Growth powered by larger patient populations, advances in surgical procedures
WELLESLEY, Mass., May 17, 2018 (GLOBE NEWSWIRE) — Drivers of the global market for ophthalmic devices include new biocompatible materials, improvements in clinical optics and the launch of high-end surgical devices. A new BCC Research report forecasts a 2022 market valuation of $28.2 billion and examines it by key segments: contact lenses, surgical products, diagnostic and imaging devices.
The rising incidence of diabetes and obesity and the growing geriatric population are increasing the number of patients with conditions such as age-related macular degeneration, cataracts, diabetic retinopathy and glaucoma. As a result, the addressable patient population in need of ophthalmic devices is expanding. From nearly $21.0 billion in 2017, this market is forecast to have a five-year compound annual growth rate (CAGR) of 6.1%, according to BCC Research’s report, Ophthalmic Devices: Technologies and Global Markets.
Market growth also stems from growing awareness, early detection and monitoring of ocular disease; the rise in adoption of minimally invasive surgeries in the Asia-Pacific region; greater healthcare insurance coverage in Europe; and positive reimbursement of ocular devices and surgical procedures in the United States.
- The contact lens segment is projected to reach approximately $10.8 billion in 2022, from $9.1 billion in 2017, at a CAGR of 3.6%.
- Intraocular lenses (IOLs) used in cataract surgery comprise the second-largest segment, which has been fueled by the development of foldable hydrophilic acrylic IOLs, hybrid materials, and multifocal IOLs.
- Noninvasive, noncontact imaging technologies (e.g., optical coherence tomography and scanning laser ophthalmoscopy) have enabled improved diagnosis.
“Significant advances in the development of ophthalmic devices and surgical procedures have led to improved diagnosis and treatment of a broad range of ophthalmic conditions,” said Dr. Cheryl Lee Barton, BCC Research analyst. “Such advancements have also resulted in improved safety and efficacy of routine procedures. In turn, this has led to better surgical outcomes, reduced perioperative morbidity and an increased number of patients willing to undergo surgery.”
Rising Patient Acceptance of Surgical Procedures
In addition to improvements in safety, ophthalmic surgeries now offer speed and convenience. This segment of the ophthalmic device market relies on patients electing to have surgery and paying for it themselves. It is thus much more vulnerable to the changing economic climate than nonelective-product segments. There is also increasing interest in devices to treat ophthalmic conditions that are not adequately addressed by current methods.
About BCC Research
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