Ophthalmic Devices Market

Ophthalmic Devices Market Size (2022 to 2027)

The size of the global ophthalmic devices market is predicted to be worth USD 53.61 billion by 2027 from USD 39.69 billion in 2022, showcasing a CAGR of 6.20% between 2022 to 2027.

Ophthalmology is a branch of medical science that deals with various eye diseases, structure and function. The ophthalmic medical equipment devices are designed for diagnosis, surgery, and vision correction. Ophthalmology is a medicine and surgery branch that deals with diagnosing and treating eye disorders, using laser therapies and medications to perform the surgeries.

Impact of COVID-19 on the global ophthalmic devices market:

COVID-19 was announced as a pandemic and emergence of healthcare. Coronavirus is an infectious disease; in order to control the spread of the virus, the government has imposed nationwide lockdown and a ban on flights. According to the ophthalmology times article, the number of elective eye surgeries has been reduced to ten surgeries a week from 200 surgeries. This had hampered the market growth and witnessed 15 percent cancellations in inpatient visits to examination centers.

The second period has been holding the market share with influential growth factors. Increasing age-related Macular degeneration and increasing diagnosing and treating eye disorders have created the demand for the market during the pandemic period. However, the market is expected to witness the fastest growth by the end of 2021.

MARKET DRIVERS:

Y-O-Y growth in the widespread of ophthalmic diseases, rising need for cost-effective ophthalmic disease therapeutics are majorly driving the growth of the global ophthalmic devices market.

As per the World Health Organization, 2019, it is estimated that 2.2 billion people were visually impaired. Over 39 million people had lost their vision, approximately 188.5 million people had suffered from mild vision impairment, and above 217 million people have been experiencing moderate to severe vision impairment. Vision eye care has become a costly affair with the consistent rise in ophthalmologic diseases worldwide, increasing the cost of treatment and rising need for Ophthalmology.

An increase in presbyopia, molecular degeneration, and diabetic retinopathy is another significant market driver for market growth. The global ophthalmic devices market is further expected to be driven by the factors such as increased research & development activities and investment funding by the government and private organizations to improve the healthcare infrastructure. The introduction of ophthalmic devices, advanced technologies, and people in the emerging countries are opting for ophthalmic surgeries to correct their eye-aligned problems are further expected to propel the market growth.

MARKET RESTRAINTS:

However, the lack of awareness in some of the people in the rural areas of developing countries such as India and China about the various ophthalmic disorders and lack of health insurance covering all types of IOLs and contact lenses in developed countries are restraining the market growth. Primarily, vision care becomes a costly affair; many people in all parts of the world cannot afford ophthalmic treatments; this is considered as the primary factor for declining market growth.

There is a lack of awareness among the people about eye disease treatments in emerging countries such as India, Saudi Arabia, Kenya, Israel, and South Africa in rural areas. Prevalence of blindness, insufficient availability of eye care professionals, and poor access to high-quality products are some of the key challenges to the global ophthalmic devices market.

REPORT COVERAGE:

This research report on the global ophthalmic devices market has been segmented and sub-segmented based on type, devices, end-user, and region.

Ophthalmic Devices Market – By Type:

• Surgical Devices
• Monitoring
• Diagnostic Devices
• Vision Care

Based on the type, the vision care segment held the highest share in the share, and it is expected to grow at a significant rate in the coming years. It is due to the increasing shifts of patients from traditional eyeglasses to contact lenses and the launch of new products into the market by the players promotes the growth of the global ophthalmic devices market.

Ophthalmic Devices Market – By Devices:

• Lenses
• Glaucoma Surgical Devices
• Ophthalmic Lasers
• Cataract Surgical Devices
• Iris Retractors
• Lens Clearing
• Disinfectant Solutions

Based on the devices, the lenses and ophthalmic lasers are the most lucrative segments among all and expected to grow at a significant rate during the forecast period. Increasing eye-related problems, increasing widespread ophthalmic diseases, and investment by the government and private organizations are expected to propel the market growth.

Ophthalmic Devices Market – By End Users:

• Hospitals
• Eyecare Clinics
• Research Institutes
• Others

Based on the end-user, the eye clinics and hospitals lead the global ophthalmic devices market during the forecast period. Increasing the prevalence of eye-related problems and the rising need for cost-effective ophthalmic disease therapeutics drive market growth. However, the market is anticipated to improve the share over the forecast year.

Ophthalmic Devices Market – By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

Geographically, the North American ophthalmic devices market is expected to account for the largest share of the global market, followed by Europe and Asia-Pacific. The growing awareness and presence of key players in the region are driving growth in North America. Factors such as the increasing geriatric population, rising prevalence of eye diseases, high disposable income, and awareness among the region people about cancer therapeutics create the demand for market growth in this region. According to the U.S. Centre for disease control and prevention, 49.9 Million people are wearing contact lenses aged over 18 and even older. As per American Academy, every year, approximately 2.4 million injuries occur in the United States alone.

The European ophthalmic devices market followed North America very closely in accounting leading shares and stood 2^nd In 2019. It is further forecasted that the European market will grow at a healthy rate between 2020 to 2025. Due to the increase in eye diseases, the availability of advanced eye care products and improving healthcare facilities boost the market growth.

The Asia-Pacific ophthalmic devices market region is expected to witness the highest CAGR in this market owing to improving healthcare infrastructure, increasing disposable income, increasing geriatric population. The growth factors such as an increase in the high patient rate in this region, improving healthcare facilities, availability and launch of advanced and new products are expected to drive the market growth.

The Latin American Ophthalmic Devices Market is predicted to have a decent growth rate during the forecast period.

The market in the Middle East & Africa is anticipated to record steady growth during the forecast period. An increase in presbyopia prevalence, high prevalence of ophthalmic diseases, and technological advancements are expected to influence the market growth in this region.

KEY MARKET PARTICIPANTS:

Companies leading the global ophthalmic devices market profiled in the report are Alcon Inc., Essilor International S.A., Johnson & Johnson, Abbott Medical Optics Inc., Bausch & Lomb, Inc., Haag-Streit AG, Topcon Corporation, Carl Zeiss Meditec AG, Nidek Co. Ltd., and Ziemer Ophthalmic Systems AG.