What is the market size of Ophthalmic Devices?
According to the report, the global ophthalmic devices market garnered $32.53 billion in 2019, and is estimated to reach $44.86 billion by 2027.
- Market Size By 2031 USD 4.86 Billion
- Growth Rate CAGR of 4.0%
- Forecast period 2020 – 2027
- Report Pages 270
What is ophthalmic Devices?
Ophthalmic devices refer to instruments, apparatus, machines, implants, or similar articles intended to be used for human eye examination, diagnosis, treatment, or correction of vision impairments. Examples of ophthalmic devices include eyeglasses, contact lenses, ophthalmoscopes, intraocular lenses, and other eye surgical instruments.
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The use of ophthalmic devices is expected to increase in the near future, owing to alarming rise in the prevalence of eye diseases, such as glaucoma, cataract, and refractive errors. In 2019, North America dominated the ophthalmic devices market, and is expected to maintain its lead throughout the forecast period, owing to high adoption of ophthalmic devices.
COVID-19 Scenario-
- The operational disruption in the surgical instrument and equipment manufacturing, due to COVID-19 outbreak, has impacted the ophthalmic devices market. On the other hand, the supply chain disruptions have resulted in shortages of devices.
- However, the government bodies in several regions have imposed certain relaxations on the restrictions, in order to maintain economic requirement. Owing to this the companies have restarted the manufacturing.
Ophthalmic devices can be classified into several segments based on their use and application, including:
- Vision correction devices – eyeglasses, contact lenses, and refractive surgery equipment
- Diagnostic devices – ophthalmoscopes, tonometers, visual field analyzers, and optical coherence tomography (OCT) devices
- Surgical devices – intraocular lenses, phacoemulsification machines, and other surgical instruments used in cataract and refractive surgeries
- Low vision aids – magnifying glasses, telescopes, and closed-circuit televisions for individuals with low vision or visual impairments
- Ocular prosthetics – artificial eyes and other devices used to replace missing or damaged parts of the eye
- Therapeutic devices – laser devices for the treatment of retinal disorders and other eye conditions.
Each segment has its own set of products designed to address specific eye conditions or vision impairments.
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Regional Analysis:
The ophthalmic devices market analyzed across North America, Europe, Asia-Pacific, and LAMEA. The North America ophthalmic devices market accounted for the largest share in 2019; however, Asia-Pacific is anticipated to grow at the highest CAGR of 4.6% throughout the forecast period. According to the Center for Diseases Control and Prevention, diabetic retinopathy is expected to account for major cause of blindness in the U.S. From 2010 to 2050, the number of Americans with diabetic retinopathy is expected to nearly double from 7.7 million to 14.6 million. Glaucoma further contributes toward the loss of vision and blindness.
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, UK, Italy, Spain, Rest of Europe)
- Asia-Pacific (Japan, China, India, Australia, Rest of Asia-Pacific)
- LAMEA (Brazil, South Africa, Saudi Arabia, Rest of LAMEA)
Leading market players
- Abbott Laboratories
- Novartis AG
- Carl Zeiss Meditec AG
- Essilor International S.A.
- HAAG-Streit Holding AG
- Johnson & Johnson
- Nidek Co., Ltd.
- Topcon Corporation
- Valeant Pharmaceuticals International, Inc.
- Ziemer Ophthalmic Systems AG.
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