Dublin, July 24, 2023 (GLOBE NEWSWIRE) -- The "Ophthalmic Devices Market Size, Share & Analysis Report By Product (Optical Coherence Tomography, Ophthalmic Ultrasound), By Application (Cataract, Glaucoma), By End-use (Hospitals & Eye Clinics) And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global ophthalmic devices market is poised for remarkable growth in the coming years, with an estimated market size of USD 9.70 billion by 2030, expanding at a CAGR of 4.9% from 2023 to 2030. The rising geriatric population, increasing prevalence of eye disorders, and technological advancements in ophthalmic devices are the key factors propelling the market's growth.
The geriatric population, known to be more prone to chronic eye disorders, is projected to reach about 72 million individuals by 2030, as reported by the National Institute on Aging (NIA). This demographic shift is expected to drive the demand for ophthalmic devices to cater to the growing healthcare needs of this age group.
According to the World Health Organization (WHO), glaucoma accounts for 4.5 million cases of blindness globally and is the second-leading cause of blindness in the United States, often referred to as the "Silent Thief of Sight." As eye disorders such as macular degeneration, cataract, diabetic retinopathy, and glaucoma continue to rise, the demand for ophthalmic devices is expected to surge.
The market growth is further fueled by technological advancements in ophthalmic devices, including intraocular lenses, fundus cameras, and optical coherence tomography (OCT) devices. These cutting-edge technologies are driving the market's expansion by providing more precise and effective diagnostic and treatment solutions.
Furthermore, strategic alliances among market players to expand treatment solutions are creating a potential growth platform for the ophthalmic devices market. Collaborations between industry players are fostering innovation, driving research and development efforts, and expanding the reach of advanced ophthalmic technologies.
A report attributes that approximately 10% of people suffering from eye disorders experience loss of vision, despite receiving proper treatment, as indicated by the World Health Organization (WHO). This clinical urgency to incorporate highly advanced ophthalmic devices in eye care practices is expected to further drive market growth.
The demand for minimally invasive and complication-free operative surgeries is also fueling the adoption of ophthalmic devices. Patients seek safer and more efficient surgical procedures, prompting the need for advanced devices in the ophthalmic field.
However, the Covid-19 pandemic has had mixed impacts on the market. The increased screen time of the majority of the population during lockdowns has resulted in a variety of eye issues, boosting the market growth. However, the reduction in elective surgeries, closure of eye clinics, and fear of viral spread led to a temporary decline in the adoption of ophthalmic devices during the pandemic.
The ophthalmic devices market report highlights the dominance of optical coherence tomography (OCT) scanners, accounting for over 23.0% of the overall market revenue share in 2022, owing to their wide range of applications. The ophthalmoscopes segment is expected to witness significant growth during the forecast period, attributed to technological advancements.
Based on application, the cataract segment held the largest revenue share in 2022 and is expected to continue its dominance over the forecast period. The increasing number of patients suffering from cataracts and the high adoption of ophthalmic devices for cataract surgeries are driving this growth.
The market covers regions worldwide, and North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa are included in the market analysis. North America, with the U.S. as a significant contributor, is expected to retain its leading position in the market, driven by advanced healthcare infrastructure and high adoption of ophthalmic devices.
Companies Mentioned
- Johnson & Johnson Vision Care
- Alcon Vision LLC
- Carl Zeiss Meditec AG
- Bausch & Lomb Incorporated
- Essilor International S.A
- Ziemer Ophthalmic Systems Ltd
- Nidek Co. Ltd.
- Topcon Corporation
- Haag-Streit Group
The market is witnessing innovations, strategic alliances, and continuous research and development efforts to introduce cutting-edge technologies, thus improving the quality of eye care services and meeting the growing demands of the global population.
The comprehensive market analysis provides valuable insights into the key attributes and market dynamics of the ophthalmic devices market. The forecast period extends from 2022 to 2030, with an estimated market value of USD 6.6 billion in 2022 and a projected market value of USD 9.7 billion by 2030.
Market Dynamics
Market Driver Analysis
- Rising prevalence of eye disease
- Technological advancements in ophthalmic surgical and diagnostic instruments
- Government initiatives for increasing awareness related to visual impairment
Market Restraint Analysis
- Lack of trained ophthalmologists in developing nations
- High cost of devices in developing nations
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 100 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $6.6 Billion |
| Forecasted Market Value (USD) by 2030 | $9.7 Billion |
| Compound Annual Growth Rate | 4.9% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/wq54ml
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