Global Ophthalmic Devices Market is Expected to Foresee Significant Growth During the Forecast
Global Ophthalmic Devices Market is expected to reach the market valuation of US$ 46,337.4 million by 2026 expanding at a reasonable CAGR of 5.2% during the forecast period (2021-2026) from US$ 31,856.4 million in 2019. About 2.2 million people around the world suffer from visual impairment and other eye conditions. Ophthalmic devices include a wide range of design types and applications such as glasses, contact lenses, intraocular lenses, implants, diagnostics, lasers, solutions, and surgical instruments.
The various factors driving the ophthalmic
devices market include an accelerating geriatric population, a growing number
of eye defects, increasing demand for minimally invasive surgical procedures,
increasing prevalence of eye-related diseases such as glaucoma, cataract, and
others. Also, the technological advancements in the developed regions and the
rise in the global adoption of contact lenses and spectacles are expected to
boost the market growth. However, complications associated with eye surgeries,
reimbursement policies for ophthalmic surgery procedures are expected to hinder
the growth of the ophthalmic devices market.
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Trends in the production of strategic visions of
the real-world application of new sciences and technologies and the production
of knowledge in emerging sectors provide important signals for participants
striving to develop innovative products and processes. The ophthalmic industry
is a key growth area in the medical device world, with an ever-increasing
demand for solutions to improve the day-to-day living of millions of people.
According to World Health Organization (WHO), around 253 million people across
the globe live with vision impairment; of which, about 36 million are blind and
217 million suffer from moderate or severe vision impairment. The increasing
prevalence of infectious eye diseases in developed as well as developing
economies will further surge the ophthalmic equipment business growth. A cataract is estimated to affect 52.6 million
people worldwide and is globally estimated to cause 33% of total visual
impairment and 51% of total blindness.
The various products in the ophthalmic
devices market include vision care devices, surgery devices, and diagnostic
and monitoring devices. The vision care devices segment dominated the product
segment market in 2019 accounting for 79.2% and is anticipated to maintain its
dominance during the forecast period owing to the rising use of electronic
devices such as laptops, mobiles, PCs, and others. The usage of these devices
has been increased in day-to-day life, which is the major factor responsible
for eye-related problems.
The vision care devices are further bifurcated into
spectacles and contact lenses. Moreover, the surgery devices are fragmented
into cataract surgery devices, glaucoma surgery devices, refractive surgery
devices, vitreoretinal surgery devices, and other surgery devices. The ophthalmic diagnostic and monitoring devices are
further segmented into optical coherence tomography/scanning laser
ophthalmoscopy, fundus camera, tonometer, perimeter, optical biometry,
ophthalmic operating microscopes, slit lamp, autorefractors, and other
diagnostic and monitoring devices. The optical coherence tomography/scanning
laser ophthalmoscopy dominated the market in 2019 and is anticipated to
maintain its dominance during the analyzed period.
For a
detailed analysis of the disease area in Ophthalmic Devices Market browse
through https://univdatos.com/report/ophthalmic-devices-market-current-analysis-and-forecast-2020-2026
Based on the disease area, the
market is segmented into cataract, glaucoma, age-related macular degeneration,
diabetic retinopathy, and others. In 2019, the cataract segment accounted
for 28.5% of market revenue share and dominated the market owing to the most
common worldwide cause of impaired vision and a particular problem in
developing countries, where they commonly lead to blindness. According to the
National Institute of Eye, the risk of cataract increases with each decade of
life starting around the age of 40. By age 75, half of Americans have cataract.
However, the diabetic retinopathy segment is expected to witness the highest
CAGR of 5.5% during the forecast period.
The major end-users of ophthalmic devices include
optical centers, hospitals, ophthalmic clinics, and ambulatory surgery centers.
The optical centers dominated the market and generated revenue of US$ 14,856.1
million in 2019. However, the ophthalmic clinics are expected to witness the
highest CAGR of 5.9% during the forecast period. Approximately 33% of the
people visit or consult eye doctors such as optometrists or ophthalmologists
once a year.
Additionally, the report provides detailed
initiatives that are being taken in the field of ophthalmic devices. The market
is classified into distinct regions including North America (the United States,
Canada, and Rest of North America), Europe (Germany, United Kingdom, France,
Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, South
Korea, and Rest of Asia-Pacific), and Rest of the World. North America
generated maximum revenue of US$ 10,826.2 million in 2019 owing to the rising
prevalence of ocular disorders, growth in the geriatric population, increase in
healthcare expenditure, and technological advancements in ophthalmic devices.
Approximately 11 million Americans aged 12 years and older could improve their
vision through proper refractive correction.
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Essilor International S.A., Bausch Health Companies,
Ellex Medical Lasers, Second Sight Medical Products, Hoya Corporation, Alcon,
Johnson & Johnson, Carl Zeiss Meditec AG, Escalon Medical Corp., Topcon
Corporation, Nidek Co., Staar Surgical, Lumenis, Glaukos Corporation, and
Vision Care are some of the prominent players operating in the global
ophthalmic devices market. Several M&A’s along with partnerships have been
undertaken by these players to develop ophthalmic devices.
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Labels: Diagnostic Devices, Monitoring Devices, ophthalmic devices market, ophthalmic devices market shares, ophthalmic devices market size, Surgery Devices, Vision Care
