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.
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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.
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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.
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