Market Size of Australia Ophthalmic Devices Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Australia Ophthalmic Devices Market Analysis
Australia's Ophthalmic Devices Market is expected to register a CAGR of 5.5% in the forecast period.
The market for ophthalmic devices suffered during the lockdown, primarily as a result of fewer clinical or hospital visits. The ocular surface has been proposed as a potential site of exposure and infection by SARS-CoV-2, with COVID-19 patients developing ocular surface symptoms and follicular conjunctivitis, according to a research study published in the National Library of Medicine in January 2022, stated that ophthalmological community responded in part by increasing the use of telemedicine services, changing the triaging for surgical procedures and strengthening the use of personal protection equipment (PPE) (including the use of slit lamp breath shields). Thus, the COVID-19 pandemic severely curtailed ophthalmology services initially, currently as the pandemic has subsided the market has gained some traction, and thus the market is expected to have stable growth during the forecast period of the study.
Factors such as increasing vision impairment and initiatives by key market players are expected to increase the market growth. According to the WHO October 2021 update, rates of untreated near vision impairment are estimated to be greater than 80% in western, eastern, and central sub-Saharan Africa, compared to comparative rates in high-income regions of North America, Australia, and Western Europe, and Japan. The introduction of new goods and regulatory agency approvals have also significantly contributed to the market expansion. For instance, in June 2021, the Therapeutic Goods Administration (TGA) of Australia granted regulatory approval to Glaukos Corporation for the PRESERFLO MicroShunt, which is intended to lower intraocular pressure (IOP) in the eyes of individuals with primary open-angle glaucoma. These approvals are fueling the country's market expansion.
Although there have been advancements, the devices are stilled deemed unsafe, and can cause damages if not handled professionally, which might restrain the market growth.
Australia Ophthalmic Devices Industry Segmentation
Ophthalmology is a branch of medical sciences, that deals with the structure, function, and various diseases related to the eye. The ophthalmic devices are medical equipment designed for diagnosis, surgical, and vision correction purposes. The Australia Ophthalmic Devices Market is Segmented by Devices (Surgical Devices (Glaucoma Drainage Devices, Intraocular Lenses, and Other Surgical Devices), Diagnostic and Monitoring Devices (Autorefractors and Keratometers, Corneal Topography Systems, Ophthalmic Ultrasound Imaging Systems, and Other Diagnostic and Monitoring Devices), and Vision Correction Devices). The report offers the value (in USD million) for all the above segments.
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| Vision Correction Devices |
Australia Ophthalmic Devices Market Size Summary
The Australian ophthalmic devices market is poised for stable growth, driven by factors such as increasing vision impairment and the rising prevalence of diabetes. The market experienced a downturn during the COVID-19 pandemic due to reduced clinical visits and the need for enhanced safety measures, including the use of telemedicine and personal protective equipment. However, as the pandemic's impact has lessened, the market has begun to recover. The introduction of new products and regulatory approvals, such as the Therapeutic Goods Administration's approval of Glaukos Corporation's PRESERFLO MicroShunt, have significantly contributed to market expansion. Despite advancements, concerns about the safety and handling of these devices may pose challenges to market growth.
The market's expansion is further supported by the increasing prevalence of cataracts and glaucoma, which drive the demand for intraocular lenses and other vision correction technologies. The development of innovative products, such as therapeutic contact lenses and advanced contact lenses by companies like Bausch + Lomb and Queensland University of Technology, also plays a crucial role in market growth. The competitive landscape is characterized by the presence of major players like Alcon Inc., Bausch Health Companies Inc., and Johnson and Johnson, who are actively expanding their offerings in the region. Australia's well-structured healthcare system and high healthcare expenditure continue to attract global companies, fostering a competitive market environment.
Australia Ophthalmic Devices Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Demographic Shift and Increasing Prevalence of Eye Diseases
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1.2.2 Rising Geriatric Population
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1.2.3 Technological Advancements in Ophthalmic Devices
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1.3 Market Restraints
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1.3.1 Risk Associated with Ophthalmic Procedures
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1.4 Porter's Five Force Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 By Devices
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2.1.1 Surgical Devices
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2.1.1.1 Glaucoma Drainage Devices
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2.1.1.2 Intraocular Lenses
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2.1.1.3 Other Surgical Devices
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2.1.2 Diagnostic and Monitoring Devices
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2.1.2.1 Autorefractors and Keratometers
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2.1.2.2 Corneal Topography Systems
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2.1.2.3 Ophthalmic Ultrasound Imaging Systems
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2.1.2.4 Other Diagnostic and Monitoring Devices
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2.1.3 Vision Correction Devices
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Australia Ophthalmic Devices Market Size FAQs
What is the current Australia Ophthalmic Devices Market size?
The Australia Ophthalmic Devices Market is projected to register a CAGR of 5.5% during the forecast period (2024-2029)
Who are the key players in Australia Ophthalmic Devices Market?
Alcon Inc, Bausch Health Companies Inc, Johnson and Johnson, Carl Zeiss Meditec AG and Ziemer Ophthalmic Systems AG are the major companies operating in the Australia Ophthalmic Devices Market.
