Ophthalmic Devices Market to reach USD 57 Billion by 2027 | CAGR: 6.5%: Astute Analytica
Ophthalmic Devices Market – Industry Dynamics, Market Size, And Opportunity Forecast to 2027
As per the report, Global Ophthalmic Devices Market published by Astute Analytica, the worldwide market for ophthalmic devices is projected to reach US$ 57 Bn over the forecast period 2021-2027. Corresponding volume sales of all devices mentioned is expected to cross 2.8 billion devices by 2027. Globally, ophthalmic devices market is expected to grow at annual growth rate of 6.5% in terms of revenue generated by the market during the forecast period.
As per the studies, various eye disorders including cataracts, diabetic retinopathy, myopia, and others are increasing, and vision loss is becoming a critical health issue. According to the analytical data provided by Royal National Institute of Blind People (RNIB), about 2 million people in the United Kingdom were suffering from sight loss in 2013 and this number is expected to expand greatly by reaching approximately 4.1 million by 2050. Apart from rising prevalence of such cases, the technological advancements in the field of ophthalmic studies and the rise in geriatric population propelled the market growth. However, the cost associated with the ophthalmic surgery and other related treatments is quite high therefore, very limited portion of eye care is covered by the insurance policies. This seems to be a major hinderance for the market expansion. Also, lack of sufficient optometrists along with limited awareness regarding eye care further impedes the market growth.
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Integration of advanced technology in the ophthalmic devices along with rise in eye related disorders provides opportunistic growth for the market
Due to the rise in technology in the field of ophthalmology, various innovative surgical techniques have been introduced in the market that in order to make surgery faster and precise. Various diagnostics test as well as biosensors for detection of eye problems are found helpful for the patients after an eye surgery. Besides, availability of portable medical devices for treatment and diagnosis at home is also one of the factors for the growth of Ophthalmic device market.
High prevalence of eye diseases across the nation, leads to the increase in demand for ophthalmic device market. It aids in early diagnosis of eye related issues thus providing better prescription to the patient. Apart from that, government is providing favorable norms concerning the prevention of eye disorders in the world which is further driving the market growth. Increasing elderly population is responsible for the rising demand for ophthalmic devices representing an upsurge in this market.
North America dominates the market with modernization in its healthcare sector
Global market for Ophthalmic devices includes the following regions- North America, Europe, Asia Pacific (APAC), Middle East and Africa, South America and Japan. North America is analyzed to hold the maximum share in global ophthalmic device market in 2020 and is expected to grow with CAGR of 6.2 per cent during forecast period. However, the region with fastest CAGR is Asia Pacific with 7.9 per cent. In APAC region, more than 55% of market share is owned by China and Japan. According to Global Health Data Exchange, the prevalence of cataract in Japan increased by 34,563 in a year.
Some major players covered in the report are Alcon, Bausch + Lomb, Canon Inc., Carl Zeiss Meditec AG, Clearlab SG PTE, Ltd., EssilorLuxottica SA, Glaukos Corporation, Haag-Streit Holding, Johnson & Johnson Vision, Lumenis, Luneau Technology Group, Neo Vision, Nidek Co. Ltd. OcuLentis, Topcon Corporation, Ziemer Ophthalmic Systems AG, Oculus Inc., Reichert, Inc Beye, LLC(Keeler), Iridex Corp and others. Increasing number of players and their involvement in the market raised opportunities to support the growth of market. For instance, in September, 2020, Ziemer Ophthalmic Systems AG, one of the top players of the industry got CE Mark for its ablation laser Aquariuz which is a laser for refractive surgery. Similarly, in May 2019, Ellex launched a diagnostic ultrasound technology, Eye Prime.
Market segments described in the report include market size analysis depending upon the revenue generated and volume distribution in different categories. For instance, vision care products in product category holds more than 50 per cent share of the market with market valued at around US$ 21,513.2 million in 2020. However, surgical devices have highest CAGR of 6.9%.
Each product category has number of devices and market growth shows a different pattern for each category. As for vision care products, spectacles segment dominates the market with US$ 13,321.9 Mn revenue in 2020. This is owed to the surge in vision care preventive measures. Similarly, in surgical device segment, cataract surgical devices segment is expected to reach around US$ 6,281.7 million by 2027 due to the rise in prevalence of cataract disorder round the globe.
Similarly, the consumer segment among various end users dominated the market with 56.4% share in 2020 while other-user segment is projected to grow at a fastest CAGR of 7.5% during the forecast period.
The report provides thorough analysis of Ophthalmic Device Market – Industry Dynamics, Market Size and Opportunity Forecast to 2027, based on the following.
By Product (Vision Care Products, Surgical Devices, Diagnostic & Monitoring Devices)
By Vision Care (Spectacles, Contact Lenses)
By Surgical Devices (Cataract Surgical Devices, Ophthalmic Viscoelastic Devices, Vitreoretinal Surgical Devices, Refractive Surgical Devices, Glaucoma Surgical Devices, Ophthalmic Microscopes, Ophthalmic Surgical Accessories)
By Diagnostic & Monitoring Devices (Opthalmoscopes, Chart Projectors, Corneal Topography Systems, Fundus Cameras, Lensometers, Ophthalmic Ultrasound Imaging Systems, Autorefractors & Keratometers, Optical Biometry Systems, Optical Coherence Tomography Scanners, Perimeters/Visual Field Analyzers, Phoropters, Retinoscopes, Slit Lamps, Specular Microscopes, Tonometers, Wavefront Aberrometers, Indirect Ophthalmic Lens)
By End Users (Consumers, Hospitals, Specialty Clinics & Ambulatory Surgery Centers, Other End Users)
North America (The U.S., Canada, Mexico)
Europe (Western Europe– The UK, Germany, France, Italy, Spain, Rest of Western Europe; Eastern Europe– Poland, Russia, Rest of Eastern Europe)
Asia Pacific (China, India, Japan, Australia & New Zealand, ASEAN, Rest of Asia Pacific)
Middle East & Africa (UAE, Saudi Arabia, South Africa, Rest of MEA)
South America (Argentina, Brazil, Rest of South America)
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