Ophthalmic Equipment Market To reach $66,719.3 million by 2027
Pune, Maharashtra, India, February 12 2021 (Wiredrelease) Allied Analytics –:Allied Market Research recently published a report, titled, “The global ophthalmic devices market size was valued at $53,428.8 million in 2019, and is projected to reach $66,719.3 million by 2027, registering a CAGR of 4.2% from 2020 to 2027.”
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.
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“Ophthalmic Devices Market by Product Function [Surgical Devices (Refractive Error Surgery Devices, Glaucoma Surgery Devices, Cataract Surgery Devices, and Vitreoretinal Surgery Devices) Ophthalmic Diagnostic Devices (Refractors, Corneal Topography Systems, Retinal Ultrasound Systems, Fundus Camera, Ophthalmoscopes, OCT, Perimeters, Slit Lamps, and Tonometer), and Vision Care Devices (Contact Lenses and Spectacles)]: Global Opportunity Analysis and Industry Forecast, 2020–2027”
Increase in R&D activities for the treatment of vision errors is driving the ophthalmic devices market growth. However, low awareness regarding eye-related diseases and dearth of skilled professionals are expected to hamper the growth of the market. Conversely, emerging countries such as China and India possess high growth potential, owing to improvement in healthcare infrastructure in these countries.
Ophthalmology is a branch of medical science that deals with the structure, function, and various eye diseases. Ophthalmic devices are medical equipment designed for diagnosis, surgery, and vision correction. These devices are gaining increased importance and adoption due to surge in prevalence of various ophthalmic diseases such as glaucoma, cataract, and other vision-related issues.
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.
COVID-19 is an infectious disease that originated in Hubei province of the Wuhan city in China in late December. The virus that causes COVID-19 is from the family of viruses called Coronaviridae. The highly contagious disease, caused by a virus, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), is transmitted from humans to humans. Thus, COVID-19 was declared a pandemic by the World Health Organization (WHO) on March 11, 2020. The pandemic has impacted the ophthalmology screenings due to lockdown, as ophthalmology surgeries and diagnostic screenings have been postponed. Therefore, this resulted in decline of revenue generation of market players from sales of ophthalmic equipment. Furthermore, doctors started preferring screenings teleophthalmology services such as an app, phone calls, emails, and messages.
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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.
The key players operating in the global Ophthalmic Devices Market include Novartis AG,Essilor International S.A.,Carl Zeiss Meditec AG,HOYA Corporation,HAAG-Streit Holding AG,Nidek Co., Ltd.,Johnson & Johnson,Valeant Pharmaceuticals International, Inc.,Topcon Corporation and Ziemer Ophthalmic Systems AG.
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