Ophthalmic disorders are dysfunctioning of eyes and related parts such as retina and cornea. The eyes are complex organs that work together to produce clear vision. A number of things can go wrong with the basic structure of eye leading to visual impairment and blindness. Some of the high prevailing eye diseases include glaucoma, cataract, diabetic retinopathy, and ocular surface neoplasia. As per studies conducted by Glaucoma Research Foundation, it is estimated that over 3 million Americans are living with glaucoma and more than 120,000 are blind due to glaucoma and estimated number of total glaucoma cases globally is expected to be around 60 million. Such a high prevalence of glaucoma will further increase incidence of diabetic related eye disorders and blindness. Among various eye disorders, around 80% loss of vision is caused by five conditions, namely, glaucoma, diabetic retinopathy, cataract, macular degeneration, and uncorrected refractive error.
Many eye disorders such as minor ocular irritation and allergic conjunctivitis can be self-treated with use of non-medicated ointments including ocular lubricants and products containing combination of decongestants and antihistamine. However, major disorders require surgical procedures to restore normal functioning of eyes. For instance, cataract can be treated with surgery by removing opaque lens present in eye and replacing it with artificial intraocular lens. Similarly, diabetic retinopathy can be treated with timely laser photocoagulation of retina to fused small areas of tissue where excessive glucose is deposited.
Increasing prevalence of eye disorders (macular degeneration, glaucoma, and diabetic retinopathy), rise in elderly population which is prone to high risk of developing age related disorders, technological advancements and increased demand for minimal invasive surgery will propel the market growth. As per International Diabetes Federation (IDF) 415 million people worldwide suffered from diabetes and diabetes related complications as of 2015 and this number is expected to reach 642 million by 2040.Such a high prevalence of diabetes worldwide, will lead to increase in demand for ophthalmic devices to correct such disorders. Technological advancements such as LASIK surgery, use of lasers to treat various eye disorders especially cataract and diabetic retinopathy will drive the growth of the market. Moreover development of noninvasive surgical procedures such as ultrasound phacoemulsification and femtosecond laser surgery is expected to increase adoption rate of these equipment’s. However, inadequate primary healthcare infrastructure and unfavorable reimbursement policies are expected to restrain the market growth.
Currently, major players operating in the global market are focusing on developing highly advanced smart end devices to provide effective and timely treatment. Ophthalmic devices market has seen tremendous growth in last few decades owing to increasing technological innovations. For instance in 2013, Ziemer Group AG had launched a series of femtosecond technology for corneal surgeries, which enabled doctors to provide effective treatment even to patients with severe opaque or scarred corneas. Such breakthrough technological innovations will provide ample opportunities for market development in coming years.
Major key players operating in the global ophthalmic devices market includes Abbott Medical Optics, Inc., Carl Zeiss Meditec AG, Alcon, Inc., Bausch & Lomb, Inc., Haag-Streit Holding, Topcon Corporation, Johnson & Johnson, Essilor International S.A., Ziemer Ophthalmic Systems AG, Nidek Co. Ltd. These players are focusing on gaining competitive advantage through various strategies such as new product launch and mergers and acquisitions to increase their geographical boundaries and to acquire larger market share. For instance, Alcon (a division of Novartis) on April 2016, had entered into partnership alliance with Power Vision, Inc., a U.S. based medical device company. This strategic partnership focuses on developing fluid-based lens implants designed to restore normal vision of those people affected by presbyopia thereby strengthening their global presence.
Ophthalmic Devices Market Segmentation:
- Diagnostics & Monitoring Devices
- Fundus Camera
- Optical Coherence Tomography Scanner
- Pachymeter Ophthalmoscope
- Refractive Error Surgery Devices
- Glaucoma Surgery Devices
- Cataract & Vitreoretinal Surgery Devices
- Contact Lenses
- Spectacle Lenses
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South Africa
- Saudi Arabia
- United Arab Emirates
We use both primary as well as secondary research for our market surveys, estimates and for developing forecast. Our research process commence by analyzing the problem which enable us to design the scope for our research study. Our research process is uniquely designed with enough flexibility to adjust according to changing nature of products and markets, while retaining core element to ensure reliability and accuracy in research findings. We understand both macro and micro-economic factors to evaluate and forecast different market segments.
Data is extensively collected through various secondary sources such as annual reports, investor presentations, SEC filings, and other corporate publications. We also refer trade magazines, technical journals, paid databases such as Factiva and Bloomberg, industry trade journals, scientific journals, and social media data to understand market dynamics and industry trends. Further, we also conduct primary research to understand market drivers, restraints, opportunities, challenges, and competitive scenario to build our analysis.
Data Collection Matrix
Data Collection Matrix
Primary Data Sources
- Distributors & Wholesalers
- Healthcare Providers
Secondary Data Sources
- Annual Reports/SEC Filings/ Investor Presentations/ Press Releases
- Government/Associations Publications
- Case Studies
- Reference Customers
Market Modeling and Forecasting
We use epidemiology and capital equipment-based models to forecast market size of different segments at country and regional level.
- Epidemiology-based Forecasting Model: This method uses epidemiology data gathered through various publications and from physicians to estimate population of patients, flow of treatment of individual disease and therapies. The data collected through this method includes statics on incidence of disease, population suffering from disease, and treatment population. This method is used to understand:
- Number of patients for particular device or medical procedure and
- Repeated use of particular device depending on health and condition of patient
- Capital-based Forecasting Model: This method of forecasting is based on number of replacements, installed-based and new sales of capital equipment used in various healthcare and diagnostic centers. These three parameters are calculated and forecast is developed. Installation base is calculated as average number of units per facility; while sales for particular year is calculated from number of new and replace units. Secondary data is collected through various supply chain intermediaries and opinion leaders to arrive at installation and sales rate. These techniques help our analysts in validating market and developed market estimates and forecast.
We do forecast on basis of several parameters such as market drivers, market opportunities, industry trends government regulations, raw materials supply and trade dynamics to ensure relevance of forecast with market scenario. With increasing need to granulized information, we used bottom-up methodology for forecasting where we evaluate each regional segment differently and combined all forecast to develop final market forecast.
We believe primary research is a very important tool in analyzing and forecasting different markets. In order to make sure accuracy of our findings, our team conducts primary interviews at every stage of research to gain deep insights into current business environment and future trends and key developments in market. This includes use of various methods such as telephonic interviews, focus groups, face to face interviews and questionnaires to validate our research from all aspects. We validate our data through primary research from key industry leaders such as CEO, product managers, marketing managers, suppliers, distributors, and consumers are frequently interviewed. These interviews provide valuable insights which help us to have better market understanding besides validating our estimates and forecast.
Quantitative Data (2017-2025)
- Market Dynamics (Drivers, Restraints, and Challenges)
- Industry Trend Analysis
- Market Opportunities
- Government Policies and Regulations, Patent Analysis, and Reimbursement Policies
- Porter’s Five Forces and PESTLE Analysis
- Key Developments and Competitive Landscape
- Market Assessment and Forecast
- Market Assessment and Forecast, By Product
- Market Assessment and Forecast, By Technology
- Market Assessment and Forecast, By Application
- Market Assessment and Forecast, By End User
- Market Assessment and Forecast, By Region/Country