Ophthalmic Devices Market – Design, R&D, Testing and Production Services

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Ophthalmic devices are medical devices used to treat and identify certain eye deformities and eye deficiencies

SEATTLE, WASHINGTON, USA, January 6, 2022 /EINPresswire.com/ — Preview

The global ophthalmic devices market has emerged as one of the fastest growing segments of the medical device market owing to the growing demand for ophthalmic devices for the treatment of eye diseases. Additionally, rising prevalence of eye disorders, aging population, increasing government investment in research activities, and technical advancements are some of the key factors expected to drive the growth of the ophthalmology devices market . The geriatric population is more susceptible to eye diseases such as cataracts and age-related macular degeneration. The aging population requires more effective ophthalmic devices for the treatment of eye diseases. Additionally, several government associations are also working to increase consumer awareness of ophthalmic diseases. Problems associated with the use of an ophthalmic device, such as changes to the cornea, cannot be reversed after LASIK surgery.

The global ophthalmic devices market was valued at USD 48.7 billion in 2018 and is expected to grow at a CAGR of 4.3% over the forecast period (2018-2026).

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Global Ophthalmic Devices Market: Drivers

The launch of new products is expected to propel the growth of the global ophthalmic devices market during the forecast period. For example, in June 2018, Aequus Pharmaceuticals Inc. launched the Zepto Precision Pulsed Capsulotomy System (Zepto) in Canada at the 2018 Canadian Ophthalmological Society Annual Meeting and Exposition.

RECENT DEVELOPMENTS

Major players operating in the global ophthalmic devices market are focusing on new product approvals and launches to expand their product portfolio. For example, in November 2016, Carl Zeiss Meditec AG received US Food and Drug Administration approval for posterior ocular Swept-Source OCT imaging with PLEX Elite 9000. This new state-of-the-art Swept-Source OCT platform and OCT Angiography was developed to advance retinal research and is central to advanced retinal imaging.

Key players operating in the global ophthalmic devices market are also focusing on adopting merger and acquisition strategies to enhance their market share. For example, in January 2014, Carl Zeiss Meditec AG acquired Turkish company Optronik AS to expand and strengthen its presence in Turkey.

Global Ophthalmic Devices Market: Constraints

Various factors such as lack or low awareness of eye diseases and high risks associated with eye surgeries are expected to hinder the growth of the global ophthalmic devices market.

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Covid-19 impact analysis:

Globally, as of 6:21 p.m. CET, 26 November 2021, 259,502,031 confirmed cases of COVID-19, including 5,183,003 deaths, have been reported to WHO. As of November 25, 2021, a total of 7,702,859,718 vaccine doses have been administered. According to a study published in BMC Ophthalmology in March 2021, the total number of patient visits to ophthalmology practices quadrupled after the implementation of clinical changes associated with COVID-19.

Key points to remember

Among product types, vision care devices segment accounted for major market share in 2017. Vision care devices include eyeglasses and contact lenses. These devices are marketed through various specialty stores, which are the main distribution channel for end users.

Among end-users, the ophthalmic clinics and centers segment accounted for the highest share in 2017 in the market. Clinics and eye centers intensively perform various ophthalmological diagnostic tests using a retinal camera, keratometer, autorefractor, tonometer, slit lamp and retinoscope .

Market trends:

The major players operating in the global ophthalmic devices market are focusing on adopting merger and acquisition strategies to enhance their market share. For example, in 2017, Carl Zeiss Meditec AG acquired a majority stake in the Optec Group to strengthen its presence in Russia, Ukraine, the Commonwealth of Independent States (CIS) and Georgia.

Global Ophthalmic Devices Market: Competitive Landscape

Key players operating in the global ophthalmic devices market include Carl Zeiss Meditec Group, Escalon Medical Corp., Essilor International SA, Haag-Streit AG, Heidelberg Engineering GmbH, Heine Optotechnik GmbH & Co. KG, Luneau Technology Group, NIDEK CO. , LTD., Quantel Medical SAS and Topcon Corporation.

Global Ophthalmic Devices Market: Key Developments

Major players operating in the global ophthalmic devices market are focusing on new product approvals and launches to expand their product portfolio. For example, in November 2016, NIDEK CO., LTD. has received 510K clearance from the United States Food and Drug Administration for its new MP-3 microperimeter.

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