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Global Ophthalmic Devices Market is forecast to record a rise of around US$57 Bn in the market size by 2027, with growth at CAGR of 6.5% in terms of revenue and 5.8% in terms of volume during the forecast period 2021-2027. The market runs in three distinguished product categories, out of which diagnostic and monitoring devices hold the minimum share. The corresponding market volume of these devices (diagnostic and monitoring) is examined to cross 5 Mn units by 2027. The increase in growth rate in terms of revenue is due to the rising prevalence of eye disorders such as cataracts, diabetic retinopathy, myopia, and hyperopia in developed and emerging nations. Moreover, the introduction of government norms and initiatives around the world, concerning eye care are intensifying the growth of the market over the forecast years.
One of the major reasons for high rates of vision problems across developing countries is the lack of ophthalmic practitioners. Due to the high cost of ophthalmic surgical procedures and greater risks associated with ophthalmic devices, there is a decline in the ophthalmic devices market globally. The report on the global market for Ophthalmic Devices provides a detailed analysis of market opportunities by region, market dynamics, industry value chain, and competitive landscape for the key companies in the market. Ophthalmic Devices Market is evaluated for the period 2017 to 2027, wherein 2017-2019 is the historic data, 2020 is considered as the base year and 2021-2027 are forecast values.
The growth over the forecast reflects industry recovery from the Covid-19 impact and subsequent shift in the growth trend. The report offers thorough analysis detailed across 17 chapters totaling 324 pages, with extensive data tables – 93 and figures - 115.
The report provides an in-depth analysis of the Global Ophthalmic Devices Market. The regions that have been broadly analyzed in this report include – North America, Europe, Asia Pacific, Middle East, and Africa, South America, and Japan for growth opportunities in Ophthalmic Devices Market, identifying North America as the largest shareholder in the market while Asia-Pacific is estimated to grow at the fastest CAGR of 7.9% during the forecast period.
The report includes an analysis of the ophthalmic devices market on basis of the following parameters – Product Type, Vision care, Surgical device, Diagnostic & Monitoring Devices, and End Users Industry. Further sub-segments provide the readers with exclusive insights into the growing trend for each category.
Globally, it is observed that the ophthalmic devices market would see a healthy rise in the surgical devices segment, exhibiting a CAGR of 6.9% during the forecast period 2021-2027.
Chronic eye disorders, vision loss, and impairment are becoming a critical health issue across the world which is creating a positive outlook for the ophthalmic devices market. Also, elderly people are more likely to develop vision impairment issues, for example, Americans aged 65 years and older were nearly 46 Mn in 2016 and are expected to grow to almost 98 Mn by 2060, which creates utility for the ophthalmic devices market. Moreover, the regulatory body is intended to raise the importance of eye health in the region by expanding and improving services to treat and prevent the major causes of blindness.
Technological advancements specific to ophthalmic device manufacturing could have a varying range of effects on the overall market performance. Artificial intelligence (AI) and machine learning (ML) are also gaining significant incorporation in ophthalmic devices to quickly detect the patient’s eyes with better accuracy and recommend them a suitable treatment. The YoY growth of the ophthalmic devices market over the forecast term is between around 1.4% -6.9% during the forecast period 2021-2027. Low values are due to the impact of Covid-19 and subsequent slow recovery.
However, lack of insurance for eye care treatment and optometrists has added complications thereby limiting the market growth.
The competition landscape of the report covers descriptive profiles of 35 key players and the list can be modified according to the reader’s requirements of research. The report details out Sales composition ratio of all players profiled – specifically for the diagnostic and monitoring devices segment. It also provides revenue share of all 35 players for each of the 17 products/ equipment listed therein.
Details covered for these players include – Business description, company financials, key details, strategy outlook, list of products, and recent developments. The players profiled in the report include the following- Alcon, Bausch + Lomb, Canon Inc., Carl Zeiss Meditec AG, Clearlab SG PTE, Ltd., EssilorLuxottica SA, Glaukos Corporation, Haag-Streit Holding, HEINE Optotechnik, Hoya Corporation, Johnson & Johnson Vision, Lumenis, Luneau Technology Group, Neo Vision, Nidek Co. Ltd. OcuLentis, STAAR Surgical Company, Topcon Corporation, Ziemer Ophthalmic Systems AG, Marco, Kowa Optimed. Inc., Oculus Inc., Reichert, Inc Beye, LLC(Keeler), CSO SRL, Takagi, Rexxam, Inami, Welch Allyn, Huvitz, Plusoptix, Tomey, Volk, Ellex Medical Laser Limited, Iridex Corp.
By Vision Care
By Surgical Devices
By Diagnostic & Monitoring Devices
By End Users
The Global Ophthalmic Devices Market is expected to reach USD 57 Billion by 2027.
Advanced surgical procedures such as multi-wavelength diabetic retinopathy treatment, ultrasound phacoemulsification, and femtosecond laser surgery are expected to increase the usage rate of this equipment.
The dawn of technological advanced minimally invasive surgical treatments, such as LASIK surgery, is presumed to accelerate the demand for ophthalmic devices in future.
Lack of ophthalmic practitioners and high cost of the ophthalmic surgery procedures are some major factors hindering the growth of the ophthalmic devices market.
Some of the latest surgical devices available in the market are Cataract Surgical Devices, Ophthalmic Viscoelastic Devices, Vitreoretinal Surgical Devices, Refractive Surgical Devices, Glaucoma Surgical Devices, Ophthalmic Microscopes, Ophthalmic Surgical and Accessories.
The market is expected to grow at a CAGR of 6.5% in terms of revenue in the forecasted period 2021-2027.
Due to high stress and unhealthy lifestyles, the rapidly growing base of the elderly population and increasing prevalence of chronic eye diseases have led to diabetic retinopathy which have acted as a major driver to the market.
North America is the largest shareholder in the market.
Asia Pacific is expected to grow at the highest of 7.9% during the forecasted period.
Ophthalmology services were severely impacted negatively. Many of the operations are optional, and routine healthcare consultations were avoided to prevent individuals especially elderly at risk of developing Covid-19 symptoms.
Key players in the ophthalmic devices market are Alcon, Bausch + Lomb, Carl Zeiss, Clearlab SG PTE, Ltd., Glaukos Corporation, Haag-Streit Holding, HEINE Optotechnik, Hoya Corporation, Johnson & Johnson Vision, Lumenis, and others.
The report provides market size estimates for period of 2017-2027. Wherein, 2017-2019 is the historic period. 2020 is the base year, and 2021-2027 is the forecast period. In all, forecast is provided for a term of 10 years in the report.
The report provides detailed segment level market size forecast and analysis based on multiple parameters. These include By Product (3 subsegments), By Vision Care (2 subsegments), By Surgical Devices (7 Sub Segments), B Diagnostic and Monitoring Devices (17 sub segments), By End Users (4 sub segments).