Global Vision Care Devices Market - 2023-2030
Market Overview
The global vision care devices market size was valued at US$ 12.4 billion in 2022 and is estimated to reach US$ 24.78 billion by 2030, growing at a CAGR of 12.7% during the forecast period (2023-2030).
Vision care devices are medical device that is used for enhancing and maintaining vision. These can be surgically embedded inside the socket of the eye permanently or can be used temporarily. These vision care devices can be prescribed or non-prescribed and can be used for an extended period of time.
Market Dynamics
The major factors driving the global vision care devices market are the rising demand for vision care devices owing to increasing incidences of ophthalmic disorders such as glaucoma, age-related macular degeneration (AMD) and cataract, technological advancements and novel product launches.
The increasing awareness initiatives and rising novel technologically advanced vision care devices are expected to drive the market’s growth.
The vision care devices market is driven by rising advancements in technology, an increase in the geriatric population, a surge in research and development investments, an increasing number of ophthalmic disorders such as glaucoma, cataract, AMD and improvements in novel products using the latest technology along with improvements in medical infrastructure in emerging markets.
The vision care devices are used for delivering drugs and aesthetic purposes. The adoption of these devices is increasing, leading to rising government initiatives and funds. These funds will help produce vision care devices products such as intraocular lenses, ophthalmic laser or glaucoma drainage devices. The market for these applications is increasing worldwide due to the enhanced number of these ophthalmic disorders. Moreover, the availability of technologically advanced products by key players is also expected to play a vital role in the market’s growth.
Various novel product launches, research studies, and rising awareness initiatives related to these vision care devices contribute to the market’s growth. For instance, in August 2022, STAAR Surgical Company, a designer and provider of implantable lenses and delivery systems, announced its new partnership with Joe Jonas, an actor and singer, to create awareness of its latest implantable Collamer lenses, EVO Visian, an FDA-approved lens for vision correction developed for astigmatism and myopia correction.
Product recalls and stringent regulations associated with the approval of vision care devices are expected to hamper the market’s growth.
Strict rules and regulations for the approval of several devices utilized for vision care is the major factor hindering the growth of the vision care devices market. Various requirements must be fulfilled, leading to an increase in the overall cost of these implants. The high cost and risks involved due to the sensitivity of the organ in the product are likely to hinder the growth.
Market recalls are also a leading factor restraining the growth of the market. Several recalls are taking place due to leakage or complications. For instance, in October 2022, Roche recalled its implant Susvimo due to a manufacturing-related issue. Susvimo is an approved implant that delivers ranibizumab into the eye of people with wet age-related macular degeneration. The septum or seal of the delivery device has some manufacturing issues and cannot keep the medicine from leaking out.
COVID-19 Impact Analysis
The pandemic has negatively impacted global financial expectations, operations and crisis response strategy. The COVID-19 outbreak has severely impacted the healthcare industry. The Vision Care Devices market has experienced huge losses due to COVID. Key manufacturers have started various research and clinical trials. Various initiatives, product launches, collaborations and mergers are happening worldwide, boosting the market’s growth. For instance, in July 2020, STAAR Surgical Company, a designer and provider of implantable lenses and delivery systems, announced its novel, innovative implantable Collamer lens, EVO Viva/ EVO Visian ICL, for presbyopia correction, received CE Mark.
Segment Analysis
The Intraocular lenses segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)
The intraocular lenses segment is the highest market holder in the global vision care devices market. The global vision care devices market is segmented based on product type as intraocular lenses, eye-glasses, contact lenses, glaucoma drainage devices, ophthalmic lasers, over-the-counter eye care/ supplements and others. The intraocular lenses segment is the largest market shareholder due to its inherent advantages over other implants or devices, increasing technological advancements and novel product launches.
Intraocular lenses are artificial lenses implanted into the eye for myopia or cataract treatment purposes. It replaces the natural lens of the eye removed during the surgery and restores distant or near vision. These lenses are of various types: accommodating, mono-focal, multifocal, and toric. One of the leading causes of blindness is cataracts which can be treated with the help of these implants through surgery.
The growing number of regulatory approvals, technological advancements, product launches, and research/clinical trial studies drive the market’s growth. For instance, in September 2022, Johnson and Johnson Vision, part of Johnson and Johnson Medtech and an eye health company, introduced their novel intraocular lens powered by InteliLight technology and TECNIS symphony OptiBlue intraocular lens for correcting presbyopia. This lens with depth of focus joins the hybrid lens, TECNIS synergy intraocular lens, for spectacle independence in the InteliLight portfolio. This corrects presbyopia in more patients. These deliver low-light performance and superior contrast in this intraocular lens category.
Geographical Analysis
North America holds the largest market share in the global vision care devices market.
North America dominates the global vision care devices market primarily due to its large population, excellent medical infrastructure, and high-income levels. The market is expected to grow at a relatively moderate pace during the forecast period due to healthcare expenditure in the US. The market’s significant size is attributed to the high medical expenditure.
Increasing expenditure on healthcare and raising awareness among people is also contributing to the market’s growth in this region. Advancement of vision care devices applications in several ophthalmic conditions, increase in pharmaceutical establishment across the region and government approvals, and the presence of key players in the region are contributing to the growth of the vision care devices market.
Moreover, the growing number of product launches is responsible for the market’s growth. Many key developments, technological advancements, collaborations, and agreements are taking place in this region. For instance, in Aug 2020, Johnson & Johnson Vision, a company focusing on eye health, announced that its TECNIS Eyhance and TECNIS synergy intraocular lenses for cataract treatment got approved by Health Canada and will be available in the Canadian market.
Competitive Landscape
The vision care devices market is highly competitive with local and global companies’ presence. Novartis Inc., Cooper Vision, Johnson & Johnson Services, Inc., STAAR Surgical, Bausch & Lomb Incorporated., Carl Zeiss, Ophtec BV, MORCHER GmbH, Safilo Group S.p.A, EssilorLuxottica and more. The key players are adopting various growth strategies such as product launches, mergers & acquisitions, partnerships, and collaborations, contributing to the market’s growth. For instance, in July 2022, Bausch + Lomb Corporation, an eye health company and Sanoculis, an ophthalmic device company, announced their strategic agreements developed to focus on glaucoma’s unmet needs.
Novartis AG
Overview: Novartis is engaged in discovering, developing, manufacturing, and selling a wide range of pharmaceutical and generic medicines. The company has two operating divisions globally: Innovative medicines and Sandoz for biosimilars and generic pharmaceuticals.
Product Portfolio
Clareon intraocular lens: This has an advanced, disposable and pre-loaded delivery system optic Type. It can be implanted with a delivery system that is unique and automated.
Key Development In June 2022, Novartis announced its acquisition of Kedalion Therapeutics along with its innovative AcuStream technology, a device that can provide accurate delivery with precise dosing of ophthalmic medications. This acquisition will expand the ophthalmic portfolio of Novartis.
The global vision care devices market report would provide access to approx.: 45+market data table, 40+figures and 200 (approximate) pages.
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