The Centers for Disease Control and Prevention estimates that at least 11 million people in the U.S. (12 years and older) could improve their vision with timely refractive correction. However, eye diseases are reported through the world – more so in underdeveloped and developing countries. This makes it imperative that healthcare providers the world over cater to various types of ophthalmic conditions.
According to Persistence Market Research, the ophthalmic devices market will show an upward rise in the coming years, expanding to US$42,685.1 million in 2020, registering a 6.5% CAGR from 2014-2020. To put this growth into perspective, PMR’s analysts state that the ophthalmic devices market approximated US$29,171.5 million in 2014. The ophthalmic devices market is composed of a variety of ophthalmology instruments and equipment used for correcting vision or vision care, diagnosing eye diseases, and ophthalmic surgery equipment.
The increased occurrence of eye diseases and the consequent need to cure and rectify them has stimulated demand for ophthalmic devices. In charting a healthy rate of growth, the global ophthalmic devices market will also create several opportunities for players. Eye diseases that most commonly need to be treated are: Macular degeneration (age related), glaucoma, bulging eyes, cataract, ocular hypertension, diabetic macular edema, retinal detachment, refractive errors and uveitis.
PMR analysts find that while there are several dynamics at play in propelling the global ophthalmic devices market, a few are more influential than the others. Let’s take a look at three factors that will particularly contribute to the growth of the ophthalmic equipment and devices market:
Population ageing is occurring in most countries worldwide
A report titled ‘World Population Aging 2013’ by the United Nations contains an alarming finding: 2047 will be the year when, for the first time, the number of older persons in the world exceeds that of children. The same report finds that in 1990, the global share of aged people was 9.2%, whereas in 2013, it rose to 11.7%. By 2050, the global share of the elderly will stand at an estimated 21.1% of the global population. All of these factors point toward one certainty: Age-related diseases and health conditions are bound to report a steady rise.
Since vision problems and eye disorders fall under these categories, market analysts expect a rise in the demand for ophthalmic devices as well. This calls for a need to provide advanced, safer and more efficient treatment options which can only be met by the timely supply of better ophthalmic devices. In the next three decades, China and India will have the highest aging population in the world, making these two markets a minefield of opportunities for companies manufacturing ophthalmic equipment.
Rise of lifestyle-related diseases will generate higher demand for ophthalmic devices
An increasing prevalence of various diseases associated with a sedentary and faulty lifestyle—which are also referred to as non-communicable diseases—will augur well for the global ophthalmic devices market. Diabetes and obesity are two lifestyle diseases that are posting an alarming rate of growth. As evidenced in a number of studies, people suffering from diabetes are at a high risk of diabetic retinopathy. Ocular symptoms associated with obesity include glaucoma, age-related cataract, as well as diabetic retinopathy. According to research studies, obesity is seen to heighten intraocular pressure, which could be the cause of several ophthalmic problems. With a steep incline in the number of obese and diabetic individuals in the world, the market for ophthalmic devices will also see higher demand.
The other important factors that will contribute toward the growth of the global market for ophthalmic devices and equipment are technological advancements and higher government expenditure on healthcare infrastructure.