China Ophthalmic Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

China Ophthalmic Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Chinese ophthalmic devices market is expected to register a CAGR of 4.5% during the forecast period.

The COVID-19 pandemic had interrupted the healthcare services provided all over the nation. Most of the general medical services that were not urgent were postponed to preventing the further spread of the pandemic. Several ophthalmologic surgeries, which were deemed not urgent, were also postponed. According to the study published in April 2020, titled "A comprehensive Chinese experience against SARS-CoV-2 in ophthalmology" Ophthalmologists were at high risk of getting severe acute respiratory syndrome coronavirus 2 due to face-to-face dialogue with patients, frequent exposure to tears, and ocular discharge, and the inevitable use of equipment that demands closed closeness (sars-cov-2). As a result, patient visits to the ophthalmology department had decreased. Thus, the decline in the patient visits, as well as the lack of the supply chain of medical devices in the country, has hampered the market growth. Furthermore, once patient visits resume and COVID-19 instances decline, the market is expected to return to pre-pandemic levels in the near future.

Certain factors that are driving the growth of the market include demographic shift, the impact of the prevalence of eye disease, technological advancements in the field of ophthalmology, and the rising geriatric population. The article “Healthcare utilization and economic burden of myopia in urban China: A nationwide cost-of-illness study” published in March 2022 highlighted that myopia leads to a substantial economic burden in China due to which China contributes to a significant proportion of myopia in the world. Ophthalmic devices are medical equipment designed for diagnosis, surgical, and vision correction purposes. These devices have gained increasing importance and adoption due to the increasing prevalence of various eye diseases, such as glaucoma, cataract, and other vision-related issues. The rising prevalence of eye-related diseases is leading to an increased demand for ophthalmic devices.

The various strategies adopted by the key market players such as product launch mergers and acquisitions and fundraising expand the market in the nations. For instance, in May 2022, Suzhou Micro clear Medical recently closed a CNY tens million Series C investment transaction. Dyee Capital was the sole investor in this round of funding. The funds will be used to further R&D and promote sales of its ultra-wide-angle laser color ophthalmic imaging systems. Thus, all the above-mentioned factors are expected to boost market growth over the forecast period. However, the risk associated with ophthalmic procedures may restrain the market growth over the forecast period.

Key Market TrendsGlaucoma Devices Segment is Expected to Show Better Growth over the Forecast Period

Glaucoma devices include glaucoma drainage devices and glaucoma implants, stents, lenses, and others. The segment is driven by the rising prevalence of glaucoma and product launches by the key market players.

According to the study titled “Knowledge of glaucoma and associated factors among primary glaucoma patients in Kunming, China” published in February 2022, China is the world's most populous country, and has the highest rate of glaucoma. In addition, as per the source mentioned above, in 2020, China had 15.58 million people with all types of glaucoma, and by 2050, China will have 25.16 million people with all types of glaucoma. Glaucoma prevalence reached 1.05 % in 2020 and is expected to rise to 1.33 % in 2050. As a result of the rising prevalence of eye diseases, the contact lens segment is expected to witness increased demand.

Additionally, the launch of new products in the market is also contributing to the growth of the market segment. For instance, in April 2020, Allergan plc disclosed The National Medical Products Administration (NMPA) of China has accepted the registration of Allergan's XEN Gel Stent for the surgical therapy of refractory glaucoma patients. XEN is the first product in China to be approved via the Real-World Evidence method. Additionally, in July 2021, the Paul Glaucoma Implant (PGI), Advanced Ophthalmic Innovations' next-generation glaucoma implant, was successfully implanted for the first time in China at Boao Super Hospital in Hainan. These initiatives are accelerating the market's expansion. Thus, the above-mentioned factors are expected to increase the market growth.

Competitive Landscape

The China Ophthalmic Devices Market is moderately competitive and consists of several major players. In terms of market share, a few of the major players are currently dominating the market The global players in the Chinese ophthalmic devices market are Alcon Inc., Bausch Health Companies Inc., Carl Zeiss Meditec AG, Hoya Corporation, Johnson & Johnson, Nidek Co. Ltd, Topcon Corporation, and Ziemer Group AG.

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