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Italy Ophthalmic Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

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  • 71 Pages
  • April 2023
  • Region: Italy
  • Mordor Intelligence
  • ID: 5764570
The Italian ophthalmic devices market is expected to grow at a CAGR of 6.1% during the forecast period.

During the initial phase of the COVID-19 pandemic, Italy was the first to declare widespread lockdown and severe limitations on working activities and mobility. These limitations affected the demand for ophthalmic devices in Italy. For instance, as per the data from the European Journal of Ophthalmology published in January 2022, due to COVID-19, Verona's University Eye Clinic in Italy rescheduled daily tasks to ensure continuity of care for individuals with serious ocular diseases and witnessed a sudden drastic decline in the number of visits during the pandemic. The same report stated that during the lockdown, ophthalmic clinical activities dropped by 31% in Italy in 2020. Hence, it is observed that COVID-19 had a significant impact on the market studied.

The key factors propelling the market's growth in Italy include demographic shift and increasing burden of eye diseases, rising geriatric population, and technological advancements in ophthalmic devices. As per the MDPI report published in September 2021, the prevalence of ophthalmic diseases such as cataracts, glaucoma, maculopathy, and retinopathy was 52.6%, 5.3%, 5.6%, and 29.1%, respectively, in Italy. Awareness about ophthalmic conditions is higher in the country, augmenting the demand for devices. For instance, among the affected people, those aware of their condition were 21.8% for cataracts, 65.4% for glaucoma, and 7.1% for maculopathy. The data mentioned in the MDPI report suggest that the burden of eye diseases is increasing in Italy every year, which is believed to create more demand for ophthalmic devices in the country.

With the presence of key market players such as Alcon Inc., Bausch Health Companies, and Johnson and Johnson, the market has better availability of ophthalmic devices. For instance, in Italy, few devices are marketed for glaucoma, including GATT, Kahook, and iStent inject. As per the data from the Italian Society of Ophthalmology published in 2021, over 550,000 people were living with glaucoma in Italy in 2021, and the prevalence was 2% in people over 40 years. Due to the large number of people having glaucoma, there is a growing adoption of glaucoma devices. The data from the National Institute of Health published in January 2021 stated that the iStent inject has emerged as a safe option among Microinvasive Glaucoma Surgery (MIGS) devices, as it does not require trabecular meshwork removal. With the availability of such devices, the market studied is expected to witness growth in Italy over the forecast period.

However, risks associated with ophthalmic procedures are expected to restrain the market's growth.

Italy Ophthalmic Devices Market Trends

The Growth of Spectacle Lenses

Vision correction devices or corrective lenses, such as spectacle lenses, aid and improve vision for those with common refractive errors, like myopia, hypermetropia, astigmatism, and presbyopia. These visual impairments result in low vision.

As per the data from World Health Organization, in 2020, over 2.8 million people in Italy had moderate to severe vision loss, up from about two million in the past decade. The WHO data also suggested that the number of people with moderate vision loss is estimated to increase in the coming years. As this number rises, there will be a growing demand for spectacle lenses due to refractive errors among people with vision loss.

Several big companies in Italy operate in the spectacle lens business segment. For instance, EssilorLuxottica SA is one of the global leaders in spectacle lenses that launched Essilor’s Stellest spectacle lens in May 2021 and got FDA approval to sell across the United States. Essilor’s Stellest is available in European countries, including France, Italy, and others. Therefore, with such new launches, the segment is expected to witness strong growth during the forecast period.

According to the data from Export Genius published in 2021, Italy is one of the leading countries in Europe to export spectacle lenses. The country mainly exports spectacle lenses in France. Due to the presence of big companies, significant manufacturing of spectacle lense occurs in Italy, which makes the country one of the leading manufacturers of spectacle lenses. Therefore, with the huge number of spectacle lenses being manufactured, the segment is expected to witness strong over the forecast period.

Increasing Geriatric Population and Increasing Prevalence of Eye Diseases

A large number of older population across the country is directly contributing to the ophthalmic devices market's growth as the elderly population is more prone to develop eye disorders associated with age.

As per the World Bank data published in 2021, 24% of the people in Italy were 65 years and above, which accounted for around 60.34 million people in 2021. The statistics mentioned above indicate that the number of older people is high in Italy, which is expected to augment the demand for ophthalmic devices during the forecast period.

The large population affected by vision impairment problems in Italy is expected to boost the growth of the market studied over the forecast period. For instance, a PubMed article published in January 2022 indicated that age-related macular degeneration was the leading cause of blindness in Italy. The article also indicated that cataracts and glaucoma were the other major causes of vision blindness in the nation. Hence, with eye disease causing major morbidity in the country, the demand for ophthalmic devices is rising in Italy.

The European Society of Cataract and Refractive Surgeons conducted its 40th Congress in Milan, Italy, in September 2022, and during the program, several key players exhibited their novel ophthalmic laser technologies. Hence, key players' engagement in the development of advanced technology in the ophthalmic field is expected to boost the growth of the market studied in Italy over the forecast period.

Italy Ophthalmic Devices Market Competitor Analysis

The Italian ophthalmic devices market is moderately concentrated in terms of competition. With the well-established healthcare industry, key companies are establishing their presence in Italy. Some of the major companies in the market studied include Alcon, Bausch Health Companies Inc., Carl Zeiss Meditec AG, EssilorLuxottica SA, and Johnson and Johnson, among others.

Additional benefits of purchasing the report:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

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Table of Contents

1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
4.1 Market Overview
4.2 Market Drivers
4.2.1 Demographic Shift and Increasing Prevalence of Eye Diseases
4.2.2 Rising Geriatric Population
4.2.3 Technological Advancements in Ophthalmic Devices
4.3 Market Restraints
4.3.1 Risk Associated with Ophthalmic Procedures
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5.1 By Devices
5.1.1 Surgical Devices Glaucoma Drainage Devices Glaucoma Stents and Implants Intraocular Lenses Lasers Other Surgical Devices
5.1.2 Diagnostic and Monitoring Devices Autorefractors and Keratometers Corneal Topography Systems Ophthalmic Ultrasound Imaging Systems Ophthalmoscopes Optical Coherence Tomography Scanners Other Diagnostic and Monitoring Devices
5.1.3 Vision Correction Devices Spectacles Contact Lenses
6.1 Company Profiles
6.1.1 Alcon Inc.
6.1.2 Bausch Health Companies Inc.
6.1.3 Carl Zeiss Meditec AG
6.1.4 EssilorLuxottica SA
6.1.5 HAAG-Streit Group
6.1.6 Hoya Corporation
6.1.7 Johnson and Johnson
6.1.8 Nidek Co. Ltd
6.1.9 Topcon Corporation
6.1.10 Ziemer Ophthalmic Systems AG

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Alcon Inc.
  • Bausch Health Companies Inc.
  • Carl Zeiss Meditec AG
  • EssilorLuxottica SA
  • HAAG-Streit Group
  • Hoya Corporation
  • Johnson and Johnson
  • Nidek Co. Ltd
  • Topcon Corporation
  • Ziemer Ophthalmic Systems AG