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

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    Report

  • 70 Pages
  • April 2023
  • Region: Sweden
  • Mordor Intelligence
  • ID: 4997295
UP TO OFF until Mar 31st 2024
The Swedish ophthalmic devices market is expected to register a CAGR of 4% during the forecast period.

COVID-19 has affected the world and had a major impact on the healthcare system. The COVID-19 outbreak resulted in many changes in European healthcare practice, especially ophthalmology drugs and devices, which were heavily impacted. Elective operations and non-emergency medical procedures were halted in most medical centers, and these services witnessed a significant decline, including cataract and vitreoretinal surgeries. An article published in March 2021 by the European Journal of Ophthalmology reported that ophthalmic surgical procedures were performed in Italy and another European country that was severely struck by the pandemic. The article also stated that in all centers, eye surgical procedures were limited to urgent procedures and intravitreal injections due to government rules. Thus, during the lockdown period in Europe, there was a general decrease in elective, urgent, and intravitreal injection procedures; however, after a few months, the market experienced significant growth as these services were resumed.

The rising prevalence of eye disease, technological advancements in the field of ophthalmology, and the growing geriatric population are all factors driving the market's growth. According to a Clinical and Experimental Optometry article published in August 2022, the distribution of refractive errors was as follows: hyperopia at 48%, emmetropia at 42%, and myopia at 10%. Participants who had two myopic parents had greater myopia and axial length than those who had one or no myopic parents. As a result of the high disease burden and the need for surgical treatment, the market studied is poised to grow over the forecast period.

The technological advancement in ophthalmic devices is driving the market. For instance, in September 2022, BVI received the certification for its intraocular lens (IOL) portfolio under the European Medical Device Regulation (MDR, (EU) 2017/745) from its notified body, the British Standards Institution (BSI). The new regulatory criteria came into effect in May 2021, replacing the prior Medical Device Directive (MDD). Additionally, in September 2022, SIFI launched Evolux, a novel extended monofocal intraocular lens (IOL) based on a hydrophobic material and a non-diffractive profile designed to provide better intermediate vision. Evolux was developed on a patented technology platform, pioneering the extension of the depth of focus through wavefront engineering. Thus, such recent developments are also driving the market. Also, the rise in the geriatric population in Sweden is driving the market, as older people are more susceptible to eye-related disorders.

Thus, due to the aforesaid factors, the market is expected to witness significant growth over the forecast period. However, the high risk associated with eye surgery and stringent regulations may slow down the growth over the forecast period.

Sweden Ophthalmic Devices Market Trends

Contact Lenses Segment is Expected to Witness Growth Over the Forecast Period

Contact lenses move with the eye, allow a natural field of view, have no frames to obstruct the vision and greatly reduce distortions.

Moreover, the prevalence of these conditions is expected to grow in the near future, owing to increased screen timing, the rising geriatric population, and other chronic conditions leading to vision loss. For instance, as per EUROSTAT data updated in July 2022, the number of cataract surgeries conducted in Sweden increased by 1,026.9 surgeries (+1.99%) in 2020. With 116,575 surgeries, the number of cataract surgeries thereby reached its highest value in the observed period. Notably, the number of cataract surgeries, continuously increased over the last few years. Thus, high cases of cataracts are increasing the demand for its medicine and surgeries, thereby driving the segment, and contributing to the market growth in Sweden. Thus, such statistics suggest the increasing need for contact lenses and thus are expected to drive the growth of the segment.

Also, in April 2022, the European Society of Cataract and Refractive Surgery reported, that 219,736 cataract extraction was reported to the European Registry of Quality Outcomes for Cataract and Refractive Surgery (EUREQUO) database in the year 2021, while in the year 2020 it was 193,082. The cataract extraction number got increased by 13.8% in 2021 compared to the previous year. Thus, the increasing number of cataract surgery reported in Europe, especially in Sweden is driving the segment.

Thus, due to the above-mentioned reasons, the segment is expected to witness significant growth over the forecast period, thereby driving the studied market in Sweden.



Glaucoma Devices Segment is Expected to Witness Growth Over the Forecast Period

Glaucoma drainage implants are small prosthetic devices that are placed to help lower the intraocular pressure and prevent further optic nerve damage. Glaucoma drainage implant surgery is an alternative to Glaucoma Filtration Surgery (Trabeculectomy).

As per the study published in November 2022, by International Ophthalmology, primary open-angle glaucoma (POAG) is the most common type, accounting for three-quarters of all glaucoma cases. An earlier study from the north of Sweden found a prevalence of POAG among subjects aged 66 years to be 2.1%. However, among patients with elevated intraocular pressure (IOP) only 9% became bilaterally visually impaired, thus indicating the importance of identifying patients early in the course of open-angle glaucoma to prevent visual impairment and blindness. Thus, there is an increasing demand for glaucoma devices in the country which is expected to boost the growth of the market over the forecast period.

Moreover, iSTAR Medical announced that the commercial rollout expansion for MINIject continued with the first implantations performed in Sweden and Norway. Such instances are expected to boost the growth of the segment in Sweden over the forecast period.

Thus, owing to the abovementioned factors, the market in the market segment is expected to project growth over the forecast period.



Sweden Ophthalmic Devices Market Competitor Analysis

The market studied is moderately competitive and there are several local as well as international companies that are operating in Sweden ophthalmic market. The global players in the Sweden ophthalmic devices market are Alcon Inc., Bausch Health Companies Inc., Carl Zeiss Meditec AG, Hoya Corporation, Johnson and Johnson, Nidek Co. Ltd, Topcon Corporation and Ziemer Group AG.

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 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Prevalence of Eye Diseases
4.2.2 Technological Advancements in Ophthalmic Devices
4.3 Market Restraints
4.3.1 Risk Associated with Ophthalmic Procedures and Poor Primary Healthcare Infrastructure
4.4 Porter's Five Forces 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 MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Devices
5.1.1 Surgical Devices
5.1.1.1 Glaucoma Devices
5.1.1.2 Intraocular Lenses
5.1.1.3 Lasers
5.1.1.4 Other Surgical Devices
5.1.2 Diagnostic and Monitoring Devices
5.1.2.1 Autorefractors and Keratometers
5.1.2.2 Ophthalmic Ultrasound Imaging Systems
5.1.2.3 Ophthalmoscopes
5.1.2.4 Optical Coherence Tomography Scanners
5.1.2.5 Other Diagnostic and Monitoring Devices
5.2 Vision Correction Devices
5.2.1 Spectacles
5.2.2 Contact Lenses
6 COMPETITIVE LANDSCAPE
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 Hoya Corporation
6.1.5 Johnson and Johnson
6.1.6 Nidek Co. Ltd
6.1.7 Topcon Corporation
6.1.8 Ziemer Group AG
6.1.9 iSTAR
7 MARKET OPPORTUNITIES AND FUTURE TRENDS

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Alcon Inc.
  • Bausch Health Companies Inc.
  • Carl Zeiss Meditec AG
  • Hoya Corporation
  • Johnson and Johnson
  • Nidek Co. Ltd
  • Topcon Corporation
  • Ziemer Group AG
  • iSTAR

Methodology

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