Healthcare // Medical Devices
The global Ophthalmic Equipment market is
foreseen to grow by 5.2%, from USD 68.90 Billion in 2022 to USD 103.36 Billion in
2030. Increasing geriatric population, rising prevalence of eye disorders, technological
advancements in ophthalmic devices, increased government initiatives to control
visual impairment is to drive the market for the upcoming forecast period.
However, High cost and risk associated with eye surgeries, increased cost of
ophthalmology devices remains one factor hindering the market growth over the
anticipated period.
Market Overview
One of the most commonly used ophthalmic
equipment is the ophthalmoscope, which is used to examine the interior of the
eye. This device uses a light source and lenses to examine the retina, optic
nerve, and other structures in the back of the eye. It helps ophthalmologists
detect and diagnose conditions such as glaucoma, macular degeneration, and
diabetic retinopathy.
Another important tool is the slit lamp,
which provides a detailed view of the anterior segment of the eye, including
the cornea, iris, and lens. It is commonly used to diagnose and manage
conditions such as cataracts, conjunctivitis, and corneal ulcers. The device
uses a high-intensity light source and a binocular microscope to provide a
magnified view of the eye.
Other commonly used ophthalmic equipment
includes phoropters, which are used to determine a patient's eyeglass prescription,
and tonometers, which measure the pressure inside the eye and are used in the
diagnosis of glaucoma.
Advancements in technology have led to the
development of more sophisticated ophthalmic equipment such as optical
coherence tomography (OCT) machines, which use light waves to create detailed
images of the retina and other structures in the eye. These devices are
critical in the diagnosis and management of conditions such as macular
degeneration and glaucoma.
In addition to diagnosing and treating eye
conditions, ophthalmic equipment is also used in surgical procedures such as
cataract surgery and laser eye surgery. Microscopes and surgical instruments
designed specifically for eye surgery are used to perform delicate and precise
procedures.
The demand for ophthalmic equipment is
expected to continue to grow as the global population ages and the prevalence
of eye-related conditions such as cataracts and macular degeneration increases.
Additionally, advancements in technology are expected to drive the development
of more sophisticated and effective ophthalmic equipment.
Drivers in Ophthalmic Equipment Market
The ophthalmic equipment market is influenced
by several dynamic factors. One of the key drivers is the increase in the
elderly population. With the rise in the number of elderly individuals, there
is a higher prevalence of age-related disorders, including various eye
conditions. This has led to a significant demand for ophthalmology devices.
Aging affects the stability of the tear layer and increases the risk of severe
eye disorders, particularly after the age of 65. Conditions such as age-related
macular degeneration, cataracts, glaucoma, low vision, and diabetic eye disease
are more common among the elderly population.
The growing geriatric population is a major
contributor to the demand for ophthalmic devices. The National Institute on
Aging (NIA) predicts that the geriatric population will reach 72 million by
2030. The increasing prevalence of diabetes and its associated complications,
including blindness, is also expected to drive market growth. According to the
World Health Organization, approximately 422 million people worldwide have
diabetes, with a significant number residing in low- and middle-income countries.
The COVID-19 pandemic and the subsequent
lockdown measures have resulted in increased screen time for individuals,
leading to the onset and progression of various eye diseases. This has further
boosted the demand for eye examinations and related ophthalmic equipment. In
response to the pandemic, organizations like Johnson & Johnson Vision have
made significant donations to provide eye care to COVID-19 impacted patients,
highlighting the importance of addressing eye health during such challenging
times.
Technological advancements have played a
crucial role in the development of accurate diagnosis and improved treatment
options for ophthalmic disorders. Innovations in medications, diagnostic
devices, laser technology, and surgical techniques have enhanced the management
of conditions like cataracts, macular degeneration, glaucoma, and dry eye
disease. Minimally invasive surgeries such as LASIK surgery, multi-wavelength
diabetic retinopathy treatment, ultrasound phacoemulsification, and femtosecond
laser surgery have increased the utilization of ophthalmic devices. These
advanced procedures offer better patient outcomes and faster recovery rates,
contributing to the overall growth of the market.
Limitations in Ophthalmic Equipment Market
Expensive and Risky Eye Surgeries
Despite being a relatively safe procedure,
modern eye surgeries carry some inherent risks. Patients with pre-existing
visual disorders or underlying health concerns may experience complications
during recovery, though severe complications leading to vision loss are rare.
Common side effects of eye surgery include dry eyes and temporary visual
disturbances, such as halos, glare, and double vision. Patients who undergo
LASIK surgery, in particular, may experience a temporary decrease in tear production,
which can result in dry eyes. Additionally, LASIK surgery can lead to
astigmatism caused by uneven tissue removal, which may require further
treatment.
One of the major challenges faced by the
ophthalmic equipment market is the high cost of eye surgeries. The price of
surgery varies depending on the location, type of surgery, and hospital, making
it a costly option for many patients. In the United States, the average cost of
LASIK surgery ranges from USD 2,000 to USD 3,000 per eye, while in Canada, it
ranges from CAD 2,000 to CAD 3,000 per eye. The cost in the United Kingdom is
around £1,000 to £2,000 per eye, and in Australia, it is around AUD 2,500 to
AUD 4,000 per eye. In India, LASIK surgery costs around INR 20,000 to INR
40,000 per eye. As a result, a smaller number of people are likely to opt for
such surgeries, which could impede the growth of the ophthalmic equipment
market.
Opportunities in Ophthalmic Equipment Market
Potential growth opportunities in emerging
markets
The global ophthalmic equipment market is
expected to witness significant growth opportunities in emerging markets such
as India, Brazil, and Mexico. This can be attributed to the increasing
prevalence of eye diseases in these countries. The developing countries across
the Asia Pacific and Latin America are expected to offer potential growth
opportunities for the global market due to the improving healthcare
infrastructure, increasing healthcare expenditure, rising medical tourism, and
increasing government investments. For instance, India has become a hub for
medical tourism due to its high-quality yet affordable treatments for eye
diseases.
Challenges in Ophthalmic Equipment Market
Lack of skilled professionals
One of the major challenges in the ophthalmic
equipment market is the lack of skilled professionals, particularly in
developing countries. Although the demand for ophthalmologists has increased
with the growing population, their number has not. Moreover, awareness about
eye diseases is limited among rural populations of developing countries such as
India, Saudi Arabia, Israel, Kenya, and South Africa, where there is a shortage
of specialists and inadequate infrastructure. The advanced technologies, such
as OCT and femtosecond lasers, used in ophthalmic equipment can be expensive to
purchase and maintain, which can limit access to these technologies,
particularly for smaller practices and clinics. Manufacturers face a challenge
to keep up with rapidly changing technology landscapes and the need for regular
updates and advancements in equipment. Ophthalmic equipment must comply with
various regulatory standards to ensure patient safety and efficacy, which can
be time-consuming and expensive for manufacturers, and may limit access to
certain markets. The operation and maintenance of ophthalmic equipment require
a high level of technical expertise. Skilled personnel may not be readily
available, especially in regions with limited resources and access to training.
Additionally, the analysis and management of ophthalmic data can be challenging
and time-consuming, especially as the volume of data generated by advanced
technologies increases.
The optical coherence tomography (OCT)
segment has emerged as the dominant force in the market, capturing the largest
revenue share of 25% and is projected to maintain a lucrative compound annual
growth rate (CAGR) of 5.3% throughout the forecast period. OCT technology
enables the production of high-resolution cross-sectional and three-dimensional
images of biological microstructures. Its primary applications lie in the
diagnosis of diseases such as glaucoma, age-related macular degeneration (AMD),
and diabetic eye conditions.
The integration of OCT with artificial
intelligence (AI) is a significant technological advancement that is expected
to drive the adoption of this device among healthcare providers. For instance,
Abbott's latest OCT imaging platform, powered by Ultreon Software, received
approval from the US Food and Drug Administration (FDA) in August 2021. This
advanced imaging software combines OCT with AI, providing physicians with a
more comprehensive understanding of coronary blood flow and blockages. It
assists in decision-making and determining the most suitable treatment
approach.
On the other hand, the ophthalmoscopes
segment is projected to witness the fastest growth rate of 5.1% during the
forecast period. Ophthalmoscopes play a crucial role in the diagnosis of
various eye diseases, including CMV retinitis, papilledema, glaucoma, AMD, and
diabetic retinopathy. In August 2019, Nidek introduced the Mirante Scanning
Laser Ophthalmoscope, a multimodal fundus imaging device that combines
high-resolution SLO (Scanning Laser Ophthalmoscopy) and OCT imaging with
ultra-wide field imaging capabilities. The increasing prevalence of these
diseases and the growing demand for accurate and early diagnosis are expected
to drive the market growth in this segment.
The ophthalmic devices market is segmented
into different categories, among which the cataract segment is the dominant
one, accounting for the largest revenue share of 37.6%. This segment is
expected to witness significant growth during the forecast period due to the
high adoption of ophthalmic devices for cataract surgeries. According to the
World Health Organization (WHO), cataracts are the primary cause of blindness,
accounting for 53% of total cases worldwide.
On the other hand, the refractive disorders
segment is projected to experience the fastest growth rate over the forecast
period. The WHO reports that approximately 2.3 billion people globally suffer
from near or far-distance vision impairment. To treat such conditions and
correct refractive errors, ophthalmic devices such as phoropters and
retinoscopes are highly preferred. Major market players are introducing
advanced ophthalmic diagnosis and treatment devices to meet the needs of the
rising patient population.
In terms of end-users, hospitals and eye
clinics dominate the market, holding the largest share of 76.9%, and are
expected to maintain their dominance in the forecast period. This is attributed
to the increasing adoption of ophthalmic devices in hospitals and the provision
of low-cost and effective treatment in clinics. The market for academic and
research laboratories is projected to grow significantly during the forecast
period as these laboratories receive funding for ophthalmic care. For example,
the John Hopkins Wilmer Eye Institute in the United States receives substantial
funding from the National Eye Institute to boost ophthalmic research.
Market
Segmentation
For the purpose of this report, the global Ophthalmic
Equipment market segmented on the basis of product type, Application, end-use, and
region:
Product
type Outlook:
On the basis of product type, the market is
segmented into vision care products, surgical devices, diagnostic and
monitoring devices. Further, vision care products is segmented into spectacles,
contact lenses. Further, surgical devices is segmented into
cataract surgical devices, vitreoretinal surgical devices, refractive
surgical devices, glaucoma surgical devices, ophthalmic microscopes, ophthalmic
surgical accessories. Further, diagnostic and monitoring devices is segmented
into optical coherence tomography scanners, fundus cameras, perimeters/visual
field analyzers, autorefractors & keratometers, ophthalmic ultrasound
imaging systems, others (tonometers, slit lamps, phoropters, wavefront
abberometers, optical biometry systems, ophthalmoscopes, lensmeters, corneal
topography systems, chart projectors, specular microscopes, retinoscopes).
Application
Outlook:
On the basis of application, the market is
segmented into cataract, vitreo retinal disorders, glaucoma, refractor
disorders.
End-use
Outlook:
On the basis of end-user, the market is
segmented into hospitals & eye clinics, academic & research laboratory,
others.
Figure
1 Ophthalmic Equipment Market By End-use (Market Size And Forecast By Value -
USD Million, 2022 & 2030)