 Bn by 2020 end. Persistence Market Research recently published a report on the global market for ophthalmic devices, studied for a six-year forecast period 2014-2020.

PMR’s report focuses on each factor associated with the global market for ophthalmic devices, and offers an exhaustive analysis of drivers, restraints, trends, opportunities, market segments, growth rates, annual growth pattern, revenue shares, and key regions. The report initially provides an overview of ophthalmic diseases and devices used in their treatment. The next section of drivers elaborates all the important factors that are expected to positively influence the market growth throughout the forecast period. The restraints section offers insights into the factors that will be unfavorable to the market growth during this time span.

The market has been bifurcated into various segments so as to facilitate the understanding of the exact consumption pattern on a global level. There are several sub-segments, which further discuss the most sought after device types, along with the fastest growing device type segments. The next part of regional analysis provides an extensive study of each of the four key regional markets, including North America, Europe, Asia, and rest of the world. The report also offers valuable data on the leading market players that operate in the global ophthalmic devices market landscape. The competitive analysis profiles each company in detail and helps to understand their growth prospects and contribution to the global market.

Research Methodology

To deduce the global ophthalmic devices market size, the report considers various aspects based on secondary research. Furthermore, key data points such as region-wise split and market split by product type, vehicle type, and distribution channel; and qualitative inputs from primary respondents have been incorporated to arrive at appropriate market estimates. The forecast presented in the report assesses the total revenue generated and expected revenue contribution in the global Ophthalmic devices market.

The report begins with sizing the market in terms of value and volume for the base year, which forms the basis for forecasting how the market is anticipated to take shape in the near future. Given the characteristics of the market, gathered data is triangulated via different analysis based on supply side and demand side drivers and other key dynamics of the global ophthalmic devices market. To develop the market forecast, Persistence Market Research has also conducted a factor analysis to understand the impact of various forces/factors on the target market. The report provides forecasts not only in terms of CAGR but also presents a detailed analysis based on key parameters such as Year-on-Year (Y-o-Y) growth to understand market predictability and to identify the right opportunities.

Another key feature of this report is an analysis of the global ophthalmic devices market and the corresponding revenue forecast in terms of absolute dollar opportunity, usually overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales perspective in the global ophthalmic devices market. Further, to understand key segments in terms of their growth and overall global ophthalmic devices market performance, Persistence Market Research has developed a market attractiveness index to help providers identify existing market opportunities in the global ophthalmic devices market.

Ophthalmic devices are the medical devices used in the identification and treatment of ocular defects or deficiencies and eye disorders. The increasing prevalence of eye disorders and vision loss are pushing the demand for ophthalmic devices worldwide. The global ophthalmic devices market is projected for a moderate CAGR of 6.5% over the six-year forecast period, 2014-2020. The market revenues registered a value worth US$ 29.17 Bn in 2014, which is anticipated to reach US$ 42.68 Bn by the end of 2020.

Key Market Dynamics

There has been tremendous rise in lifestyle-related ophthalmic disorders within the recent past. Growing geriatric population also faces a number of aging-related ophthalmic ailments, such as cataract, glaucoma, and macular degeneration. These will continue to fuel the global market for ophthalmic devices. Increase in the prevalence of diabetic retinopathy, visual impairment, blindness, bulging eyes, diabetic macular edema, ocular hypertension, retinal detachment, uveitis, and refractive errors, is also expected to boost the demand for ophthalmic devices. Growing occurrence of eye disorders in children will also accelerate the market growth during the forecast period. While governments of the developed regions already support sophisticated healthcare infrastructure and several healthcare centers dedicated to ophthalmic patients, various governments in developed markets are increasingly promoting state-of-the-art healthcare infrastructure. Increasing government initiatives and support will favor the growth of the ophthalmic devices market in emerging economies. The ophthalmic technology is consistently evolving with an aim to introduce innovative, advanced ophthalmic healthcare options. This will create a significant demand for ophthalmic devices over the forecast period.

However, developing regions still face inadequate awareness about eye disorders and available treatment options, which may deter the market growth in the long run. Moreover, poor healthcare infrastructure and low priority to ophthalmic care will also negatively influence the market for ophthalmic devices. Lack of sufficient healthcare insurance is another restraint that is anticipated to hamper the growth of ophthalmic devices market in developing countries. Increasing primary healthcare costs in developing economies will continue to affect the affordability of healthcare to some extent, especially for aging population.

Segment Analysis

Based on type, the global ophthalmic devices market is segmented into vision care devices, diagnostic devices, and surgery devices. The vision care devices segment is the largest segment and surgery devices is the fastest growing segment. Vision care devices have two key sub-segments, contact lenses and spectacle lenses. Although spectacle lenses are more widely used, contact lenses will witness substantial growth through to 2020. The surgery devices segment is bifurcated into cataract surgery devices, glaucoma surgery devices, refractive error surgery devices, and vitreoretinal surgery devices. Cataract surgery devices however for the largest sub-segment. The sub-segments of the diagnostic devices segment include optical coherence tomography scanners, fundus cameras, tonometers, ophthalmoscopes, retinoscope, pachymeter, wavefront aberrometers, corneal topographers, biometers, keratometers, visual field analyzers, specular microscopes, autorefractors, and ophthalmic ultrasound imaging systems.

Regional Analysis

Geographically, the global ophthalmic devices market is segmented into four key regions viz. North America (the U.S.), Europe (Germany, France, Italy, Spain, and the U.K.), Asia (China, Japan, and India), and rest of the world. North America is the leading market globally and will remain the dominant market during the forecast period as well. The North American ophthalmic devices market recorded a value of US$ 11.45 Bn in 2014. The market will reach a value of US$ 16.24 Bn, expanding at a CAGR 6% over the six-year period. Europe also represents a major market, owing to rising chronic eye diseases among geriatric population. The Asian market will however witness significant growth, led by China and India. The patient pool is larger due to established prevalence of cataract, glaucoma, and diabetic retinopathy; and growing occurrences of aging-related macular degeneration.

Key Market Players

The global ophthalmic devices market is highly competitive. Some of the leading players in the marketplace are Johnson & Johnson, Bausch & Lomb Incorporated, Novartis AG, Abbott Laboratories, Inc., Essilor International, Hoya Corporation, VisionCare, Inc., Carl Zeiss AG, Canon Inc., Nidek Co Ltd., Topcon Corp., Alcon Inc., and CooperVision AG. Key players are constantly focusing in developing and launching new ophthalmic devices. The emergence of new entrants may boost the competition and present enhanced growth opportunities over the forecast period.

Some of the major players in the global ophthalmic devices market:

  • Johnson & Johnson.
  • Essilor International.
  • Bausch & Lomb Incorporated.
  • Novartis AG.
  • HOYA CORPORATION.
  • Abbott Laboratories, Inc.
  • Other.

These key market players of ophthalmic devices market have been profiled on the basis of attributes such as company overview, recent developments, growth strategies, sustainability, and financial overview.

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