DUBLIN–(BUSINESS WIRE)–Sep 10, 2021–
Amid the COVID-19 crisis, the global market for Ophthalmic Instrumentation estimated at US$7.1 Billion in the year 2020, is projected to reach a revised size of US$9.1 Billion by 2027, growing at a CAGR of 3.6% over the analysis period 2020-2027.
Ophthalmic Disposables, one of the segments analyzed in the report, is projected to record a 3% CAGR and reach US$3.2 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Ophthalmic Lasers segment is readjusted to a revised 4.4% CAGR for the next 7-year period.
The U.S. Market is Estimated at $1.9 Billion, While China is Forecast to Grow at 6.4% CAGR
The Ophthalmic Instrumentation market in the U.S. is estimated at US$1.9 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.9 Billion by the year 2027 trailing a CAGR of 6.4% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.1% and 2.7% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 1.8% CAGR.
OCT Systems Segment to Record 5.5% CAGR
In the global OCT Systems segment, USA, Canada, Japan, China and Europe will drive the 4.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$486 Million in the year 2020 will reach a projected size of US$678.6 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.3 Billion by the year 2027, while Latin America will expand at a 6.6% CAGR through the analysis period.
Select Competitors (Total 91 Featured):
- Abbott Medical Optics Inc.
- Bausch & Lomb Inc.
- Ellex Medical Laser Limited
- Huvitz Co. Ltd.
- Leica Microsystems
- Lumenis Ltd.
- Nidek Co. Ltd.
- Topcon Medical Systems Inc.
- Visionix Ltd.
- Influencer Market Insights
- World Market Trajectories
- Impact of Covid-19 and a Looming Global Recession
- Ophthalmic Instrumentation – Market Snapshot
- Factors Underpinning Demand for Ophthalmic Instrumentation
- Current and Future Analysis
- Recent Market Activity
- Developing Markets Drive Momentum
- Focus on Preventative Healthcare to Improve Demand for Diagnosis Devices
- Ophthalmic Disease Statistics
- Introduction of Advanced MIS Procedures to Drive Market
- Cataract Treatment & Opportunities
- Vision Correction – An Expanding Market
- Laser Vision Correction – Key Benefits Ranked in the Order of Relative Importance to Patients
- Myopia Control – An Expanding Opportunity
- Growing Incidence of Diabetic Retinopathy
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- OCT Angiography – A Growing Market with High Potential
- OCT – Continues to Maintain Progress
- Intraoperative OCT Gains Importance as Valuable Tool for Image-Guided Surgical Care
- New Generation of Optical Biometry Devices Gain Prominence
- Surgical Microscopes Evolve into Highly Advanced Instruments
- Innovations in Fundus Cameras Space
- Mobile Technology based Diagnosis and Communication Tools Gain Ground
- Technologies in Corneal Topography
- Viewing Beyond the Conventional Visual Boundaries
- New Tonometer Probes to Eliminate Risks of Cross-Infection
- Perimeters Embrace Improved Functionalities
- Innovations in Slit Lamp Techniques
- Lensmeters Focus on Improved Functionality and Better Accuracy
- Latest Surgical Tools to Propel Ophthalmic Equipment Sector
- FLAK – Better Graft Strength Compared to PKP
- Femtosecond Lasers Garner Demand Led by Better Visual Outcomes
- Femtosecond Lasers from Leading Players
- SMILE to Address Demand for Quality Refractive Procedure
- ORA Systems Eliminate the Wait Periods
- Integration of Ophthalmology and Material Science
4. GLOBAL MARKET PERSPECTIVE
Laura Wood, Senior Press Manager
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INDUSTRY KEYWORD: OPTICAL HEALTH MEDICAL DEVICES
SOURCE: Research and Markets
Copyright Business Wire 2021.
PUB: 09/10/2021 06:39 AM/DISC: 09/10/2021 06:40 AM