Ophthalmic Devices Market Trends 2023: Predicted to Surpass USD 66.71 Billion by the year 2027, Claims AMR
The ophthalmic devices market refers to the industry that designs, develops, and manufactures medical devices used in the diagnosis, treatment, and monitoring of eye diseases and disorders. This includes a wide range of products such as surgical instruments, diagnostic equipment, vision care products, and implantable devices.
The market for ophthalmic devices is driven by several factors, including the increasing prevalence of eye disorders such as cataracts, glaucoma, and age-related macular degeneration, the rising aging population, and the increasing demand for minimally invasive surgeries. Technological advancements in ophthalmic devices have also contributed to the growth of the market, as new and innovative products are being developed to address the evolving needs of patients and physicians.
Allied Market Research has published a study report with the title global ophthalmic devices market size was valued at $53,428.8 million in 2019, and is projected to reach $66,719.3 million by 2027, registering a CAGR of 4.2% from 2020 to 2027.
The ophthalmic devices market is segmented by product type, end-user, and geography. Product types include surgical instruments, diagnostic and monitoring devices, vision care products, and others. End-users of ophthalmic devices include hospitals, clinics, and ambulatory surgery centers. Geographically, the market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
The major players in the ophthalmic devices market include Alcon, Carl Zeiss Meditec AG, Bausch + Lomb, Johnson & Johnson Vision, Topcon Corporation, and NIDEK CO., LTD. These companies are constantly investing in research and development to introduce new and innovative products to meet the changing needs of patients and healthcare providers.
Increase in prevalence of eye-related diseases across the globe, rapid technological advancements in ophthalmic, high adoption of global devices, and rise in focus on customer training and education along with awareness have boosted the growth of the global ophthalmic devices market. However, low awareness about eye-related diseases and dearth of skilled professionals hamper the market growth. On the contrary, potential growth opportunities in developing countries for manufacturers of ophthalmic devices are expected to create lucrative opportunities for the market players in the future.
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The ophthalmic devices market can be segmented into several categories based on product type, end-user, and geography.
Product type:
- Surgical Instruments: This includes devices used in various ophthalmic surgeries such as cataract, glaucoma, and refractive surgeries. Examples of surgical instruments include forceps, scissors, spatulas, and surgical knives.
- Diagnostic and Monitoring Devices: This category includes devices used to diagnose and monitor eye conditions such as tonometers, ophthalmoscopes, optical coherence tomography (OCT) machines, and fundus cameras.
- Vision Care Products: This includes products such as contact lenses, eyeglasses, and solutions used for eye care.
- Others: This category includes devices such as implantable lenses, laser equipment, and microscopes.
End-user:
- Hospitals: Ophthalmic devices are commonly used in hospitals for the diagnosis and treatment of various eye conditions.
- Clinics: Eye clinics use ophthalmic devices for routine eye exams, as well as for diagnosing and treating various eye disorders.
- Ambulatory Surgery Centers: These centers perform various ophthalmic surgeries on an outpatient basis, using specialized ophthalmic equipment.
Geography:
- North America: This includes the United States and Canada, which are major markets for ophthalmic devices.
- Europe: This includes countries such as Germany, France, Italy, and the United Kingdom, which have a high demand for ophthalmic devices.
- Asia-Pacific: This includes countries such as China, India, Japan, and South Korea, which have a large population and a high prevalence of eye diseases.
- Latin America: This includes countries such as Brazil and Mexico, which have a growing demand for ophthalmic devices.
- Middle East and Africa: This includes countries such as Saudi Arabia, South Africa, and the UAE, which have a developing healthcare infrastructure and a growing demand for ophthalmic devices.
- Alcon
- Bausch + Lomb
- Carl Zeiss Meditec AG
- Essilor International
- Hoya Corporation
- Johnson & Johnson Vision
- NIDEK CO., LTD.
- Topcon Corporation
- CooperVision
- STAAR Surgical Company
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Regional Analysis:
By region, the global ophthalmic devices market across North America held the lion’s share in 2019, contributing to more than one-third of the market. This is owing to prevalence of age-related eye diseases including macular degeneration, cataract, glaucoma, and diabetic retinopathy in the U.S. However, the market across Asia-Pacific is estimated to showcase the highest CAGR of 4.6% from 2020 to 2027, due to presence of high population base, surge in disposable incomes, and improvement in patient awareness about advanced ophthalmic devices.
Our Market Research Solution Provides You Answer to Below Mentioned Question:
- Which are the driving factors responsible for the growth of market?
- Which are the roadblock factors of this market?
- What are the new opportunities, by which market will grow in coming years?
- What are the trends of this market?
- Which are main factors responsible for new product launch?
- How big is the global & regional market in terms of revenue, sales and production?
- How far will the market grow in the forecast period in terms of revenue, sales and production?
- Which region is dominating the global market and what are the market shares of each region in the overall market in 2022?
- How will each segment grow over the forecast period and how much revenue will these segments account for in 2030?
- Which region has more opportunities?
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