Market Trends of Ophthalmic Devices Industry
Vision Correction Devices Segment is Expected to Register a High CAGR Over the Forecast Period
Vision correction devices, or corrective lenses, are used to aid and improve vision for those with common refractive errors like myopia, hypermetropia, astigmatism, and presbyopia. These visual impairments result in low vision. Moreover, the prevalence of these conditions is expected to grow shortly, owing to increased screen time, a rising geriatric population, and other chronic conditions leading to vision loss. For instance, according to World Health Organisation (WHO) statistics from 2022, at least 2.2 billion individuals worldwide have near- or farsighted vision impairment. Vision impairment may have been avoided or managed in at least 1 billion cases, or nearly half of these cases. The majority of those who have vision impairments or blindness are over 50 years old. Thus, such statistics suggest an increasing need for vision correction devices and are expected to drive the growth of the segment.
Additionally, the launch of new products in the market is also contributing to the growth of the market segment. For instance, in July 2022, Bausch + Lomb Corporation launched Revive custom soft contact lenses, a new family of customizable soft contact lenses, in the United States. Revive custom soft lenses are designed to meet the vision needs of patients, especially those with high or unique prescriptions. Such launches are propelling the growth of the market segment. Additionally, in June 2022, Johnson & Johnson Vision reported that its latest contact lens innovation, Acuvue Oasys Max 1-Day, and Acuvue Oasys Max 1-Day Multifocal, had obtained FDA clearance, Health Canada certification, and CE Mark validation. The new contact lenses are comfortable and clear all day. Thus, the introduction of corrective lenses and regulatory approval is expected to boost the market growth.
Hence, the high number of eye disorder cases is likely to create demand for advanced vision correction devices, thereby boosting the growth of the market segment.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same Over the Forecast Period
North America is expected to hold a significant share of the market owing to factors such as high disposable income, growing awareness, a rising geriatric population, and the increasing prevalence of eye diseases coupled with the launch of newer products and devices.
The growing incidence of ophthalmic diseases is anticipated to contribute to market growth. For instance, according to the CDC Report in November 2022, glaucoma cases are expected to rise to 6.3 million by 2050 in the United States. Further, the Statistics Canada report published in March 2023, estimated that glaucoma impacted more than 728,000 Canadians in 2022. Thus, the growing burden of glaucoma is expected to increase demand for glaucoma surgery and likely boost the market for ophthalmic devices over the forecast period.
Additionally, the increasing focus of market players on innovation and the launch of new products in the market is also expected to propel the growth of the market in the region. For instance, in March 2022, Alcon Inc. launched the Clareon portfolio of intraocular lenses (IOLs) in the United States, including the Clareon Monofocal, PanOptix, and Vivity IOLs. Furthermore, in April 2023, Canadian eye health company Bausch + Lomb has launched the StableVisc cohesive ophthalmic viscosurgical device (OVD) and the TotalVisc Viscoelastic System in the United States.
Thus, owing to the abovementioned factors, such as the growing burden of ophthalmic diseases and product launches, the market in the North American region is expected to project growth over the forecast period.
