The latest research study “Ophthalmic Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global ophthalmic devices market size reached US$ 25.19 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 33.42 Billion by 2027, exhibiting a growth rate (CAGR) of 4.50% during 2022-2027.
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Ophthalmic devices refer to medical instruments used for surgical diagnosis and vision correction. They consist of contact lenses, diagnostics, implants, contact lens care products, intraocular lenses (IOLs), phacoemulsification systems, artificial tears, lasers, and surgical instruments. Ophthalmic devices are utilized to diagnose and cure visual deficits or abnormalities and other eye diseases. In addition, they aid in making the eye-treatment process more suitable for ophthalmologists and patients by reducing therapy time and providing high-quality care. As a result, ophthalmic devices find widespread applications across hospitals, eye clinics, and academic and research laboratories.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Ophthalmic Devices Market Trends and Drivers:
The escalating prevalence of eye diseases, such as cataracts and glaucoma, is among the primary factors driving the ophthalmic devices market. Besides this, the extensive utilization of laptops, smartphones, computers, and e-readers is further augmenting the market growth. Moreover, the growing popularity of intraocular lenses (IOLs) to replace the natural lens of eyes for restoring both near and distant vision and the expanding healthcare industry are also catalyzing the global market.
Apart from this, the development of novel instruments to treat vision errors and the rising awareness about ophthalmic devices among individuals are acting as significant growth-inducing factors. Additionally, the elevating requirement for micro-invasive glaucoma (MIGs) surgical implants to treat mild to moderate glaucoma and the increasing training and education among eye care professionals to cure eyesight diseases and associated complications are also stimulating the market growth.
Furthermore, the launch of several policies by the government bodies to promote eye health is expected to bolster the ophthalmic devices market in the coming years.
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|Ophthalmic Devices Market Report Scope|
|Market size value in 2021||US$ 25.19 Billion|
|Market forecast in 2027||US$ 33.42 Billion|
|Growth Rate||CAGR of 4.50% from 2022 to 2027|
|Base year for estimation||2021|
Global Ophthalmic Devices Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Bausch & Lomb Incorporated (Bausch Health Companies Inc.), Carl Zeiss Meditec AG, EssilorLuxottica SA, Haag-Streit Group, HOYA Surgical Optics GmbH (Hoya Corporation), Leica Microsystems GmbH (Danaher Corporation), Nidek Co Ltd., Topcon Corporation, Volk Optical Inc. and Ziemer Ophthalmic Systems AG.
The report has segmented the market on the basis of region, product type, application and end use.
Breakup by Product Type:
- Vision Care
- Contact Lens
- Ocular Health
Breakup by Application:
- Vitreo Retinal Disorders
- Refractor Disorders
Breakup by End Use:
- Hospitals and Eye Clinics
- Academic and Research Laboratory
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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