Global Ophthalmology Devices Market, By Product Type (Vision Care Devices, Surgery Devices and Diagnostic and Monitoring Devices), Application (Vision Care, Ophthalmic Wound care, Cataract Surgery, Oculoplastics and Others), End User (Hospitals, Diagnosis Clinics, Franchise Optical Stores, Eye Research Institutes, Government Agencies and Academics), Geography (Europe, North America, Asia-Pacific, South America, Middle East & Africa) – Industry Trends and Forecast to 2026.
Global Ophthalmology Devices Market is expected to register a healthy CAGR of 4.4% in the forecast period of 2019 to 2026.
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Ophthalmology is the study of the eye and its various conditions; it is a branch of medicine that deals with the treatment, cure and diagnosis of various diseases of the eye and visual mechanism. The term ophthalmology originated from the Greek words ophthalmos which means “eye” and logos which means “word.” This means the “science of eyes.” The human eye can be affected by various clinical conditions like: Age-related macular degeneration, cataract, diabetic retinopathy, glaucoma and astigmatism.
The ophthalmoscope was introduced in the 19th century which bought along a period of deep knowledge of the eye and treatment of various eye related diseases that was not possible before. Later, throughout the 20th century, investigation in the field of ophthalmology kept growing and several subspecialties were introduced. In 1805, Moorfields Eye Hospital became the first hospital that was dedicated to ophthalmic opened in London.
Some of the major players operating in this market Essilor, Marco, Heidelberg Engineering GmbH., HAAG-STREIT GROUP, Johnson & Johnson Surgical Vision, Inc., HOYA Corporation., CIBA VISION, NIDEK CO., LTD., TOPCON CORPORATION, ZEISS International, Canon Inc., CooperVision, Bausch & Lomb Incorporated., STAAR SURGICAL, AcuFocus, Inc., Ziemer Ophthalmic Systems among others.
The company was founded in 1972, headquarter in France the company is focussed on designing, producing and distributing across the world high-quality products and services that every day help correct, protect and prevent risks to the visual health. The main business segments of the company are lenses and optical instruments, sunglasses & readers and equipment. The revenue of the company in 2018 was USD 8461.45 Million. Number of employees in 2018 is 67,000. The company has global presence in North America, Europe, Asia Pacific, Middle East and Africa and Latin America.
The subsidiaries of the company are Luxottica Group SpA (Italy), Costa Del Mar (U.S.), EyeBuyDirect (U.S.), Transitions Optical (U.S.), Satisloh (Europe) among others.
Novartis was founded in 1996 and headquartered at Basel, Switzerland. The company is focussed on offering a diversified portfolio to best meet these needs: innovative medicines, cost-saving generic and biosimilar pharmaceuticals and eye care. The main business segments are Oncology, Alcon, Sandoz, Pharmaceuticals. The revenue of the company in 2018 is USD 38,631.0 Million. Number of employees in 2018 was 125,000. The company has global presence in Europe, Americas, Asia-Pacific, Middle East and Africa.
In June 2018, Alcon Introduced DAILIES TOTAL1 Water Gradient Contact Lenses. This helped Alcon to expand its portfolio of contact lenses and grasp new customers in the market.
JOHNSON & JOHNSON SERVICES, INC.
Founded in 1886 and headquartered in New Jersey, U.S. The company is focussed on developing new ideas and products that have transformed human health and well-being. The main business segments of the company are Surgery, Orthopaedics, Vision Care, Interventional Solutions and Diabetes Care. The revenue of the company in 2018 is USD 20,326 Million. Number of employees in 2018 was 134,000. The company has global presence in United States, Europe, Western Hemisphere, excluding U.S, Africa, Asia and Pacific.
In August 2017, Johnson & Johnson Vision Announced Agreement to Acquire TearScience. This will help Johnson & Johnson Vision to expand its portfolio of eye health products.
Programs and Initiatives to Reduce Burden of Eye Diseases:
Significant advancement in the prevention of visual impairment have been made, to battle the visual diseases by various organisations like World Health Organization (WHO) and its Member States, UN agencies, nongovernmental organizations (NGOs) and the private sector. The second Thursday of October is observed as the World Sight Day (WSD) which is an annual day of awareness to create global attention on blindness and vision impairment.
Low Adoption of Phacoemulsification and Premium IOLs in Developing Countries:
Phacoemulsification cataract surgery is a procedure which uses ultrasonic devices to break up and remove cataract or a cloudy lens for a better vision immediately after phacoemulsification insertion of an intraocular lens (IOL) is done.
As an alternative to phacoemulsification, extracapsular extraction is a procedure that is done with no sutures and extremely small incisions. Thus, it has become popular in the developing countries.
According to a survey, Surgeons are expected to perform nearly 18.5 million phacoemulsification procedures globally in 2018. Ultrasonic phacoemulsification (USP) continues to be the standard treatment procedure for cataract surgery in developed nations, and its adoption in less developed regions will increase gradually.
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Less Number of Skilled Professionals
The number of ophthalmologists in both developing and developed countries is less, although projections are a little higher for developed countries, where the number of ophthalmologists is increasing, but not as fast as the population of geriatric patients aged 60 years or older who need increased ophthalmologic care. The problem is that, in most of the countries, the demographic changes do not match up to the professional development. It is necessary to train eye care teams to meet the demand of current number of ophthalmologists worldwide.
A bird’s eye view of the Ophthalmology Devices Industry made available in the report helps readers to understand the key drivers, restraints, challenges, and opportunities that are shaping the Ophthalmology Devices market. Furthermore, the report evaluates challenges experienced from buyers and sellers side.
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