Global Ophthalmic Devices Market to Reach $44.86 Billion by 2027: AMR
Rise in adoption of digital devices in health care sector and incorporation of advanced technology in ophthalmic devices drive the growth of the global ophthalmic devicesmarket. By geography, North America contributed to the highest share in 2019, and will maintain its dominance throughout the forecast period. On the other hand, by product function, the vision care segment held the largest share in 2019.
Portland, OR, July 09, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global ophthalmic devices market generated $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.The report offers anextensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenario.
Rise in adoption of digital devices in health care sector and incorporation of advanced technology in ophthalmic devicesdrive 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 creates new opportunities in the coming years.
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Covid-19 scenario:
- Disruptions in the supply chain have affected the manufacturing of surgical instrument and equipment, thereby impacting the ophthalmic devices market.
- Moreover, people have become much conscious about necessary eye care measures and medical professionals have also started practicing preventive ophthalmologymethods during the pandemic.
The report offers a detailed segmentation of the global ophthalmic devicesmarket based onproduct function, and region.
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, thediagnostic devices segment is expected to register the highest CAGR of 4.7% from 2020 to 2027.
Based on region, North Americacontributed to the highest share, accounting for nearly two-fifths of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, Asia-Pacific is expected to grow at the highest CAGR of 4.5% from 2020 to 2027.
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Leading market players analyzed in the research include Abbott Laboratories, Novartis AG, Carl Zeiss Meditec AG, Essilor International S.A., HAAG-Streit Holding AG, Johnson & Johnson, Nidek Co., Ltd., Topcon Corporation, Valeant Pharmaceuticals International, Inc., and Ziemer Ophthalmic Systems AG.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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