DUBLIN--(BUSINESS WIRE)--The "India Ophthalmology Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.
The Indian ophthalmology devices market is expected to register a CAGR of 7.3% during the forecast period.
Ophthalmology-based diseases in India are increasing. According to the 2021 statistics by the HelpMeSee India Foundation, cataract contributes to 66.2% of overall blindness in people between 50 and 90 years of age. As per the 2019 statistics by the AgeingAsia.org initiative of HelpAge International and the members in the Asia-Pacific, more than 139 million people in India are above 60 years and comprise 10% of the country's total population.
Furthermore, as per a study done by L V Prasad Eye Institute (LVPEI), Hyderabad, published in 2019, by the year 2030, a staggering 275 million people are expected to be affected by dry eye disease. The projection is based on the current incidence rates of 45% of the country's urban population. There is a significant and growing burden of moderate visual impairment in India.
Furthermore, as per the 2021 statistics by the Ministry of Statistics and Program Implementation (MoSPI), India, the number of females and males in the elderly population is projected to reach 100.9 million and 92.9 million in 2031, respectively. Such an anticipated increase in the growth rate reflects the increasing number of cataract surgeries performed per year that, in turn, indicates the rising demand for ophthalmic devices in the country.
Key Market Trends
The Glaucoma Surgery Devices Segment is Expected to Hold the Largest Share in the Market
Glaucoma surgery devices are used in the treatment of glaucoma disorder. Glaucoma disorder is characterized by progressive and irreversible damage to the optic nerve and is the leading cause of irreversible blindness in India.
According to the 2021 statistics by the HelpMeSee Foundation, 5.80% of the population in India is affected by glaucoma disorder. Thus, the number of patients in India suffering from glaucoma is increasing with the growing population. Such patients undergo surgery to treat glaucoma and are contributing to the rising demand for glaucoma surgical devices, including glaucoma drainage devices. Glaucoma drainage devices are the most used second-line surgical interventions for glaucoma.
In addition, the introduction of micro-invasive glaucoma surgery (MIGS) has allowed for improved management of patients with mild to moderate glaucoma. The field of MIGS has expanded rapidly in the last decade, owing to the ability of ophthalmic surgeons to tailor surgical approaches. This has augmented the usage of MIGS surgery devices in India. MIGS devices provide reduced surgery time, shorter recovery periods, affordability, and a low risk of post-surgical complications.
Moreover, presently, Selective Laser Trabeculoplasty (SLT) and Argon Laser Trabeculoplasty (ALT) are the commonly preferred glaucoma procedures in India, indicating a consistent demand for glaucoma surgery devices used in these procedures in the country. Thus, the increased demand for glaucoma surgery devices owing to the aforementioned factors is likely to boost the market's growth.
Market Dynamics
Market Drivers
- Growth in Cataract Volume
- Technological Advancements in the Field of Ophthalmology
- Rising Geriatric Population
Market Restraints
- Shortage of Skilled Professionals
- Low Awareness About Eye-related Diseases
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
5 MARKET SEGMENTATION (Market Size by Value - USD Million)
6 COMPETITIVE LANDSCAPE
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Companies Mentioned
- Alcon Inc.
- Bausch & Lomb Inc.
- Carl Zeiss Meditec AG
- Essilor International SA
- Hoya Corporation
- J&J Vision Care
- Nidek Co. Ltd
- Topcon Corporation
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