Dublin, July 04, 2024 (GLOBE NEWSWIRE) -- The "Ophthalmic Devices Market Report by Diagnostic & Monitoring Devices, Surgical Devices, Vision Correction Devices, Application, End User, Regions and Company Analysis 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The Ophthalmic Devices Market is projected to reach US$ 10.22 billion by 2032, up from US$ 6.79 billion in 2023, with a promising CAGR of 4.64% from 2024 to 2032.
The global population presents certain challenges associated with demographic changes and elderly people. As WHO data from 2021 are concerned, they indicate that over 2.2 billion people worldwide. A global projection of eye health indicates that at least 2 billion people suffer from near or farsighted vision impairment and going by current findings, nearly half of them could have largely avoided it or have it well controlled.
Ageing is another noteworthy prerequisite for vision-impaired or blind people, of which most are more than 50 years old, therefore meaning there is an increasing demand for LV use. This trend is predicted to support the development of the ophthalmic device market as the number of visually impaired existent ages continually rises; they cover mainly diseases such as cataracts and glaucoma.
The demand for ophthalmic devices is rising due to the increasing prevalence of eye conditions. Lifestyle changes have led to a rapid increase in eye diseases, creating a need for surgical and vision care devices. Factors such as rising per capita income, substantial disposable income, favorable reimbursement policies, and the availability of ophthalmic procedures are contributing to an increase in the number of surgical procedures, thereby driving the demand for ophthalmic devices in the market.
The American Academy of Ophthalmology reports that 81% of Americans know about eye health. Still, many do not recognize glaucoma, age-related macular degeneration, and diabetic eye disease as leading causes of blindness. Additionally, 17.2% of Americans aged 40 and older have been diagnosed with cataracts. This indicates a need for interventions using advanced ophthalmic technologies to monitor and treat common eye conditions effectively.
The latest technological advancements have significantly improved the diagnosis and treatment of ophthalmic disorders. The development of medications, diagnostic devices, laser technology, and surgical techniques has enhanced managing conditions such as cataracts, macular degeneration, glaucoma, and dry eye disease.
Additionally, minimally invasive surgeries like LASIK and multi-wavelength diabetic retinopathy treatment are expected to increase demand for ophthalmic devices. Furthermore, Carl Zeiss Meditec AG's acquisition of the Dutch Ophthalmic Research Center has expanded its ophthalmic offerings, allowing for comprehensive vision care across various conditions.
North America Ophthalmic Devices Market
The eye care market is projected to have a large market share in North America because of high and increasing disposable income, awareness, a growing population of elder people, and the increasing incidence of eye diseases. As stated by the survey by Statistics Canada in 2021, there are about 7,021,430 uses aged 65 years or more in North America. The eye care market is also expected to have a noticeable market share in North America because of impressive disposable income per capital, increasing awareness, population of seniors, and escalating incidences of eye ailments.
Increased number of elderly people likely to rise age-related disorders of the eyes; this will naturally lead to increased demand for ophthalmic devices. The National Center for Chronic Disease Prevention and Health Promotion Central revealed that nearly 12 million of the US population older than 40 years are affected by vision impairment and the prevalence is increasing, 1 million people are blind, 3 million have impaired vision after processing the condition, and 8 million people have uncorrected refractive error to cause vision impairment.
More than 21 million individuals in the United States currently have visual impairment including blindness as per BCVA in their better-seeing eye and it is predicted to double within the next three decades. The four common types of conditions that cause vision loss and blindness in the U. S. include diabetic retinopathy, age-related macular degeneration, cataracts, and glaucoma.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 35 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $6.79 Billion |
| Forecasted Market Value (USD) by 2032 | $10.22 Billion |
| Compound Annual Growth Rate | 4.6% |
| Regions Covered | Global |
Key Players Analysis: Business Overview, Product Portfolio, Sales Analysis, Recent Development & Strategies
- Johnson & Johnson
- Topcon Corporation
- Canon Inc.
- Alcon Inc.
- STAAR Surgical Co.
- GlaukosCorporation
- IRIDEX Corporation
- Carl Zeiss Meditec AG
Diagnostic & Monitoring Devices - Market breakup in 4 viewpoints
- Fundus Camera
- Optical Coherence Tomography Scanner
- Tonometer Market
- Others
Surgical Devices - Market breakup in 4 viewpoints
- Refractive Error Surgery Devices
- Glaucoma Surgery Devices
- Cataract Surgery Devices
- Retinal Surgery Devices
Vision Correction Devices- Market breakup in 2 viewpoints
- Contact Lenses
- Others
Application- Market breakup in 4 viewpoints
- Cataract
- Vitreo Retinal Disorders
- Glaucoma
- Refractive Diorders
End User- Market breakup in 3 viewpoints
- Hospitals and Eye Clinics
- Academic and Research Laboratory
- Others
Country - Market breakup of 25 Countries
- North America
- United States
- Canada
- Europe
- France
- Germany
- Italy
- Spain
- United Kingdom
- Belgium
- Netherland
- Turkey
- Asia Pacific
- China
- Japan
- India
- South Korea
- Thailand
- Malaysia
- Indonesia
- Australia
- New Zealand
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
For more information about this report visit https://www.researchandmarkets.com/r/arxyrc
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