Focus on diagnostic and monitoring devices, surgical devices, vision care
DUBLIN, March 11, 2022 /PRNewswire/ — The “Global Ophthalmic Devices Market (by Applications, Products, End Users, Regions), Impact of COVID-19, Major Transactions, Trends, Key Players Analysis, Recent Developments – Forecast to 2027” report has been added to from ResearchAndMarkets.com offer.
The Global Ophthalmic Devices Market is Expected to Reach US$68.2 billion by 2027
Ophthalmic devices are designed for diagnostic, surgical and vision correction purposes. These devices are continuously gaining importance and adoption due to the high prevalence of various ophthalmic diseases such as glaucoma, cataracts and other vision-related problems.
According to the World Health Organization (WHO): Worldwide, at least 2.2 billion people are visually impaired or blind, of whom at least 1 billion have preventable or unavoidable visual impairment. not yet been processed. Hence, the growing number of eye-related disorders propels the demand for vision care devices, which in turn propels the growth of the ophthalmic devices market.
However, factors such as the high cost of ophthalmic devices and shortage of skilled professionals with expertise in ophthalmic surgery are expected to hamper the market growth.
Impact of COVID-19 on the Global Ophthalmic Devices Market
The COVID-19 outbreak has become a global stress test. As the number of people infected with the virus continues to rise around the world, uncertainties about global economic growth are growing.
The COVID-19 pandemic has limited the growth of the ophthalmic devices market, mainly by Europe, Asia and the United States, by the social restrictions and other precautionary measures taken in response to the COVID-19 pandemic. However, when governments started to lift social restrictions, the negative revenue trend of these companies started to stabilize and level off before the third quarter of 2020.
In the coming years, ophthalmologists are expected to witness an increase in the influx of patients, thereby driving the ophthalmic devices market.
Global Ophthalmic Devices Market – Growth Drivers
- Technical advances in eye surgeries to stimulate growth
- Continuous efforts by healthcare organizations to fuel the ophthalmic devices market
- Rising Incidence of Diabetes Globally Drives Demand for Ophthalmic Devices
- The upsurge in the geriatric population is driving the growth of the market
- Rising Incidence of Eye Diseases Worldwide is Fueling Market Growth
Global Ophthalmic Devices Market – Challenges
- High price factor of ophthalmic devices
- Shortage of qualified professionals with expertise in ophthalmic surgery
Global Ophthalmic Devices Market and Forecast
By application segment
- Based on application, the vision care segment dominated the overall ophthalmic devices market.
- Surgical instrument devices held the second highest share in the overall ophthalmic devices market, while the diagnostic and monitoring devices segment is expected to grow at the fastest rate during the forecast period.
- Diagnosis is an indispensable process in the treatment of ocular disorders and is responsible for contributing to the growth of the diagnosis & monitoring segment.
- Based on product, contact lenses held the largest share of the ophthalmic devices market, while cataract surgery devices accounted for the second highest share of the total ophthalmic devices market.
- Retinal surgery devices are the third largest product segment of the ophthalmic devices market in 2021.
- The Global Fundus Camera Market Is Expected To Overtake 800 million US dollars by 2027.
- Optical coherence tomography (OCT) has become the standard of care for the evaluation and treatment of most retinal diseases. The introduction of hybrid techniques such as optical coherence tomography (OCTA) angiography may open up new avenues for the market.
- Glaucoma surgery is currently evolving with the introduction of several new devices and those under development have continued to emphasize the safety of glaucoma surgery.
- The Global Cataract Surgery Devices Market Is Expected To Exceed US$9.3 billion score by 2027.
By end users
- The consumer segment accounted for the highest share of the global ophthalmic devices market, as the majority of ophthalmic products such as eye care products are used by ordinary consumers.
- Hospitals and Ophthalmic Clinics & Centers captured the 2nd and 3rd shares of the overall ophthalmic devices market respectively in 2021.
- Ambulatory surgery centers are expected to grow at the fastest rate over the forecast period as these centers provide cost effective services and a less stressful practice environment than many hospitals can offer.
- North America dominated the global ophthalmic devices market in 2021.
- In North America, United States captures the largest share of the total ophthalmic devices market.
- Europe represents a major market for ophthalmic devices, due to the increase in chronic eye diseases among the geriatric population.
- In Europe, Germany and UK constitute the main market for ophthalmic devices.
- Asia Pacific is expected to grow at the fastest rate during the forecast period owing to the presence of untapped opportunities in emerging economies such as China and India.
- Japan ophthalmic devices market dominated the Asia Pacific region, while China accounted for approximately 5% of the global ophthalmic devices market in 2021.
Application segments of the global ophthalmic devices market
- Diagnostic and monitoring devices
- Fundus camera
- Optical coherence tomography scanner
- Surgical Instrument Devices
- Refractive Error Surgery Devices
- Glaucoma surgery devices
- Cataract surgery devices
- Retinal surgery devices
- Vision care
Global Ophthalmic Devices Market – By End Users
- Ophthalmology clinics and centers
- Ambulatory surgery centers
Global Ophthalmic Devices Market – Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East and Africa
Global Ophthalmic Devices Market – Company Profiles
- Alcon, Inc.
- Carl Zeiss Meditec AG
- Topcon Corporation
- Bausch Health Companies Inc. (Formerly Valeant Pharmaceuticals International, Inc.)
- Iridex Corporation
- Ellex Medical Lasers (acquired by Quantel Medical)
- Medical Escalon
- Second Sight Medical Products Inc.
- Nidek Co., Ltd.
For more information on this report, visit https://www.researchandmarkets.com/r/rt6kwf
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