Delaware, U.S. – In the recent years, cases of ocular disorders have drastically increased around the world. According to the World Health Organization statistics, nearly 2.2 billion people suffered from a distance or near vision impairment due to uncorrected refractive errors and cataracts. This has created a dire need for efficient ophthalmic tools and techniques that can help in providing the treatment with greater precision. Growing geriatric population and increasing awareness campaigns initiated by the government bodies regarding the ophthalmic disorders is further fueling the adoption of ophthalmic instruments.
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The rising product demand is expected to give a major impetus to global ophthalmic devices market over the subsequent years. According to a new report by GMI, ophthalmic devices market size is projected to surpass USD 61.3 billion by 2027.
Another important factor supporting the industry expansion is the introduction of novel products such as drug-eluting contact lenses integrated with latest technologies for earlier diagnosis of macular degeneration and glaucoma.
Rapid technological advancements, rising prevalence of ocular diseases, and growing demand for efficient therapeutic procedures is largely propelling the adoption and popularity of diagnostic and monitoring devices. These ophthalmic devices are predominantly used for treating disorders concerning retina and cornea by measuring refractive errors and affixing the lenses. Prompted by this, manufactures are introducing new fundus cameras like hybrid cameras, hand-held fundus cameras and non-mydriatic to photograph the interior surface of the eye with high precision.
Integration of artificial intelligence and machine learning in advanced diagnostic and monitoring devices is the latest trend in the market. Considering the numerous advantages offered by these instruments, diagnostic and monitoring device segment is estimated to observe a substantial CAGR of 3.5% through 2027.
In light of the heightened demand for ophthalmic devices in specialty clinics, the industry had recorded a considerable valuation of over USD 5,814 million in 2020 from segment and is expected to witness a meritorious growth over the following years. The growth can be attributed to presence of resources and therapy programs and highly skilled professionals in specialty clinics.
Enhanced functional independence, improved outcomes, lesser medical complications, and relevant resources offered by specialty clinics is increasing the patient admissions in these facilities. This in turn is driving the demand for ophthalmic procedures and devices.
With the rising cases of eye-related diseases like glaucoma and cataract along with the growing awareness among people and availability of universal healthcare facilities providing coverage for the underserved in Brazil, the country is emerging as a strong growth avenue for the market. In 2020, the regional market was valued at over USD 750 million and is now expected to register a robust CAGR of around 3.5% through 2027.
Besides the increase in ocular disease cases, the country is also registering a significant growth in the elderly population who are susceptible to vision disorders which is driving the product demand further. According to the Brazilian Institute of Geography and Statistics, the elderly population in the country was recorded as 30.1 million which represents about 14.3% of the total population.
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Several major companies operating in ophthalmic devices industry are engaged in undertaking various strategic measures and are focusing on expanding their product portfolio to attract more customers and bolster their market presence.
Citing an instance of such initiatives, in 2020, Optomed launched its camera product, Aurora IQ with new image quality and usability features. The product is gaining significant ground globally due to its ability to smoothly integrate artificial intelligence to offer quick image analysis. According to the company, this product is aimed at speeding up the eye screening process, reducing the costs, and improving the access to eye screenings globally.