Dublin, March 11, 2022 (GLOBE NEWSWIRE) -- The "Global Ophthalmic Devices Market (By Applications, Products, End Users, Regions), Impact of COVID-19, Major Deals, Trends, Key Players Analysis, Recent Developments - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global ophthalmic devices market is predicted to reach US$ 68.2 Billion by 2027
The ophthalmic devices are designed for diagnostics, surgical, and vision correction purposes. These devices are continuously gaining increased importance and adoption due to high prevalence of various ophthalmic diseases such as glaucoma, cataract, and other vision related issues.
According to the World Health Organization (WHO): Globally, at least 2.2 billion people have a vision impairment or blindness, of whom at least 1 billion have a vision impairment that could have been prevented or has yet to be addressed. Therefore, increasing number of eye related disorders propel demand for vision care devices, which in turn propels growth of the ophthalmic devices market.
However, the elements such as the high cost of ophthalmic devices and dearth of skilled professionals with expertise in ophthalmic surgery are projected to hamper the growth of the market.
Impact of COVID-19 on Global Ophthalmic Devices Market
The COVID-19 outbreak has become a global stress test. As the number of people infected with the virus continues to rise around the world, uncertainties about global economic growth increases.
The COVID-19 pandemic has restricted the growth of the ophthalmic devices market, primarily in Europe, Asia and the U.S., by social restrictions and other precautionary measures taken in response to the COVID-19 pandemic. However, as governments began lifting social restrictions, the negative trend in the revenues of these businesses began to level off and stabilize prior to the third quarter of 2020.
In the years to come, ophthalmologists are likely to witness an increase in influx of patients, hence driving the ophthalmic devices market.
Market Dynamics
Global Ophthalmic Devices Market - Growth Drivers
- Technical Advances in Eye Surgeries to Boost Growth
- Consistent Efforts by Healthcare Organizations to Fuel Ophthalmic Devices Market
- Increasing Incidence of Diabetes Globally Drives Demand for Ophthalmic Devices
- Upsurge in The Geriatric Population Base Favors Market Growth
- Increasing Incidence of Eye Diseases Across the Globe Fuels Market Growth
Global Ophthalmic Devices Market - Challenges
- High Price Factor of Ophthalmic Devices
- Dearth of Skilled Professionals with Expertise in Ophthalmic Surgery
Global Ophthalmic Devices Market and Forecast
By Application Segment
- On the basis of application, the vision care segment dominated the overall ophthalmic devices market.
- Surgical instruments devices held second highest share of the overall ophthalmic devices market, while the diagnostic & monitoring devices segment is expected to grow at the fastest rate during the forecast period.
- Diagnosis is an indispensable process in the treatment of eye disorders and is responsible for contributing towards the diagnostics & monitoring segment's growth.
By Products
- On product basis, contact lens held largest share of the ophthalmic devices market, while, cataract surgery devices accounted for second highest share of the total ophthalmic devices market.
- Retinal surgery devices is the third largest product segment of the ophthalmic devices market in 2021.
- The global market for fundus camera is predicted to exceed US$ 800 Million by 2027.
- The optical coherence tomography (OCT) has become the standard of care for the assessment and treatment of most retinal diseases. Introduction of hybrid techniques such as optical coherence tomography angiography (OCTA) can open up new pathways for the market.
- Glaucoma surgery is currently evolving with introduction of several new devices and those in pipeline have continued to address the focus on safety of glaucoma surgery.
- The global cataract surgery devices market is projected to surpass US$ 9.3 Billion mark by 2027.
By End Users
- Consumers segment accounted for highest share of the global ophthalmic devices market, as majority of the ophthalmic products such as vision care products are used by the common consumers.
- Hospitals and ophthalmic clinics & centers captured 2nd and 3rd largest share of the overall ophthalmic devices market respectively in 2021.
- Ambulatory surgical centers are likely to grow at the fastest rate during the forecast period, as these centers provide cost-effective services and a convenient environment that is less stressful than what many hospitals can offer.
By Region
- North America dominated the global ophthalmic devices market in 2021.
- In North America, United States captures highest share of the total ophthalmic devices market.
- Europe represents a major market for ophthalmic devices, owing to rising chronic eye diseases among geriatric population.
- In Europe, Germany and United Kingdom are the major market for ophthalmic devices.
- Asia Pacific is anticipated to grow at the fastest rate over the forecast period due to the presence of untapped opportunities in the emerging economies such as China and India.
- Japan ophthalmic devices market dominated the Asia Pacific region, while China accounted for around 5% share of the global ophthalmic devices market in 2021.
Global Ophthalmic Devices Market Application Segments
- Diagnostics & Monitoring Devices
- Fundus Camera
- Optical Coherence Tomography Scanner
- Tonometer
- Others
- Surgical Instruments Devices
- Refractive Error Surgery Devices
- Glaucoma Surgery Devices
- Cataract Surgery Devices
- Retinal Surgery Devices
- Vision Care
- Contact Lens
- Others
Global Ophthalmic Devices Market - By End Users
- Hospitals
- Ophthalmic Clinics and Centers
- Ambulatory Surgical Centers
- Consumers
- Others
Global Ophthalmic Devices Market - Regional Analysis
- North America
- United States
- Canada
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- South Korea
- Australia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East and Africa
- Saudi Arabia
- UAE
- Rest of Middle East and Africa
Global Ophthalmic Devices Market - Company Profiles
- Alcon, Inc.
- Carl Zeiss Meditec AG
- Topcon Corporation
- Bausch Health Companies Inc. (Formerly Valeant Pharmaceuticals International, Inc.)
- Iridex Corporation
- Ellex Medical Lasers (Acquired by Quantel Medical)
- Escalon Medical
- Second Sight Medical Products Inc.
- Lumenis
- Nidek Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/aukrcr
