Increase in prevalence of eye-related diseases across the globe, rapid technological advancements in ophthalmic, high adoption of global devices, and rise in focus on customer training and education along with awareness have boosted the growth of the global ophthalmic devices market. However, low awareness about eye-related diseases and dearth of skilled professionals hamper the market growth. On the contrary, potential growth opportunities in developing countries for manufacturers of ophthalmic devices are expected to create lucrative opportunities for the market players in the future.
According to the report published by Allied Market Research, the Global Ophthalmic devices market generated $32.53 billion in 2019, and is estimated to reach $44.86 billion by 2027, registering a CAGR of 4.0% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Surge in number of patients suffering from eye related disease such as cataract disease drives the growth of the global ophthalmic devices market. However, high cost associated with the ophthalmic devices restrains the market growth. Furthermore, low adoption of premium IOLs and phacoemulsification is expected to provide opportunities for the market players in coming years.
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Covid-19 scenario:
- The lockdown in several countries resulted in the disruption of the supply chain and shortage of supplies.
- As the government has imposed lockdown across various countries, ophthalmology surgeries have been postponed, as ophthalmologists are at high risk due to the proximity to patients while diagnosing.
- As the majority of eye clinics were closed, patients used teleophthalmology services for urgent follow-up.
The report offers a detailed segmentation of the global ophthalmic devices market based on product function and region.
Based on product function, the vision care segment contributed to the largest share in 2019, accounting for nearly half of the total share, and is estimated to maintain its dominant position during the forecast period. However, the diagnostic devices segment is estimated to portray the highest CAGR of 4.7% during the forecast period.
Based on region, North America contributed the highest share, accounting for nearly two-fifths of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, Asia-pacific is expected to grow at the highest CAGR of 4.5% from 2020 to 2027.
Leading market players analyzed in the research include Novartis AG, Abbott Laboratories, Essilor International S.A., Carl Zeiss Meditec AG, Johnson & Johnson, HAAG-Streit Holding AG, Topcon Corporation, Nidek Co., Ltd., Ziemer Ophthalmic Systems AG., and Valeant Pharmaceuticals International, Inc.
Scope of the Report:
| Report Attribute | Details |
| Market size available for years | 2020-2027 |
| Base year considered | 2020 |
| Forecast period | 2019-2027 |
| Forecast units | Value (USD) |
| Segments covered | Product Function, Region |
| Geographies covered | North America, Europe, Asia-Pacific, LAMEA |
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