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Ophthalmic Devices Market to Garner $66.71 Billon by 2027 at 4.2% CAGR: AMR

Increase in prevalence of eye-related diseases across the globe and adoption of global devices have boosted the growth of the global ophthalmic devices market.

/EIN News/ -- Portland, OR , Jan. 13, 2021 (GLOBE NEWSWIRE) -- Allied Market Research recently published a report, titled, 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”. As per the report, the global ophthalmic devices industry generated $53.42 billion in 2017, and is projected to reach $66.71 billion by 2027, growing at a CAGR of 4.2% from 2020 to 2027.

Increase in prevalence of eye-related diseases across the globe, rapid technological advancements in ophthalmic, high adoption of global devices, and rise in focus on customer training and education along with awareness have boosted the growth of the global ophthalmic devices market. However, low awareness about eye-related diseases and dearth of skilled professionals hamper the market growth. On the contrary, potential growth opportunities in developing countries for manufacturers of ophthalmic devices are expected to create lucrative opportunities for the market players in the future.

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Covid-19 scenario:

  • The lockdown in several countries resulted in the disruption of the supply chain and shortage of supplies.
  • As the government has imposed lockdown across various countries, ophthalmology surgeries have been postponed, as ophthalmologists are at high risk due to the proximity to patients while diagnosing.  
  • As the majority of eye clinics were closed, patients used teleophthalmology services for urgent follow-up.

By product function, the surgical devices segment is projected to portray the highest CAGR of 5.7% during the forecast period, owing to rise in the prevalence of eye-related disorders, increased demand for better treatments, and advancements in healthcare infrastructure in several countries. However, the vision care segment held the largest share in 2019, accounting for more than two-fifths of the global ophthalmic devices market, due to increased need for vision corrections and shift from use of spectacles to contact lenses.

By region, the global ophthalmic devices market across North America held the lion’s share in 2019, contributing to more than one-third of the market. This is owing to prevalence of age-related eye diseases including macular degeneration, cataract, glaucoma, and diabetic retinopathy in the U.S. However, the market across Asia-Pacific is estimated to showcase the highest CAGR of 4.6% from 2020 to 2027, due to presence of high population base, surge in disposable incomes, and improvement in patient awareness about advanced ophthalmic devices.

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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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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 domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

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