The ophthalmology field requires medical devices for several functions such as diagnosis, vision care, and surgery. The development of innovative devices and increasing application of technology in ophthalmology has paved way for consumers to have practical and economical solutions for various eye-related disorders such as vitreoretinal disorders, refractor disorders, and cataract. The most significant share of the global ophthalmic devices market is contributed by vision care devices. These devices include contact lens, spectacles, and lens cleaning and disinfecting solutions for eyewear as well as for surgical devices.
Several factors such as a rising geriatric population and increased focus on healthcare are driving the global market for ophthalmic devices, which was valued at US$12.92 bn in 2011 and is estimated to expand at a healthy CAGR of 5.10% to reach a global valuation of US$18.28 bn by 2018.
Ophthalmic Devices Market: Trends and Opportunities
One of the primary factors for the upward trend in the ophthalmic devices market is the rising geriatric population. It is observed that the aged are more prone to developing eye-related disorders, such as glaucoma and dry eye, and are the target customers of ophthalmic device manufacturers. Moreover, several emerging economies in Asia Pacific are increasingly investing on healthcare infrastructure and promoting awareness about these common disorders which in turn is aiding the regional market for ophthalmic devices. The market growth is also boosted by continuous advancements in the field of medical technology to develop novel products that are more efficient and accurate.
One of the primary restraints in the growth of the global market for ophthalmic devices is high cost of some devices, particularly those that are exported. Additionally, the lack of skilled professionals, especially in the rural regions of emerging economies, is another prime concern for manufacturers.
Global Ophthalmic Devices Market: Region-wise Outlook
Among North American countries in 2011, the U.S. held the largest share in the market for ophthalmic devices across all segments, followed by the U.K. which lead the European region. These two western country markets are experiencing rigorous competition due to mushrooming local device manufacturers while prominent players with higher market penetration levels are focusing more on devices with diagnosis and surgery applications. The report provides the geographic analysis of all major countries including U.S, Canada, UK, Italy, Spain, Germany, France, Japan, China, India, Brazil, and Mexico.
Emerging economies such as China, India, Japan, Brazil, and Mexico are estimated to experience a higher growth rate than the global rate in the market for ophthalmic devices during the forecast period. This shift is a result of investments by many prominent manufacturers in these emerging markets to gain early momentum.
The global market for ophthalmic has also been analyzed on various parameters such as application, disorder, and device type. On basis of application: diagnosis, surgery, and vision care devices; on the basis of disorder: cataract, glaucoma, refractor disorders, vitreo retinal disorders, and vision care. There are variety of devices available in the market, including high-end to low-end devices such as phoropters, refractors, contact lenses, lens cleaning and disinfecting solutions, spectacles, scanning laser polarimetry devices, retinscopes, and ophthalmoscopes.
Some of the most prominent players who are driving growth in the ophthalmic devices market include: Essilor International, Johnson & Johnson Vision Care Inc., CIBA Vision Corporation, Solotica Lentes de Contato, Alcon Inc., Bausch & Lomb Incorporated, Abbott Medical Optics Inc., Cooper Vision Inc., Carl Zeiss AG, and Hoya Corporation.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.