USD 5.1 billion
Report ID: SQSG35A2037 | Region: Global | Published Date: November, 2022 | Pages: 165 | Tables: 61 | Figures: 64
Global ophthalmic devices market size was valued at USD 5.1 billion in 2021, and it is expected to reach a value of USD 7.13 billion by 2028, at a CAGR of 4.9 % over the forecast period (2022-2028).
Ophthalmology is a field of medicine that focuses on the anatomy, physiology, and disorders of the eyes. Ophthalmic devices are pieces of medical gear made for surgery, examination, and vision correction. Owing to the increased frequency of numerous ophthalmic disorders like glaucoma, cataracts, and other vision-related problems, these devices are becoming more and more important and widely used.
The global market for ophthalmic devices is expanding significantly due in large part to the rising frequency of ocular illnesses like glaucoma and cataracts. Technical advances such as the emergence of intraocular lenses (IOLs)—and the increased emphasis on consumer education and training among many eye care professionals regarding eye diseases and related complications are other significant factors that contribute to the growth of the global market. Additionally, it is expected that an increase in R&D activities for novel devices related to vision error and a rise in consumer consciousness of devices used in ophthalmology will fuel market expansion.
Global Market Size
USD 5.1 billion
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The global ophthalmic devices market segmentation is based on product, end-use and region. Based on product the market is segmented into surgical & vision care. Based on end use the market is segmented into hospitals, ophthalmic clinics, and others. Based on region the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Analysis by Product
A significant portion of the market is currently occupied by the vision care category, which is also expected to expand rapidly in the years to come. This is a result of patients increasingly switching from conventional eyeglasses to contact lenses. Moreover, it is projected that during the projected timeline, competitors' increasing attention to the introduction of new contact lenses would encourage the use of the product.
The dramatic rise of cataract and retinal surgeries, together with the important players' release of new IOLs, is driving up acceptance of IOLs and other devices and boosting the growth of the surgical segment.
Analysis by End Use
In 2021, the global ophthalmic devices market was led by the ophthalmic clinic sector. Growing public knowledge of the advantages offered by ophthalmology clinics, such as shorter wait times, is expected to support category expansion. These advantages, together with the growing use of cutting-edge medical equipment in clinics, are some of the things that are expected to draw a sizable patient base for treatment in these facilities.
Due to the increasing patient inclination towards Ambulatory Surgical Centers (ASCs) and multispecialty clinics for cataracts and other daycare operations, the other segment is projected to experience significant expansion in the upcoming years.
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North America controlled a sizeable 43% of the market in 2021. Excessive impact key drivers for the market are likely to include the constantly expanding senior population and the increased prevalence of chronic eye issues as a result of strong stress and poor lifestyles leading to diabetic retinopathy. The market for ophthalmic devices in this area is also expected to be driven by the adoption of new reimbursement models for ophthalmologic therapy and a strict regulatory environment designed to ensure patient safety.
Due to its quickly developing medical infrastructure, growing occurrence of eye diseases like glaucoma, and increased patient awareness of it, the Asia Pacific market is predicted to grow at the quickest CAGR throughout the projected timeline. The growth can be ascribed to significant market participants like Alcon, Inc. boosting their outsourcing efforts for ophthalmology devices.
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The ophthalmic devices market is extremely cutthroat. The major businesses are making investments in R&D efforts to create cutting-edge strategies and tools to give patients the most recent and enhanced treatments. These key market participants have implemented a variety of strategies, including M&A, partnerships, collaborations, regional business expansion, and new product launches. For example, In July 2021, Veritas Vision System by Johnson & Johnson Vision was Introduced with Features to Address Key Cataract Surgery Needs. the phacoemulsification (phaco) component of the VERITAS Vision System, was developed to address three crucial issues: patient safety, surgeon productivity, and surgeon comfort.
Top Players in the Global Opthalmic Devices Market
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the vision care category now holds a sizeable share of the market and is predicted to grow quickly in the years to come. The ophthalmic clinic industry dominated the global ophthalmic devices market in 2021. In 2021, North America held a sizable 43 percent of the market, with the Asia Pacific region expected to experience the fastest CAGR growth throughout the forecast period.
|Market size value in 2021||USD 5.1 billion|
|Market size value in 2028||USD 7.13 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Ophthalmic Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Ophthalmic Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Ophthalmic Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Product ID: SQSG35A2037