Ophthalmic Devices Market is projected to accelerate at a CAGR of 4.7% from 2023 to 2032, owing to rising prevalence of eye diseases | insightSLICE
The market for Ophthalmic Devices was valued at US$ 5.2 billion in 2021 and is projected to increase at a CAGR of 4.7% from 2023 to 2032.
The market share, trends, analysis, and projections for the years 2022 to 2032 are just a few of the topics that will be covered in the report for the Global Ophthalmic Devices Market.
Herein, 2020 is used as the historical period, 2021 as the base year, and 2022 through 2032 as the actual prediction period in this study. The competitive environment is taken into account in this study, which also offers top competitors in the global market for Ophthalmic Devices company overviews and market forecasts.
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In addition, the report will include information on important advancements, global and regional sales networks, business strategies, research and development initiatives, staff strength, and key executives for all significant market participants.
The key players of the Global Ophthalmic Devices Market are:
The top companies operating in the global ophthalmic devices market are Carl Zeiss Meditec AG, Topcon Corporation, Ziemer Ophthalmic Systems AG, Novartis AG, Essilor International S.A., HAAG-Streit Holding AG, Valeant Pharmaceuticals International, Inc., Hoya Corporation, and Johnson & Johnson.
Major factors enabling growth of Ophthalmic Devices Market:
The main drivers of the global need for vision care are an aging population that is growing and a changing lifestyle. The eye care sector relies heavily on ophthalmic technologies to improve eye health or correct vision.
Approximately two billion people globally, mostly in rural and low-income nations, suffer from vision impairment, as per the World Health Organization’s 2019 World Report on Vision. The need for ophthalmic equipment has increased as a result.
In the upcoming years, it is projected that the growing elderly population would present a significant potential to market participants selling ophthalmic products. As a result of the rising occurrences of chronic diseases like diabetes and hypertension, eye ailments like glaucoma and cataracts are becoming more commonplace in the world.
The number of people with diabetes and hypertension has significantly increased as a result of changing lifestyles, which has led to an increase in ocular hypertension and diabetic retinopathy.
In the upcoming years, it is expected that there will be an increase in the number of patients with ophthalmic disorders, which will increase the demand for ophthalmic devices.
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Key Data From our Ophthalmic Devices Market Report:
With a focus on every functioning business category, the research offers an in-depth analysis of key companies with a majority share of the global market. It would help identify the firm segment that focuses on ophthalmic devices.
Additionally, market shares of well-known businesses in the global market for ophthalmic devices would be calculated. As an example, from our report the Ophthalmic Devices business section of Carl Zeiss, Meditech AG dominated revenue in 2019, according to the company’s product segment study, which showed earnings of USD 1,587.7 million.
They conduct business through two divisions: microsurgery and ophthalmic devices. With a sales share of US$ 1,162.6 million in 2019, the Ophthalmic Devices business division of the corporation provides ophthalmic devices.
The analysis is based on essential competitive data from all ophthalmic device manufacturers, including corporate strategy, market position, key developments, SWOT analysis, and research and improvement priority.
The participants involved in the market’s supply chain and value chain, as well as their contributions, will be taken into account in the global analysis of ophthalmic devices. All of the goods in the company’s ophthalmic devices business area would constitute the main emphasis of the product portfolio segment.
Similar to this, the current developments segment should concentrate on the most recent firm developments, such as significant deals and partnerships, mergers and acquisitions, newly released products, and expansion in the global market for ophthalmic equipment.
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Global Ophthalmic Devices Market Key Segments:
By Product Type
- Optical Coherence Tomography Scanners
- Fundus Cameras
- Perimeters/Visual Field Analysers
- Autorefractors and Keratometers
- Ophthalmic Ultrasound Imaging Systems
- Ophthalmic A-Scan Ultrasound
- Ophthalmic B-Scan Ultrasound
- Ophthalmic Ultrasound Biomicroscopes
- Ophthalmic Pachymeters
- Tonometers
- Slit Lamps
- Phoropters
- Wavefront Aberrometers
- Optical Biometry Systems
- Ophthalmoscopes
- Lensmeters
- Corneal Topography Systems
- Specular Microscopes
- Retinoscopes
By Application
- Cataract
- Vitreo retinal disorders
- Glaucoma
- Refractor Disorders
By End Use
- Hospitals and Eye Clinics
- Academic and Research Laboratory
- Others
By Geography:
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- India
- China
- Australia
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Brazil
- Rest of South America
Regional performance of Ophthalmic Devices Market
Currently, the North American region made up the greatest portion of the global market for ophthalmic devices, and it is expected to continue to hold a dominant position during the forecast period.
The major factors propelling the growth of the North American ophthalmic devices market are rising occurrences of eye diseases because of the high prevalence of diabetes, hypertension, and other lifestyle disorders, the accessibility of an efficient health care infrastructure, and the presence of top ophthalmic device manufacturers.
Throughout the projection period, Asia Pacific is expected to see the quickest growth due to the region’s expanding health systems, rising patient prevalence of eye illnesses, and increased awareness.
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