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