The size of the Asia Pacific ophthalmic devices market was valued at USD 8.00 billion in 2022 and is estimated to be growing at a CAGR of 6.90 %, to reach USD 11.16 billion by 2027.
The ophthalmic devices market in the APAC region is currently one of the fastest-growing medical devices markets. The market's growth is majorly attributed to the prevalence of eye diseases such as cataracts and glaucoma. Also, rising demand for better quality healthcare services in the region and increasing awareness drive market growth.
A cataract is the most common eye disease globally; according to the world health organization, approximately 65.2 million people are affected by cataracts. More than 80 percent of its cases cause a moderate-severe loss in vision with the increase in the demand for vision correction devices.
In addition, the growing geriatric population is significantly contributing to the ophthalmic devices market as the senior population is more prone to various eye-related issues; therefore, the demand for ophthalmic devices increases. The rise in the geriatric population as in Asia nearly 923 million people are estimated to be elderly. In contrast, Japan has the highest elderly population as about 29 percent of its total population is estimated to be more than 65 years old.
Furthermore, increase in the new developments and advancements in technology with the raising awareness and adoption of various treatments, spectacles, and contact lenses and an increase in the initiatives taken by the government and non-government firms for research and developments processes.
However, the high costs of the equipment and treatment with the lack of good infrastructure in developing and underdeveloped countries are expected to limit the market's growth rate. In addition, the risks associated with the treatment done by the ophthalmic devices, such as blurring of vision, negatively affect the patients' acceptability. The lack of awareness about various diseases is affecting the growth of the APAC ophthalmic devices market.
This research report on the APAC ophthalmic devices market has been segmented and sub-segmented into the following categories.
By End Users:
Geographically, the Asia Pacific ophthalmic devices market is projected to witness the highest growth rate during the forecast period among all regions. This is attributed to the rising investments in healthcare and growing awareness regarding ophthalmic diseases and available medical technologies for the treatment options.
The Chinese ophthalmic devices market accounted for the most significant share in the APAC region in 2020. The Indian ophthalmic devices market is the second-largest market in the Asia Pacific, followed by China. Companies such as Carl Zeiss Meditec, Allergan, Santen, Novartis Johnson, Johnson Vision Care, and Topcon Corporation dominate the Indian market.
The Australian ophthalmic devices market is expected to accelerate at a rapid pace during the forecast period. Increasing medical professionals, growing aging population suffering from eye disorders are expected to boost the Australian market.
The Japanese ophthalmic devices market is a rapidly growing country in adopting technology and innovative medical devices. However, the high prevalence of eye disorders in the younger population may lead to a health concern. Companies such as NIDEK Co. Ltd and TOPCON Corporation are currently leading the Japanese market. They are predicted to continue their dominance during the forecast period with their new product launches. For Instance, in 2018, NIDEK Co. Ltd launched the GS-1 Gonioscope, an automated ophthalmic device. Gonioscope is enabling 360- degree color iridocorneal angle imaging.
KEY MARKET PLAYERS:
A few of the prominent companies operating in the Asia Pacific ophthalmic devices market profiled in the report are Alcon Inc., Essilor International S.A., Johnson & Johnson, Abbott Medical Optics Inc., Bausch & Lomb, Inc., Haag-Streit AG, Topcon Corporation, Carl Zeiss Meditec AG, Nidek Co. Ltd., and Ziemer Ophthalmic Systems AG.
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Product Type
5.1.2 Surgical Devices
5.1.3 Monitoring and diagnostic devices
5.1.4 vision care
5.1.5 Y-o-Y Growth Analysis, By Product Type
5.1.6 Market Attractiveness Analysis, By Product Type
5.1.7 Market Share Analysis, By Product Type
5.2.3 Glaucoma surgical devices
5.2.4 Ophthalmic Lasers
5.2.5 Cataract surgical devices
5.2.6 Iris retractors
5.2.7 lens clearing and disinfectant solutions
5.2.9 Y-o-Y Growth Analysis, By Devices
5.2.10 Market Attractiveness Analysis, By Devices
5.2.11 Market Share Analysis, By Devices
5.3.3 Eye care Clinics
5.3.4 Research Institutes
5.3.6 Y-o-Y Growth Analysis, By End-users
5.3.7 Market Attractiveness Analysis, By End-users
5.3.8 Market Share Analysis, By End-users
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
220.127.116.11 By Geographical Area
18.104.22.168 By Product Type
22.214.171.124 By Devices
126.96.36.199 By End-users
6.1.4 Market Attractiveness Analysis
188.8.131.52 By Geographical Area
184.108.40.206 By Product Type
220.127.116.11 By Devices
18.104.22.168 By End-users
6.1.5 Market Share Analysis
22.214.171.124 By Geographical Area
126.96.36.199 By Product Type
188.8.131.52 By Devices
184.108.40.206 By End-users
6.5 South Korea
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.Market Leaders' Analysis
8.1 Alcon Inc.
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Essilor International S.A
8.3 Johnson & Johnson
8.4 Abbott Medical Optics Inc.
8.5 Bausch & Lomb, Inc.
8.6 Haag-Streit AG
8.7 Topcon Corporation
8.8 Carl Zeiss Meditec AG
8.9 Nidek Co. Ltd.
8.10 Ziemer Ophthalmic Systems AG
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures
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