Selbyville, Delaware, July 06, 2021 (GLOBE NEWSWIRE) --
According to latest report “Ophthalmic Devices Market by Product (Surgical Devices, Diagnostic and Monitoring Devices, Vision Care Products, Ophthalmic Accessories), End-use (Hospitals, Specialty Clinics, Ambulatory Surgical Centers, Consumers), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of ophthalmic devices will cross $61.3 billion by 2027.
Growing geriatric population coupled with rising government initiatives to increase the awareness pertaining to ophthalmic disorders is anticipated to impel the market growth. The utilization of novel materials for the development of vision care products and the surging adoption of spectacles are a few significant factors augmenting the market expansion. The increasing consumer consciousness related to vision correction and physical appearance is slated to boost the market progression. The introduction of novel products including handheld devices and drug-eluting contact lenses equipped with the latest technologies for early diagnosis of glaucoma and macular degeneration are projected to upsurge usage rates. As per the World Health Organization, in 2020, around 2.2 billion people suffered from a near or distance vision impairment owing to cataracts and uncorrected refractive errors. The majority of people with blindness and vision impairment are over 50 years above; however, vision loss can affect individuals of all ages. Therefore, expansion of the patient base along with upgrading healthcare services is poised to upsurge the acceptance of ophthalmic devices.
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The diagnostic and monitoring ophthalmic devices market are estimated to expand at 3.5% growth rate through 2027 on account of the rapid technological developments, growing prevalence of ocular diseases, and the rising demand for efficient treatment procedures among others. The diagnostic and monitoring ophthalmic devices are widely used for the treatments of disorders associated with the cornea and retina by measuring refractive errors and affix lenses. Thus, manufactures are emphasizing on the developments in fundus cameras such as hand-held fundus cameras, hybrid cameras, and non-mydriatic cameras to efficiently photograph the interior surface of the eye.
The specialty clinics segment in the ophthalmic devices market accounted for USD 5.81 billion in 2020 led by the resources & therapy programs and access to extraordinary expertise. Improved functional independence, enhanced outcomes, reduced medical complications, and relevant resources provided by specialty clinics increases the preference for ophthalmic procedures performed in these facilities. Many specialty clinics are focused to develop the best care path and efficient way to perform ophthalmic procedures. Increasing demand for eye care services due to a surge in a number of patients suffering from eye disorders is expected to fuel the demand and sales for ophthalmic devices in specialty clinics.
Brazil ophthalmic devices market size was over USD 750 million in 2020 and is set to progress at 3.5% CAGR by 2027 driven by the growing awareness among people, increasing number of eye-related diseases, and the presence of a universal healthcare system offering coverage for the underserved among others. The leading causes of blindness including cataract, glaucoma is widely prevalent in Brazil. According to the WHO, Brazil has one of the well-equipped healthcare systems. As per the World Population Ageing report, in Brazil, in 2019, the population aged over 65 years was around 19 million and this number is anticipated to reach 30 million in 2030. Hence, a rising geriatric population more prone to eye disorders is predicted to propel the market value in the future. Brazil’s success in private healthcare facilities has resulted in strong competition with an emphasis on skill-upgradation, certifications, and medical facilities.
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Some of the major players operating in the ophthalmic devices market are Essilor International, Johnson and Johnson Vision Care, CooperVision AG, Bausch and Lomb Inc., Hoya Corporation, Nidek Co Ltd., Topcon Corporation, Alcon Inc., Carl Zeiss AG among others. These companies are engaged in undertaking several strategies and working on expanding their product portfolio through focusing on the research and development of innovative products.
Table of Contents (ToC) of the report:
Chapter 3 Ophthalmic Devices Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 – 2027 (USD Million)
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By product
3.4.2 By end use
3.5 COVID-19 impact analysis
3.6 Regulatory landscape
3.7 Porter’s analysis
3.8 Competitive landscape, 2020
3.9 PESTEL analysis
Browse Complete Table of Contents (ToC) @
https://www.gminsights.com/toc/detail/ophthalmic-devices-market
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.