Vision Care Devices And Equipment Global Market Report 2020-30: Covid 19 Impact and Recovery

Vision Care Devices And Equipment Global Market Report 2020-30: Covid 19 Impact and Recovery

  • September 2020 •
  • 200 pages •
  • Report ID: 5967831 •
  • Format: PDF
Major players in the vision care devices and equipment market are Essilor, Johnson & Johnson, ZEISS, The Cooper Companies and Novartis.

The global vision care devices and equipment market is expected to decline from $27.8 billion in 2019 to $21.8 billion in 2020 at a compound annual growth rate (CAGR) of -21.5%. The decline is mainly due to the COVID-19 outbreak and the measures to contain it. The restrictions on non-essential medical services including ophthalmology services coupled with slowed production of ophthalmic devices used for treating eye conditions, due to extended factory closures in various countries together have contributed to the decline in the growth rate. The market is then expected to recover and grow at a CAGR of 6.8% from 2021 and reach $36 billion in 2023.

The vision care devices and equipment market consists of sales of vision care devices and equipment which are used to treat eye vision problems. These devices include contact lenses and spectacles.

In the USA, eyeglass frames and prescription lenses are regulated by FDA. These are classified as class 1 medical devices. These devices are exempt from filing a pre-market notification application, and FDA clearance before marketing a Class 1 device in the United States. Due to this prescription eyeglasses sold via the internet are still considered an FDA regulated product. In European Union (EU) medical devices including contact lens are regulated by European Commission (EC). The EC works in close conjunction with each country (’Member State) respected Health Authorities to integrate the various national requirements into a single law that could be rolled out and applied across the EU. The EU region is set to roll out new medical device regulations (MDR) in 2020, under which the contact lenses are included. These new regulations sheds light on the importance of prioritizing safety and efficacy prior to achieving marketing approval, and on transparency of device information. These new EU regulations will have an impact on contact lens approvals in Europe.

Lack of awareness among the people regarding the eye diseases include glaucoma, mascular degeneration, and others effects the market growth of the vision care devices and equipment market. According to a study in the USA, around one-thirds of survey respondents are not aware of glaucoma, more than half were unaware of mascular degeneration, and one-fourth of survey respondents were not aware of any eye conditions.

Technological advancement in vision care devices have totally transformed the eye care. Vision technology has witnessed some great scientific breakthroughs and innovation in the past few years and these advances are rapidly changing the future of those with chronic eye conditions. The innovation includes DriveSafe lenses with anti-glare coating to help with poor driving conditions, photochromic contact lenses that blocks sun’s harmful UV rays, and blue light blocking glasses among others. Major companies such as Johnson & Johnson Vision have invested in adaptive lenses.

Rising use of electronic devices is a continuous driver for the growth of vision care devices and equipment market. Usage of laptops, mobiles, PCs and others electronic devices has increased in the day-to-day life, which is the major factor responsible for eye-related problems. According to a survey by Deloitte, Americans collectively check their phones over 8 billion times per day. On an average, every person spends about five hours daily browsing the internet and using apps.