Ophthalmology Devices Market by Product, End-user, and Geography - Forecast and Analysis 2020-2024

The ophthalmology devices market share is expected to increase by USD 13.03 billion from 2019 to 2024, and the market's growth momentum will accelerate at a CAGR of 3%.

This ophthalmology devices market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers ophthalmology devices market segmentations by product (vision care, ophthalmology surgical devices, and ophthalmology diagnostic devices), geographic landscape (North America, Europe, Asia, and ROW), and end-user (hospitals and clinics, ASCs and physicians? offices, and optical retailers). The ophthalmology market size report also offers information on several market vendors, including Alcon Inc., Allergan Plc, Bausch Health Companies Inc., Carl Zeiss AG, Danaher Corp., EssilorLuxottica Group, HOYA Corp., Johnson & Johnson, NIDEK Co. Ltd., and The Cooper Companies Inc. among others.

What will the Ophthalmology Devices Market Size be During the Forecast Period?

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Ophthalmology Devices Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The increasing prevalence of ophthalmic diseases and technological advances in ophthalmology devices is notably driving the ophthalmology market growth, although factors such as high cost and limited reimbursement may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the ophthalmology devices industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Ophthalmology Devices Market Driver

One of the key factors driving the ophthalmology devices market growth is the technological advances in ophthalmology devices. Technological innovations in ophthalmology devices have transformed the ophthalmology sector, with continuous advances in ophthalmic surgical technologies, ocular imaging, measuring, and lenses. For instance, contact lenses have undergone improvements such as the development of new contact lens materials, lens designs, and solution formulations. Low-cost manufacturing has made daily disposable contact lenses accessible to many people. Today, contact lenses are available in numerous brands, materials, lens designs, and wear schedules and can meet every individual need. Modern contact lenses have overcome many limitations of design and offer superior benefits to wearers, such as improved comfort, safety, and vision correction. Contact lens materials had also improved significantly in the past few years. Previously, soft contact lenses were made of plastic polymers. In modern contact lens materials, silicone is incorporated into the polymer, which allows more oxygen permeability to the cornea, providing superior comfort and wearability.

Key Ophthalmology Devices Market Trend

Another key factor driving the ophthalmology devices market growth is the increasing medical tourism for low-cost ophthalmology surgeries. Medical tourism refers to patients traveling to other countries to obtain medical treatment with high quality of healthcare, low costs, favorable exchange rates, short waiting time, and accessibility benefits. Patients from developed countries such as the US and Canada travel to developing countries such as Singapore, India, Mexico, South Korea, and Thailand as they offer high-quality medical services at a low cost, have accredited hospitals and healthcare systems, and provide different treatments. For instance, in ophthalmology, there is a high demand for cataract surgery, LASIK procedures, glaucoma procedures, and refractive procedures, including corneal laser surgery, phakic IOLs, and lens surgery, which require premium devices. Hence, patients opt for treatment procedures in low-cost countries. India is the leading country for medical tourism as it has the advanced infrastructure, technology, and well-trained surgeons.

Key Ophthalmology Devices Market Challenge

High cost and limited reimbursement is one of the key challenges hindering the ophthalmology devices market growth. Despite significant advantages, the adoption of advanced ophthalmic devices is limited, owing to the high cost and inadequate or limited reimbursement coverage. The cost of ophthalmic lenses has significantly increased with advances in technology. The cost varies depending on the type of lens. For instance, the cost of HD spectacle glass lenses is 25%-30% more than traditional spectacle glass lenses. The cost of multifocal glasses is approximately 30% higher than single vision glasses. The cost of progressive glass lenses is double the cost of single vision glasses. The cost further increases with non-glare coatings and changeable tint lenses. The annual cost of daily disposable soft contact lenses, toric contact lenses, and bifocal contact lenses is two to three times higher than the annual cost of normal disposable soft contact lenses, which must be replaced every two weeks. The cost burden further increases with the cost of contact lens solutions.

This ophthalmology devices market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.

Parent Market Analysis

Technavio categorizes the global ophthalmology devices market as a part of the global healthcare equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the ophthalmology devices market during the forecast period.

Who are the Major Ophthalmology Devices Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• Alcon Inc.
• Allergan Plc
• Bausch Health Companies Inc.
• Carl Zeiss AG
• Danaher Corp.
• EssilorLuxottica Group
• HOYA Corp.
• Johnson & Johnson
• NIDEK Co. Ltd.
• The Cooper Companies Inc.

This statistical study of the ophthalmology devices market encompasses successful business strategies deployed by the key vendors. The ophthalmology devices market is fragmented and the vendors are deploying growth strategies such as organic and inorganic strategies to compete in the market.

Product Insights and News

• Allergan Plc- It is an eye implant which is used for treatment of refractory glaucoma.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The ophthalmology devices market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Ophthalmology Devices Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the ophthalmology devices market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of healthcare equipment market includes the following core components:

• Research and development
• Inputs
• Operations
• Distribution
• Post-sales and services
• Industry innovations

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Ophthalmology Devices Market?

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36% of the market's growth will originate from North America during the forecast period. US are the key markets for ophthalmology devices market in North America. Market growth in this region will be slower than the growth of the market in regions.

Rising healthcare expenditure on ocular diseases, the increasing number of product approvals, and the growing adoption of technologically advanced ophthalmology devices will facilitate the ophthalmology devices market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

However, in early 2020, the outbreak of COVID-19 in the region hindered the sales of ophthalmology devices. During the outbreak of the viral disease, a majority of manufacturing facilities that produce medical devices have shifted their focus toward necessary medical devices, equipment, and supplies, such as personal protective equipment kits, masks, and ventilators. Therefore, an incline in the sales of ophthalmology devices is observed in the region in the first half of 2020.

What are the Revenue-generating Product Segments in the Ophthalmology Devices Market?

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The ophthalmology devices market share growth by the vision care will be significant during the forecast period. Vision care products include spectacle lenses, contact lenses, and related products, such as eyewear frames and lens care solutions. The increasing adoption of spectacle lenses made of high-tech plastics, which are more resistant to scratches than conventional plastics, and high-definition (HD) spectacle lenses, manufactured using digital computer technology and diamond-cutting tools allow the lens? surface to be customized into an individual's eyes and increasing investment in marketing and product promotions by vendors are driving market growth.

Besides the above-mentioned factors, the post COVID-19 impact has brought forth a slowdown in or fast tracked the demand for the service or product. This report provides an accurate prediction of the contribution of all the segments to the growth of the ophthalmology devices market size and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this Ophthalmology Devices Market Report?

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will drive ophthalmology devices market growth during the next five years
• Precise estimation of the ophthalmology devices market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the ophthalmology devices industry across North America, Europe, Asia, and ROW
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of ophthalmology devices market vendors

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