The global ophthalmic devices market valued at market size of USD 38,120.4 Million in 2020 and is expected to reach USD 57,571.4 Million by 2027. The global ophthalmic devices market is anticipated to grow at a CAGR of 6.5% over the forecast period.
Ophthalmology is a branch of medical field that studies the structure, function, and eyes related diseases. Ophthalmic devices are medical devices used for vision correction, surgery, and diagnosis. Due to the rising cases of various ophthalmic disorders such as glaucoma, cataracts, and other vision-related issues, these devices have gained popularity in the recent years.
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The Centers for Medicare and Medicaid Services report that US healthcare expenditures grew by 4.6% to US$ 3.8 trillion in 2019, or US$ 11,582 per person, and accounted for 17.7% of GDP. Also, the federal government accounted for 29.0% of the total health expenditures, followed by households (28.4%). State and local governments accounted for 16.1% of total health care expenditures, while otherI private revenues accounted for 7.5%.
This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
Ophthalmic devices market is a highly fragmented, with the presence of international and local players across various regions. This results in increased competition in the market. Market players are continuously focusing on development of technologically advanced ophthalmic devices, to ensure early detection of eye-diseases.
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Growing prevalence of eye related issues and disorders
The need for eye care is anticipated to increase dramatically in the coming decades across the globe, posing a considerable challenge to health systems. Continuous increase in the number of eye related issues and loss of eyesight has become a global concern. The rising cases of chronic diseases like diabetes and hypertension has aided in the spread of eye problems. As per World Health Organization (WHO), globally at least 2.2 billion people have a vision impairment or blindness, of whom at least 1 billion have a vision impairment that could have been prevented or has yet to be addressed. Tens of millions have a severe vision impairment and could benefit from rehabilitation which they are not currently receiving. Due to this, governments of various countries are taking necessary steps to improve the eye facilities, which in turn is expected to drive the demand for ophthalmic devices at a huge pace, in the forthcoming years.
Increased adoption of advanced technologies is anticipated to promote the market growth
Remarkable advancements have been made in the technology being used by ophthalmologists across all the globe. These technological advancements are improving the outcomes through simplification of treatment procedures for eye illness for curing incurable disorders. Huge investments are also being made to develop more advanced technologies and devices which is expected to boost the demand for ophthalmic devices in the forthcoming years.
High cost of ophthalmic devices is restraining the market growth
High cost of ophthalmic devices is one of the most crucial factors, restraining the market growth. Whereas, dearth of skilled professionals in developing countries is anticipated to create a hindrance in the market growth.
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The global ophthalmic devices market is segmented into product, vision care, surgical devices, diagnostic & monitoring devices, and end-users
By Product Vision Care Products Surgical Devices Diagnostic & Monitoring Devices Based on product, the vision care products segment is estimated dominate the market, with the largest share of more than 55% of ophthalmic devices market in 2020. Whereas, surgical devices segment is estimated to grow at a highest CAGR of 6.9% during the forecast period.
By Vision Care Spectacles Contact Lenses Based on vision care, contact lenses segment is forecasted to grow at a highest CAGR of 7.2% during the forecast period.
By Surgical Devices Cataract Surgical Devices Ophthalmic Viscoelastic Devices Vitreoretinal Surgical Devices Refractive Surgical Devices Glaucoma Surgical Devices Ophthalmic Microscopes Ophthalmic Surgical Accessories Based on surgical devices, cataract surgical devices segment is forecasted to dominate the market with a share of more than 35% of ophthalmic devices market in 2020. The segment is estimated to continue this dominance during the forecast period.
By Diagnostic & Monitoring Devices Ophthalmoscopes Chart Projectors Corneal Topography Systems Fundus Cameras Lensometers Ophthalmic Ultrasound Imaging Systems Autorefractors & Keratometers Optical Biometry Systems Optical Coherence Tomography Scanners Phoropters Retinoscopes Slit Lamps Specular Microscopes Tonometers Wavefront Aberrometers Indirect Ophthalmic Lens The diagnostic & monitoring devices market is estimated to be dominate by ophthalmic ultrasound imaging systems segment. The segment is estimated to capture more than 13% of the market in 2020.
By End Users Consumers Hospitals Specialty Clinics & Ambulatory Surgery Centers Other End Users
Based on end users, the consumers segment is estimated to capture the largest market share in 2020.
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On the regional basis, the global ophthalmic devices market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
North America is dominating the global ophthalmic devices market. Growing number of eye related diseases in U.S. is one of the most important factors attributed to the dominance of North America region. Whereas, Europe region is expected to follow North America, and capture the second largest share of market in 2020.
Key players operating in the market include Alcon, Bausch + Lomb, Canon Inc., Carl Zeiss Meditec AG, Clearlab SG PTE, Ltd., EssilorLuxottica SA, Glaukos Corporation, Haag-Streit Holding, HEINE Optotechnik, Hoya Corporation, Johnson & Johnson Vision, Lumenis,Luneau Technology Group, Neo Vision, Nidek Co. Ltd., OcuLentis, STAAR Surgical Company, Topcon Corporation, Ziemer Ophthalmic Systems AG, Marco, Kowa Optimed. Inc., Oculus Inc., Reichert, Inc., Beye, LLC(Keeler), CSO srl, Takagi, Rexxam, Inami, Welch Allyn, Huvitz, Plusoptix, Tomey, Volk, Ellex Medical Laser Limited, Iridex Corp. among others. The major 10 players in the market accounted for a cumulative market share of nearly 70% in 2020.
Chapter 1. Research Framework 1.1 Research Objective 1.2 Product Overview 1.3 Market Segmentation Chapter 2. Research Methodology 2.1 Qualitative Research 2.1.1 Primary & Secondary Sources 2.2 Quantitative Research 2.2.1 Primary & Secondary Sources 2.3 Breakdown of Primary Research Respondents, By Region 2.4 Assumption for the Study 2.5 Market Size Estimation 2.6. Data Triangulation Chapter 3. Executive Summary: Global Ophthalmic Devices Market Chapter 4. Global Ophthalmic Devices Market Overview
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The global ophthalmic devices market report offers insights on the below pointers:
1. Market Penetration: The research report provides comprehensive data on the market offered by the prominent players 2. Market Development: The report offers detailed analysis about emerging markets and examines penetration across mature segments of the markets 3. Market Diversification: The research report offers comprehensive information about untapped geographies, recent developments, and investments 4. Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches, collaborations in the market have been provided in this research report. In addition, the report also includes a SWOT analysis of the leading market players.
The global ophthalmic devices market report answers questions such as:
1. What is the market size and forecast of the global ophthalmic devices market? 2. What are the inhibiting factors and impact of COVID-19 on the global ophthalmic devices market during the assessment period? 3. Which are the products/segments/applications to invest in over the assessment period in the global ophthalmic devices market? 4. What are the technology trends in the global ophthalmic devices market? 5. What strategies are considered favourable for entering the global ophthalmic devices market?
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What are the aspects of this report that relate to regional analysis?
The report’s geographical regions include North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
The report provides a comprehensive analysis of market trends, including information on usage and consumption at the regional level.
Reports on the market include the growth rates of each region, which includes their countries, over the coming years.
How are the key players in the market assessed?
This report provides a comprehensive analysis of leading competitors in the market.
The report includes information about the key vendors in the market.
The report provides a complete overview of each company, including its profile, revenue generation, cost of goods, and products manufactured.
The report presents the facts and figures about market competitors, alongside the viewpoints of leading market players.
A market report includes details on recent market developments, mergers, and acquisitions involving the key players mentioned.
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What factors are taken into consideration when assessing the key market players?
The report analyzes companies across the globe in detail.
The report provides an overview of major vendors in the market, including key players.
Reports include information about each manufacturer, such as profiles, revenue, product pricing, and other pertinent information about the manufactured products.
This report includes a comparison of market competitors and a discussion of the standpoints of the major players.
Market reports provide information regarding recent developments, mergers, and acquisitions involving key players.
What are the key findings of the report?
This report provides comprehensive information on factors expected to influence the market growth and market share in the future.
The report offers the current state of the market and future prospects for various geographical regions.
This report provides both qualitative and quantitative information about the competitive landscape of the market.
Combined with Porter’s Five Forces analysis, it serves as SWOT analysis and competitive landscape analysis.
It provides an in-depth analysis of the market, highlighting its growth rates and opportunities for growth.
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