The size of the Asia Pacific Ophthalmology Device Market was worth USD 6.96 billion in 2023 and is forecasted to grow USD 9.54 Billion by 2028, showcasing an impressive CAGR of 6.5% between 2023 to 2028.
The ophthalmology device market is one of the key growth areas in the medical device industry with rising demand for better quality healthcare services to improve millions of lives. Ophthalmic devices primarily include glaucoma, refractive, and cataract surgical instruments, among others. With increasing awareness and fast approvals, the growth is most likely to sustain in the coming years.
Ophthalmology devices encompass surgical devices which are mainly used in treating infections and conditions relating to the eye. The usage of ophthalmology devices in surgeries has made it possible to decrease treatment time drastically while providing better eye care protection. These devices are also proved to make the process of treating eyes more convenient for ophthalmologists and patients.
Owing to its advantages over its counterparts, the Ophthalmology device market is currently among the fastest-growing medical device market segments. The surge in demand is mainly attributed to technological innovations, the growing prevalence of eye diseases, and the aging population. The market is also aided by a host of other factors that include rising expenditure by governments and people on healthcare, increasing funding from government, and continuous improvements in medicine, which have all contributed positively to the ophthalmology market.
However, there are a few hurdles. The market has to overcome its healthy growth, including a lack of insurances for healthcare in developing countries, a lack of knowledge about diseases like glaucoma, and poor infrastructure in healthcare.
This research report on the Asia-pacific Ophthalmology Devices Market has been segmented and sub-segmented into the following categories:
In the Asia Pacific, China, combined with India together, accounts for the majority of the market shares in this region. Japan is estimated to grow at a robust CAGR during the forecast period.
The Chinese ophthalmology devices market is predicted to hold the largest market share in this region due to the increasing geriatric population base expanding and is more responsive towards developing eye diseases and increasing technological advancement in this region. In December 2018, Novartis AG launched of iLux Device, which is used in the customizable treatment for the meibomian gland dysfunction.
The Indian ophthalmology devices market shows a significant growth rate in the Asia Pacific during the forecast period. The Indian market growth is strongly driven by incorporating innovative reimbursement models for ophthalmologic treatments in India and the strict regulatory framework that are focused on patients’ safety. According to the WHO, In India, glaucoma is the leading cause of irreversible blindness, with at least 12 million people suffered and around 1.2 million people blind from the disease, which is estimated to propel the ophthalmic device market growth in India.
Prominent companies in the APAC Ophthalmology Device Market profiled in this report are Johnson & Johnson, Abbott Medical Optics Inc., Carl Zeiss Meditec, Hoya Corporation, Essilor International, Alcon Inc., Topcon Corporation, HAAG-Streit Group, Ziemer Ophthalmic System, Bausch and Lomb Inc., and Nidek Co Ltd.
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