The size of the ophthalmology devices market in Europe is currently valued at USD 9.88 Billion in 2023. It is forecasted to reach USD 12.97 billion by 2028, growing at a significant CAGR of 5.6% between 2023 and 2028.
The growing prevalence of ophthalmic diseases in the elderly is propelling the demand for ocular surgeries in Europe, which is, in turn, driving the growth of the European ophthalmology devices market. The increasing number of eye disorders in all age groups drives the European market growth. The increased eye conditions in seniors due to chronic diseases are accelerating the market value of ophthalmology devices. Chronic diseases like diabetes mellitus and other cardiovascular diseases in people are highly prone to eye diseases. For many people, orbital and ocular pains are common concerns for multiple reasons, such as obstruction of foreign particles, trauma, dust, and smoke. Harsh eye cosmetics also damage the eye's surface, leading to scratching, redness, burning, and itching sensations, leading to ocular pain. Diabetic patients with eye disorders are typical; diabetic retinopathy, cataracts, and glaucoma are commonly noticed in diabetic people. According to an article published in the Journal of Glaucoma in 2022, primary open-angle glaucoma is a neurodegenerative disease highly prevalent in the European adult population, and the cases are expected to increase with the increasing aging population in European countries. Increasing vision-loss cases with age is a significant concern for many people, which is enhancing the utilization of ophthalmology devices.
Technological advancements in ophthalmology are enhancing the growth of the European ophthalmology devices market. Technological advancements in healthcare infrastructure influence advancements in ophthalmology devices in Europe, enhancing market value growth. For instance, in September 2022, BVI received certification for its intraocular lens portfolio under the European Medical Device Regulation from the British Standards Institution. These factors indicate that the increasing prevalence of eye diseases and technological advancements in ophthalmology are expected to boost market value in the forecast period.
The increasing advancements in healthcare infrastructure and social and economic factors are expected to create lucrative opportunities for ophthalmology in the forecast period. The increasing disposable incomes of people across the region are influencing them to spend more on healthcare systems. The increasing awareness among people regarding eye infections and disorders is expected to create possibilities for market expansion.
The high cost of surgeries and the increased risk of risks associated with eye surgery and treatment hamper the growth of the ophthalmic devices market. Eye treatment procedures are costly due to the rising prevalence of eye diseases, creating the need for these procedures. Some patients' regular medications may affect the treatment procedures or surgeries, which can be risky for the eye. For example, the intake of corticosteroids leads to chances of risk during the treatment process or in surgery. The major challenge for the market expansion is the need for more skilled professionals. In emerging countries, the number of ophthalmologists is low. With the increasing number of cases, the demand for ophthalmologists is high. Training the eye care team to meet the ophthalmologists' requirements is necessary, which helps in the rapid treatment process.
Impact of COVID-19 on the Europe ophthalmology devices market:
The COVID-19 pandemic has had a significant impact on the healthcare system. The COVID-19 outbreak has made many changes in European healthcare practice, mainly in ophthalmology devices in the European market. Non-emergency medical procedures are postponed due to the increasing spread of the virus in most medical centers. The cataract and vitreoretinal surgeries had seen a significant decline. According to an article in the European Journal of Ophthalmology in 2021, the epidemic severely struck ophthalmic surgical procedures in Italy and other European countries. It also stated that government regulations limit eye surgical procedures to urgent procedures in all medical centers. The post-pandemic period witnessed significant growth due to the resuming of these services.
This research report on the Europe ophthalmology devices market has been segmented and sub-segmented into the following categories:
Europe Ophthalmology Devices Market - By Application:
The surgical devices segment held the largest share of the European ophthalmology devices market due to the region's increased cataract and glaucoma cases. Vision care devices are also gaining traction due to increased vision problems, irrespective of age. This segment is expected to witness significant growth over the forecast period.
Europe Ophthalmology Devices Market - By Disorders:
The cataract segment accounted for European ophthalmology devices' most significant market revenue share. The increasing number of cataract cases is boosting demand for cataract surgical devices. Cataracts are primarily observed in older people, and increasing awareness among people regarding early diagnosis and treatment of cataracts is enhancing the demand for cataract surgical devices.
Europe Ophthalmology Devices Market - By Devices:
The computerized field analyzer gained traction recently due to its ability to detect monocular visual fields. It is also beneficial in assisting with the diagnosis and monitoring of various glaucoma conditions. Canaloplasty devices are used to treat open-angle glaucoma, where they help reduce intraocular pressure.
Europe Ophthalmology Devices Market - By Country:
Germany dominated the European Ophthalmology devices market due to the increasing prevalence of eye disorders and an increasing number of senior people. The technological advancements in the healthcare infrastructure are enhancing the German ophthalmology devices market. According to the Federal Statistical Office, 16.2 million people over 67 years old lived in Germany in 2021, and the number is projected to increase to 21.6 % by 2060. The UK, the developed country where the key players exist, is making a more significant contribution. The key players are significantly investing in the R&D department for technological advancements, boosting market growth. Russia also held a significant share in the ophthalmologic devices market due to government initiatives in the industry's R&D activities. Emerging countries such as France, Italy, and Spain are projected to thrive in the coming years due to rapid urbanization in their healthcare systems.
KEY MARKET PLAYERS:
Companies playing a leading role in the Europe ophthalmology devices 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.
Explore future opportunities and potential obstacles, considering factors like evolving technologies, demographic changes, and economic conditions.
Assess the market's response to the pandemic, including changes in demand, supply chain disruptions, and new trends.
Investigate efforts towards sustainability, including eco-friendly materials and manufacturing practices.
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