The Worldwide Ophthalmic Devices Industry is Expected to Reach $57+ Billion by 2027 – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–llThe “Global Ophthalmic Devices Market, By Product, Vision Care, Surgical Devices, Diagnostic & Monitoring Devices – Estimation & Forecast till 2027” report has been added to ResearchAndMarkets.com’s offering.

The global ophthalmic devices market valued at market size of USD 38,120.4 Million in 2020 and is expected to reach USD 57,571.4 Million by 2027. The global ophthalmic devices market is anticipated to grow at a CAGR of 6.5% over the forecast period.

Ophthalmology is a branch of medical field that studies the structure, function, and eyes related diseases. Ophthalmic devices are medical devices used for vision correction, surgery, and diagnosis. Due to the rising cases of various ophthalmic disorders such as glaucoma, cataracts, and other vision-related issues, these devices have gained popularity in the recent years.

Ophthalmic devices market is a highly fragmented, with the presence of international and local players across various regions. This results in increased competition in the market. Market players are continuously focusing on development of technologically advanced ophthalmic devices, to ensure early detection of eye-diseases.

Growth Influencers

Growing prevalence of eye related issues and disorders

The need for eye care is anticipated to increase dramatically in the coming decades across the globe, posing a considerable challenge to health systems. Continuous increase in the number of eye related issues and loss of eyesight has become a global concern. The rising cases of chronic diseases like diabetes and hypertension has aided in the spread of eye problems.

As per World Health Organization (WHO), globally at least 2.2 billion people have a vision impairment or blindness, of whom at least 1 billion have a vision impairment that could have been prevented or has yet to be addressed. Tens of millions have a severe vision impairment and could benefit from rehabilitation which they are not currently receiving. Due to this, governments of various countries are taking necessary steps to improve the eye facilities, which in turn is expected to drive the demand for ophthalmic devices at a huge pace, in the forthcoming years.

Increased adoption of advanced technologies is anticipated to promote the market growth

Remarkable advancements have been made in the technology being used by ophthalmologists across all the globe. These technological advancements are improving the outcomes through simplification of treatment procedures for eye illness for curing incurable disorders. Huge investments are also being made to develop more advanced technologies and devices which is expected to boost the demand for ophthalmic devices in the forthcoming years.

High cost of ophthalmic devices is restraining the market growth

High cost of ophthalmic devices is one of the most crucial factors, restraining the market growth. Whereas, dearth of skilled professionals in developing countries is anticipated to create a hindrance in the market growth.

Segments Overview

The global ophthalmic devices market is segmented into product, vision care, surgical devices, diagnostic & monitoring devices, and end-users

By Product

• Vision Care Products
• Surgical Devices
• Diagnostic & Monitoring Devices

Based on product, the vision care products segment is estimated dominate the market, with the largest share of more than 55% of ophthalmic devices market in 2020. Whereas, surgical devices segment is estimated to grow at a highest CAGR of 6.9% during the forecast period.

By Vision Care

• Spectacles
• Contact Lenses

Based on vision care, contact lenses segment is forecasted to grow at a highest CAGR of 7.2% during the forecast period.

By Surgical Devices

• Cataract Surgical Devices
• Ophthalmic Viscoelastic Devices
• Vitreoretinal Surgical Devices
• Refractive Surgical Devices
• Glaucoma Surgical Devices
• Ophthalmic Microscopes
• Ophthalmic Surgical
• Accessories

Based on surgical devices, cataract surgical devices segment is forecasted to dominate the market with a share of more than 35% of ophthalmic devices market in 2020. The segment is estimated to continue this dominance during the forecast period.

By Diagnostic & Monitoring Devices

• Ophthalmoscopes
• Chart Projectors
• Corneal Topography Systems
• Fundus Cameras
• Lensometers
• Ophthalmic Ultrasound Imaging Systems
• Autorefractors & Keratometers
• Optical Biometry Systems
• Optical Coherence Tomography Scanners
• Phoropters
• Retinoscopes
• Slit Lamps
• Specular Microscopes
• Tonometers
• Wavefront Aberrometers
• Indirect Ophthalmic Lens

The diagnostic & monitoring devices market is estimated to be dominate by ophthalmic ultrasound imaging systems segment. The segment is estimated to capture more than 13% of the market in 2020.

By End Users

• Consumers
• Hospitals
• Specialty Clinics & Ambulatory Surgery Centers
• Other End Users

Based on end users, the consumers segment is estimated to capture the largest market share in 2020.

Regional Overview

On the regional basis, the global ophthalmic devices market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

Competitive Landscape

Key players operating in the market include 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. among others. The major 10 players in the market accounted for a cumulative market share of nearly 70% in 2020.

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