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. In many developed and developing countries, eye conditions have emerged as potential threats to the populations. According to the World Blind Union, in 2018, there were more than 85 million disabled persons in China, of which more than 17.5 million were visually impaired. Hence, as the number of eye disorders increases, there is a large demand for ophthalmic devices that are used for both diagnostic and therapeutic purposes, hence driving the market over the forecast period.
Key Market Trends
Lasers Segment is Expected to Show Better Growth over the Forecast Period
Based on surgical devices, the market is segmented into glaucoma devices, intraocular lenses, lasers, and other surgical devices. The laser is a popular surgical procedure for vision correction problems. It can fix astigmatism, nearsightedness, and farsightedness. The laser can be applied to the iris or the trabecular meshwork to allow aqueous fluid to flow more effectively within the eye and drain better by the normal drainage channels within the eye. As per a recent article, the cataract operation performed per million population rose from 370 in 2000 to 2,205 in 2017. The number is projected to increase further. Also, insurance covers between 70% and 80% of cataract surgical expenses in China, due to continuous efforts made by the Chinese government. Hence, the need for diagnosis and treatment of common eye disorders has made significant progress in recent years, which is expected to fuel the demand for ophthalmic devices during the forecast period.
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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