The ophthalmic devices market size is projected to register a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the growing incidence of different ophthalmic illnesses such as glaucoma, cataracts, and other vision-related concerns, these devices have acquired increasing relevance and popularity.
Ophthalmology is a branch of medicine that deals with the treatment, body structure, anatomy, and diagnosis of the eye disorders. Specialist in clinical and surgical eye issues is known as ophthalmologist who carries operations on eyes. The ophthalmic devices are used in various applications such as glaucoma surgery, cataract surgery, and refractive surgery with the help of various technologies. Ophthalmic drugs are used for the treatment of various eye diseases including cataract, eye infection, inflammatory diseases, and glaucoma, and detect various ocular malformations in the eyes.
The main cause of visual impairment is cataract, diabetic retinopathy, glaucoma, age related macular degeneration, and degenerative myopia. The prevalence of age related macular degeneration was around 18,644 in 2018 and 19,252 in 2019, according to global health data exchange.
Market Trends, Drivers, Restraints, and Opportunities
- Technological innovation in drug delivery system is estimated to propel the market during the forecast period.
- Increasing aging population is anticipated to push the market in the coming years.
- Rapid growth of hospital infrastructure is key factor spurring the market during the forecast period.
- Increasing prevalence of diseases related to eye is major factor fueling the market in the coming years.
- Growing provenance of eye disorder is major factor boosting the market.
- Lack of awareness about diseases related eye disorders act as major challenge that can restrict the market growth.
- Lack of knowledge about health related policies and insurance act as key factor that can impede the market expansion.
- R&D investment and technological advancement and innovation are estimated to offer lucrative opportunities for the market players.
Scope of Ophthalmic Devices Market Report
The report on the ophthalmic devices market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Ophthalmic Devices Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Devices (Surgical Devices, Diagnostic & Monitoring Devices, Vision Correction Devices)
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Geographical Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Ziemer Ophthalmic Systems AG; Alcon Inc.; Bausch Health Companies Inc.; Carl Zeiss Meditec AG; Johnson and Johnson
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Ophthalmic Devices Market Segment Insights
The vision correction segment is projected to hold a major market share
Based on devices, the ophthalmic devices market is divided into surgical devices, diagnostic & monitoring devices, vision correction devices. The vision correction segment is expected to represent a key share of the market during the forecast period. Corrective lenses or vision correction devices are used to help people with common refractive problems including myopia, hypermetropia, astigmatism, and presbyopia.
Low vision is the result of certain visual impairments. In 2014, nearly 2.9 million Americans were diagnosed with poor vision, according to the national eye institute. The number is likely to rise even further in the next years, reaching about 5 million during the forecast period. As a result, demand for vision correction devices is projected to rise as the number of people with impaired vision grows.
North America is expected to dominate the market
On the basis of geography, the ophthalmic devices market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market during the forecast period. Increased disposable income, high awareness, expanding elderly population, and rising frequency of eye disorders are driving market in the North American area, particularly in the United States and Canada.
According to the US centers for disease control and prevention, there were 40.9 million contact lens wearers aged 18 and older in 2015, accounting for 16.7% of the adult population in the US. Furthermore, the American academy of ophthalmology estimates that 2.4 million eye injuries occur each year in the US alone. The rising number of eye injuries contributes to the market's expansion.
Segments
The ophthalmic devices market has been segmented on the basis of
Devices
- Surgical Devices
- Diagnostic & Monitoring Devices
- Vision Correction Devices
Geography
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the ophthalmic devices market include Ziemer ophthalmic Systems AG, Alcon Inc., Bausch Health Companies Inc., Carl Zeiss Meditec AG, and Johnson and Johnson.
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
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