Global ophthalmic devices market was valued at $38,120.4 million in 2020 and is projected to attain a market value of $57,571.4 million by 2027 at a CAGR of 6.5% during the forecast period.
Get a Free Sample Copy of this Report@ https://www.astuteanalytica.com/request-sample/ophthalmic-devices-market
As the population continues to age, the demand for ophthalmic devices market is expected to grow. An estimated 12 million Americans have some form of vision impairment, and that number is expected to increase to 20 million by 2035.The most common ophthalmic devices are eyeglasses, contact lenses, and vision corrective surgery. However, there is also a growing demand for low vision aids and other assistive devices.
The ophthalmic devices market is expected to grow significantly in the next decade due to the growing prevalence of eye diseases and the aging population. The number of people with age-related macular degeneration (AMD) is expected to double by 2050, while the number of people with glaucoma is expected to increase by 60%.
Another factor that is driving demand for ophthalmic devices market is the increasing prevalence of conditions such as diabetes and high blood pressure. These conditions lead to eye problems, so there is a need for products that can help people to manage these conditions and prevent them from causing damage to their eyesight. There are a number of factors driving the growth in demand for ophthalmic devices. The aging population is the most important driver, but increased awareness of vision problems and improvements in insurance coverage are also playing a role.
There are a number of factors that are contributing to the growing demand for ophthalmic devices market.
- The major factors driving the growth of this market are the rising incidences of eye disorders, growing geriatric population, and increasing awareness about vision disorders. According to a report by the World Health Organization (WHO), it is estimated that around 1.3 billion people worldwide are affected by some form of vision impairment. Out of these, around 36 million people are blind and 217 million have moderate or severe visual impairment. The number of cases of blindness is expected to rise to 115 million by 2050 due to the aging population and the increase in diabetes cases. According to the American Academy of Ophthalmology (AAO), diabetic retinopathy is one of the leading causes of blindness in adults aged 20-74 years. It is estimated that around 14 million Americans will be suffering from this condition by 2050.
- Apart from diabetes, other eye disorders such as cataract, age-related macular degeneration (AMD), glaucoma, and dry eye syndrome are also on the rise due to various factors such as lifestyle changes, increased exposure to blue light, and extended screen time in the global ophthalmic devices market. For instance, according to a study published in JAMA Ophthalmology, it was found that nearsightedness (myopia) has increased from 25% in 1972 to 51% in 2020 among Americans aged 12-54 years. Similarly, the prevalence of AMD has doubled.
- The global ophthalmic devices market is under pressure due to a number of factors. Firstly, the economic downturn has led to a reduction in discretionary spending on non-essential items such as ophthalmic devices.
- Secondly, the competitive landscape has become increasingly crowded, with a large number of players offering similar products at similar price points. This has made it difficult for companies to differentiate their offerings and generate demand.
- Finally, the regulatory environment has become more challenging in recent years, with a number of jurisdictions imposing stricter requirements on clinical trials and product approvals. This has made it harder for new entrants to break into the market and for existing players to bring new products to market in a timely fashion.
As a result, many companies in the global ophthalmic devices market are struggling to maintain momentum in their R&D efforts and are instead focused on protecting their existing businesses.
Some of the leading companies operating in the global ophthalmic devices market are Johnson & Johnson Vision (US), Bausch + Lomb (US), Abbott Laboratories (US), HOYA Corporation (Japan), Leica Biosystems Nussloch GmbH (Germany), Zeiss International (Germany), Essilor International (France), Valeant Pharmaceuticals International, Inc. (Canada), Topcon Corporation (Japan), Alcon Laboratories, Inc. (US), NIDEK CO., LTD. (Japan), and Carl Zeiss Meditec AG (Germany).
The global ophthalmic devices market is expected to reach $57.57 billion by 2027. North America is currently the largest market, but Asia-Pacific is expected to see the highest growth due to the large and rapidly growing population in the region. By 2030, one in five Americans will be age 65 or older. With age comes an increased risk for developing certain eye conditions such as cataracts, glaucoma, diabetic retinopathy, and age-related macular degeneration (AMD). In fact, it is estimated that about half of all Americans have at least one of these four common eye conditions by age 65.
The Asia-Pacific region is expected to be the fastest-growing ophthalmic devices market due to the large population base and the growing awareness about eye health. In China and India, the government is investing heavily in initiatives to provide quality eye care services to its citizens. In addition, multinational companies are expanding their presence in these countries to tap into this vast market potential.
By product, the global ophthalmic devices market is dominated by vision care is projected to continue dominating the market in the years to come. The vision care is further bifurcated into spectacles and contact lens.
There are a number of reasons why there is such high demand for spectacles and contact lenses. One reason is that more and more people are suffering from vision problems. This is partly due to the fact that we are living in an increasingly digital world, where we spend a lot of time looking at screens. This can cause eye strain and other vision problems. Another reason for the high demand is that people are becoming more aware of the importance of good vision. They know that if they don’t take care of their eyesight, it could lead to problems later on in life. Finally, glasses and contact lenses have become much more affordable in recent years, so more people can afford to buy them.
The number of people over the age of 65 is expected to grow from 703 million in 2017 to nearly 1.6 billion by 2050 in the global ophthalmic devices market, according to a report from the United Nations. This increase in the older population will lead to a higher prevalence of age-related conditions such as cataracts and macular degeneration, which will in turn drive up demand for vision care products. Other factors that are driving demand for ophthalmic devices market include the growing prevalence of myopia (nearsightedness) and an increase in disposable income levels in developing countries.
By surgical devices, cataract surgical devices segment is currently dominating the global ophthalmic devices market and is also projected to continue leading the market in the years to come. There are several reasons for the high demand for cataract surgical devices. First, the number of people over the age of 60 is increasing rapidly. This age group is most at risk for developing cataracts. In addition, advances in medical technology have made cataract surgery safer and more effective than ever before. As a result, more people are opting to have surgery to correct their vision.
Cataract surgery is a fairly simple procedure that can be performed on an outpatient basis. During the surgery, the cloudy lens of the eye is removed and replaced with a clear artificial lens. The whole process takes about an hour and most patients experience little discomfort afterwards. Recovery is usually quick, with most people regaining full vision within a few days. As a result, it is majorly preferred by patients and physicians alike in the global ophthalmic devices market.
The high demand for cataract surgical devices is likely to continue as the population ages and more people take advantage of this safe and effective procedure to improve their vision.
- Vision Care Products
- Surgical Devices
- Diagnostic & Monitoring Devices
By Vision Care
- 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
- Chart Projectors
- Corneal Topography Systems
- Fundus Cameras
- Ophthalmic Ultrasound Imaging Systems
- Autorefractors & Keratometers
- Optical Biometry Systems
- Optical Coherence Tomography Scanners
- Perimeters/Visual Field Analyzers
- Slit Lamps
- Specular Microscopes
- Wavefront aberrometers
- Indirect Ophthalmic Lens
By End Users
- Specialty Clinics & Ambulatory Surgery Centers
- Other End Users
To gain more insights into the market with a detailed table of content and figures, click here: https://www.astuteanalytica.com/industry-report/ophthalmic-devices-market
About Astute Analytica
Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.
BSI Business Park, H-15,Sector-63, Noida- 201301- India
Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World)
Follow US: LinkedIn | Twitter