Ophthalmic Devices Market is estimated to reach US$ 44.86 billion by 2027
Pune, Maharashtra, India, December 17 2020 (Wiredrelease) Allied Analytics –: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, registering a CAGR of 4.0% from 2020 to 2027. Rise in geriatric population and increase in inclination toward surgical procedures for treatment contribute toward the market growth.
Increase in adoption of digital devices in health care sector and technological advancement in the ophthalmic devices drive the growth of the global ophthalmic devices market. However, lack of sled professional and low awareness regarding eye-related diseases hinder the market growth. On the other hand, improvement in healthcare infrastructures is anticipated to offer new opportunities in the coming years.
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Ophthalmic devices manufacturing companies and distribution have been affected to a limited extent due to disrupted supply chain amid the lockdown.
According to Hartford Healthcare, the patients needing treatment regarding eye care have been reduced to 80% during the Covid-19 pandemic. Due to this, the demand for ophthalmic devices has been declined.
Based on product function, the vision care segment accounted for nearly half of the global ophthalmic devices market in 2019, and is expected to maintain its lead status in terms of revenue throughout the forecast period. This is due to rise in trend of contact lenses and increase in number of patient with vision corrections. However, the diagnostic devices segment is estimated to portray the highest CAGR of 4.7% from 2020 to 2027. The changing consumer preference from traditional and manually operated refractors to auto-refractors drives the growth of the segment.
Based on product function, the vision care segment contributed to the largest share in 2019, accounting for nearly half of the total share, and is estimated to maintain its dominant position during the forecast period. However, the diagnostic devices segment is estimated to portray the highest CAGR of 4.7% during the forecast period.
Region wise, 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 is anticipated to dominate the market by 2027-
Based on region, North America accounted for the highest share based on revenue, holding for nearly two-fifths of the global ophthalmic devices market in 2019, and is projected to maintain its dominant position throughout the forecast period. This is due to rise in number of blindness and low vision in the U.S. Moreover, Asia-Pacific region is estimated to generate the fastest CAGR of 4.5% from 2020 to 2027. This is attributed to the presence of high population base, increase in disposable income, and improvement in patient awareness about advanced ophthalmic devices in this region.
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Leading market players
Carl Zeiss Meditec AG
Essilor International S.A.
HAAG-Streit Holding AG
Johnson & JohnsonNidek Co., Ltd.
Valeant Pharmaceuticals International, Inc.
Ziemer Ophthalmic Systems AG.
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