The Global Ophthalmic Devices Market was valued at USD 50.16 billion in 2020 and is expected to reach USD 65.0 billion by 2027, growing at a CAGR of 3.7% during the forecast period (2021-2027).
Ophthalmic devices are medical tools designed for surgery, monitoring and vision correction. Ophthalmic devices include contact lenses, cosmetic lenses, contact lens care products, diagnostics, implants, intraocular lenses, lasers, phacoemulsification systems, and solutions, among others. Such devices are majorly beneficial in incidences of several eye diseases such as cataract, glaucoma, and other vision-related issues.
The market is driven by varied factors including rising prevalence of eye diseases, high growth in the geriatric population, advancements in technology of ophthalmic devices, supportive government initiatives to control visual impairment, and increasing adoption of contact lenses and spectacles. However, factors such as high cost of ophthalmology devices, increasing adoption of repaired and restored ophthalmic devices, and reimbursement cuts for ophthalmic surgical procedure are hampering the ophthalmic devices market in the forecast period.
The Global Ophthalmic Devices Industry Segmentation:
By Product Function
Based on product function, the Ophthalmic Vision Care Devices segment is expanding at a highest growth rate during the period 2021-2027.
On the basis of product function, the Ophthalmic Devices market is segmented into ophthalmic diagnostic devices, ophthalmic surgical devices, and ophthalmic vision care devices. Amongst all, ophthalmic vision care devices contributed the largest market share in 2020, and is expected to continue the same in forecast period. The growth is primarily owing to prevalence of eye disorders such as glaucoma, diabetic retinopathy, cataract, and refractive errors in the forecast period.
Based on the end-users, the specialty clinics and ASCs segment accounted for the largest share in the overall Ophthalmic Devices market size, followed by the Hospitals.
The specialty clinics and ASCs segment out of all end users segmentation held the maximum market share in 2020. This is owing to the availability of numerous specialty clinics in almost every region, cost effectivity of Ambulatory Surgery Centers (ASCs) over hospitals, and availability of specialized staff.
Based on regions, the market for Ophthalmic Devices in North America accounted for the largest share in 2020.
Geographically, the North American region is anticipated to be the largest market share with about 35% of total ophthalmic devices market share. The swiftly increasing geriatric population base and the growing prevalence of chronic eye conditions as a result of high stress and unhealthy lifestyles may lead to diabetic retinopathy. This further is driving the ophthalmic devices market in this region. Additionally, Asia Pacific is expected to grow at the fastest rate owing to the increasing geriatric population, advancing healthcare infrastructure, and growing awareness regarding eye care.
Company Profiles and Competitive Intelligence
The key players operating in the market are:
The report also provides in-depth analysis of Ophthalmic Devices market dynamics such as drivers, restraints, opportunities and challenges
COVID-19 Impact on the Ophthalmic Devices Market Analysis
The impact of COVID-19 has greatly affected the market of the Ophthalmic Devices industry. The momentum dropped globally, as the outbreak of COVID-19 has made patients visit less to the clinics owing to lockdowns and constraints implemented to prevent the spread of the disease. Moreover, government also have issued limitations and bans on medical procedures and surgeries. This have resulted in decline in number of eye treatments being conducted thus hampering the market growth.
The report also provides in-depth analysis of key trends in Ophthalmic Devices market
|1||Outbreak of COVID-19 has led to the decline in eye surgeries owing to government restrictions, lockdown and decreased infections and diseases in this lockdown.||Negative|
|2||Rapid increase in geriatric population worldwide and increasing lifestyle related eye disorders and diseases||Positive|
|3||The rising demand for phacoemulsification devices and premium Intraocular Lens (IOL) in emerging regions||Positive|
The report also provides in-depth analysis of recent news developments and investments
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