Pune, Sept. 07, 2020 (GLOBE NEWSWIRE) -- The global ophthalmic devices market size is expected to showcase an exponential growth by reaching USD 32.36 billion by 2027 while exhibiting a CAGR of 4.2% between 2020 and 2027. This is attributable to the increasing prevalence of eye disorders across the globe. Fortune Business Insights, in its latest report, titled, “Ophthalmic Devices Market Size, Share & COVID-19 Impact Analysis, By Surgical (Implants, Consumables, and Equipment) and Vision Care (Contact Lenses and Ocular Health) By End User (Hospitals, Ophthalmic Clinics and Others) Regional Forecast, 2020-2027,” observes that the market stood at USD 25.04 billion in 2019 and is projected to showcase a considerable growth in the forthcoming years.
Ophthalmology generally deals with the function, structure, and several eye diseases. These devices are a type of medical equipment that cover a wide range of applications such as contact lenses, glasses, implants, lasers, diagnostics, and other surgical instruments. These devices are further designed to prevent damage to the eye, injuries, and other vision care diseases.
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What does the Report Include?
The global market report includes a detailed assessment of various growth drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides a comprehensive research into the regional developments of the market that would affect its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2020 and 2027.
Declining Surgical Procedures amid COVID-19 to Affect Market Growth
The COVID-19 pandemic has resulted in the declining number of surgical procedures in order to prevent the widespread of the disease. Major healthcare services are being directed towards the treatment of novel coronavirus patients that has led to a reduced revenue generation of ophthalmology procedures. The market is expected to suffer temporarily owing to the pandemic. However, once the procedures resume at full capacity, the market is likely to return to normalcy in the near future.
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DRIVING FACTORS
Increasing Prevalence of Eye Disorders to Spur Demand
According to the World Health Organization (WHO), around 2.2 billion people suffer from vision impairment across the globe. The increasing prevalence of ophthalmic disorders such as diabetic retinopathy, cataract, and myopia is driving the demand for advanced ophthalmic devices. In addition to this, the increasing per capita healthcare expenditure and favorable healthcare reimbursement policies are expected to bode well for the global ophthalmic devices market growth during the forecast period.
SEGMENTATION
Vision Care Segment to Hold a Considerable Share Owing to Increasing Adoption of Contact Lens
The vision care segment, based on product, is expected to experience a significant growth in the forthcoming years. This is ascribable to factors such as the increasing adoption of contact lenses to correct vision anomalies across the globe.
REGIONAL INSIGHTS
North America to Remain Dominant; Increasing Adoption of Advanced Technology to Bolster Growth
Among all the regions, North America is expected to remain at the forefront and hold the highest position in the global ophthalmic devices market during the forecast period. This is attributable to the increasing adoption of advanced technology to develop these devices such as an intraocular lens for treating cataract disease. The region stood at USD 10.54 billion in 2019.
The market in Europe is anticipated to showcase an exponential growth owing to the increasing focus by major companies to develop innovative products to treat eye disorders. Additionally, supportive government policies to promote the R&D activities to develop technologically advanced devices will favor the market growth between 2020 and 2027.
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COMPETITIVE LANDSCAPE
Merger and Acquisition by Major Companies to Consolidate Their Market Positions
The global ophthalmic devices market is consolidated by the presence of major companies such as Johnson & Johnson, Alcon, and Bausch & Lomb. The dominance of these companies is attributable to the increasing adoption of strategies such as merger and acquisition to strengthen their positions in the highly competitive global marketplace. The other key players such as BVI, Carl Zeiss, and Essilor are emphasizing on partnerships and collaborations to expand their ophthalmic devices portfolio that will expedite the growth of the market in the forthcoming years.
Industry Development:
- August 2020 – Bausch & Lomb announced the launch of its new product, INFUSE silicone hydrogel disposable contact lens. The product adopts the company’s ProBalance technology and is manufactured by using the next-generation material to prevent dryness of the eyes.
- January 2019 – Bausch & Lomb Inc., a global ophthalmic devices provider, announces the acquisition of Eton Pharmaceuticals, EM-100 eye drop. The company acquired the marketing and distribution rights for the product that is adopted in the treatment of several eye allergies across the U.S.
List of the Companies Operating in the Global Market:
- Alcon (Geneva, Switzerland)
- Carl Zeiss Meditec (Oberkochen, Germany)
- Johnson & Johnson Vision Care, Inc. (Jacksonville, U.S.)
- The Cooper Companies Inc. (California, U.S.)
- BVI (Waltham, U.S.)
- Bausch & Lomb Incorporated (Rochester, U.S.)
- Essilor (California, U.S.)
- Hoya Corporation (Tokyo, Japan)
- NIDEK CO., LTD (Gamagori, Japan)
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Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments - Mergers, Acquisitions, and Partnerships, 2019
- Epidemiology of Major Ocular Disease - For Key Countries
- Introduction of New Products / Approvals (by Major Players)
- Overview of Regulatory Scenario - Key Countries
- Technological Advancements in Ophthalmic Devices Market
- Global Ophthalmic Devices Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Surgical
- Implants
- Consumables
- Equipment
- Vision Care
- Contact Lenses
- Intraocular Lenses
- Surgical
- Market Analysis, Insights and Forecast – By End-user
- Hospitals
- Ophthalmic Clinics
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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