Market Trends of Italy Ophthalmic Devices Industry
This section covers the major market trends shaping the Italy Ophthalmic Devices Market according to our research experts:
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.
