Friday, May 31, 2013

Market for Ophthalmic Devices, Diagnostics and Surgical Equipment to Reach $20.2 Billion in 2017

According to Ophthalmic Devices, Diagnostics, and Surgical Equipment: Global Markets (HLC083B) from BCC Research (, the global market was valued at nearly $16.9 billion in 2012, up from almost $15.3 billion in 2010. The market is expected to reach $20.2 billion in 2017, an increase of nearly $3.4 billion during the forecast period and a compound annual growth rate (CAGR) of 3.7% from 2012 to 2017.

An aging population is a significant driver in the growth of the market, boosting sales for products directed at addressing diseases of the eye, and emphasizing early intervention through diagnosis and treatments.

Markets in the United States are relatively steady and show moderate growth. The U.S. contact lens market in 2012 is estimated at $2.6 billion, accounting for 36% of worldwide sales. The U.S. market is influenced by a variety of factors, including the stability of the economy, healthcare spending, product development, and availability and cost. Sales for contact lenses in the United States are expected to grow at a rate of 3% annually, reaching $3 billion by 2017.

The European contact lens market is currently valued at $2.4 billion, reflecting slightly more than 33% of the $7.3 billion global market. Key markets in Europe include Germany and the United Kingdom, where contact lens markets are well established. Opportunities for growth remain in many Western European regions and the majority of Eastern Europe. By 2017, the European contact lens market is projected to reach $2.8 billion, growing at a rate of 3% annually.

Markets in Asia are driven by both established and emerging markets. The success in more developed regions such as Japan continues to support opportunities for growth. Those opportunities also exist in several developing regions, specifically India, China, and Korea. Sales for contact lenses in Asia will represent the fastest-growing segment of the market, with a 4.6% CAGR anticipated. Sales for contact lenses in Asia were estimated at nearly $1.5 billion in 2012, accounting for a 20% share of global sales. By 2017, the market will be worth about $1.8 billion, driven by an increase in competitors in the region and improved product selection.

Other regions generate sales equivalent to approximately 11% of the $7.3 billion global contact lens market. This amounts to a market of $800 million for 2012, which is driven by improved economic conditions, education in healthcare, and government involvement. Regions specifically affecting revenues in this segment include Australia, Brazil, Canada, Mexico, and New Zealand.

The global population will continue to grow and age; older people will make up 20% to 25% of each region’s total population by 2020. This suggests a steady market path for ophthalmic diagnostics, devices, and surgical equipment throughout the next several decades.

The global market for ophthalmic diagnostic, device, and surgical equipment can be broken down into three main segments: diagnostics, contact lenses, and surgical equipment.

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  • Diagnostic equipment includes imaging equipment, digital equipment, and nonimaging equipment, among other products. Diagnostics provide services in the areas of glaucoma, cataracts, and refractive procedures, which accounted for $3.3 billion in 2012, approximately 20% of total ophthalmic sales.
  • Contact lenses include both functional and cosmetic lenses. Products in this segment address the needs of myopia, hyperopia, astigmatism, and presbyopia. Contact lenses generated approximately $7.3 billion in revenues worldwide, accounting for almost 44% of the market in 2012.
  • Surgical equipment includes ophthalmic lasers, phacoemulsification equipment, intraocular lenses (IOLs), other specialized lasers, shunts, other drainage devices, and other related products. These products generated a market worth nearly $6.2 billion in 2012, accounting for nearly 37% of the total market.

This BCC report, Ophthalmic Devices, Diagnostics and Surgical Equipment: Global Markets (HLC083B), provides a comprehensive description of conditions and diseases that affect the eyes and products used for eye treatment. This report includes information regarding the incidence and prevalence of eye conditions and risk factors associated with those conditions.

Major product segments with in-depth market and competitive analysis are included in each segment and discuss ophthalmic devices, diagnostics, and surgical procedures. Research and development activities are included with an emphasis on segments that offer benefits to aging populations.

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