Ophthalmology Devices Market

Ophthalmology Devices Market Size (2022 to 2027)

The global ophthalmology devices market is estimated to be worth USD 52.95 billion by 2027 from USD 40.51 billion in 2022, growing at a CAGR of 5.5% during the forecast period.

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

An international public health challenge has arisen due to the outbreak of SARS-CoV-2, a novel coronavirus. Supply chains have been disrupted, and the shortage of supplies has affected all sectors. Ophthalmology surgeries have been postponed due to the government's lockdown. As a result of the proximity of ophthalmologists to patients when diagnosing patients, the ophthalmologist is at high risk for infection. On practices such as teleophthalmology, guidelines have been imposed by the government.

MARKET DRIVERS:

YOY growth in the aging population, YOY increase in eye disease prevalence, and advances in ophthalmology treatments are primarily contributing to the growth of the global ophthalmology devices market.

Recent years have seen ophthalmology devices as one of the fastest-growing medical device markets. Ophthalmology has benefited in recent years from increased spending on healthcare, government investments, and the continual advancement of medicine. As the medical world's most rapidly growing sector, the ophthalmology devices market is increasing demand for solutions to improve the lives of millions. There is a tremendous opportunity in the global ophthalmic devices market due to the increasing prevalence of aging and ocular disease, which includes cataracts, and refractive and glaucoma surgeries, among other things. Growing awareness among individuals and rapid approvals will likely sustain the growth soon.

The shortage of ophthalmology device providers in existing economies and the rise in age-related eye diseases create more opportunities for the ophthalmic devices market to grow significantly in the coming years. Furthermore, the aging of the population is also increasing day by day, which increases the number of patients for ophthalmic diseases, which expands the demand for the devices in ophthalmology and is expected to raise industry demand in foreseen years.

MARKET RESTRAINTS:

However, a few factors hamper the market's growth, including a lack of healthcare insurance in emerging countries, a lack of awareness among individuals about diseases like glaucoma, and poor healthcare infrastructure.

REPORT COVERAGE:

This research report on the global ophthalmology devices market has been segmented & sub-segmented into the following categories.

Ophthalmology Devices Market - By Application:

• Diagnostics & Monitoring Devices
• Surgery Devices
• Vision Care Devices

The vision care devices segment is expected to dominate the global ophthalmology devices market based on the application.

Ophthalmology Devices Market - By Type of Disorder:

• Cataract
• Glaucoma
• Refractor Disorders
• Vitreo Retinal Disorder

The cataract segment held a significant percentage of the ophthalmic devices market based on the type of disorder.

Ophthalmology Devices Market - By Device:

• Canaloplasty Devices
• Computerized Field Analyser

Ophthalmology Devices Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Geographically, the North American ophthalmology devices market held the most outstanding share in 2020 in the global market, while Asia-Pacific is expected to develop at the fastest rate, with a CAGR of 4.6 percent. In the United States, diabetic retinopathy is expected to be the leading cause of blindness.

KEY MARKET PLAYERS:

Some of the key market participants leading the global ophthalmology device market include Alcon Inc., Abbott Medical Optics Inc., Johnson & Johnson, Essilor International, Bausch and Lomb Inc., Topcon Corporation, Nidek Co Ltd., HAAG-Streit Group, Carl Zeiss Meditec, Hoya Corporation, and Ziemer Ophthalmic System.

RECENT MARKET HAPPENINGS:

• In January 2020, Bausch + Lomb, a leading eye health business of Bausch Health Companies, announced the U.S. launch of expanded parameters for BiotrueOneday for Astigmatism daily disposable contact lenses. 
• In November 2019, Baring Private Equity announced that its affiliated private equity funds agreed to acquire Lumenis, a leading provider of energy-based medical devices across the fields of ophthalmology, ENT, and gynecology. 
• In May 2019, Novuson Surgical, a medical device company, secured funding from HOYA Corporation to finalize the UltraStat 3mmVessel/Divider development using Direct Therapeutic UltraSound (DTU). 
• In October 2016, HOYA Corporation announced an agreement to acquire Performance Optics, LLC, a global ophthalmic lens manufacturer. This acquisition will strengthen HOYA's ability to provide customers with a broad portfolio.