Australia Ophthalmic Devices Market Size (2024 - 2029)

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.