Ophthalmic Devices Market Size Worth 31,856.4 million USD Globally grow with a CAGR of 5.2%

Author : univdatos
Publish Date : 2021-06-09 17:14:48
Ophthalmic Devices Market Size Worth 31,856.4 million USD Globally grow with a CAGR of 5.2%

As per the research report, Ophthalmic Devices Market derived revenue of US$ 31,856.4 million in 2019 and are expected to fetch US$ 46,337.4 million by 2026 displaying significant CAGR of 5.2% over the forecast period (2021-2026). With the introduction of the ophthalmic devices incorporating these sophisticated technologies, people are increasingly opting for ophthalmic surgeries to correct their eye-related disorders. A growing number of people are receiving ophthalmic prostheses due to the aging population and the increasing prevalence of ophthalmic conditions. Of those with visual impairment or blindness, the five major eye conditions such as cataract, macular degeneration, glaucoma, diabetic eye disease, and refractive error account for approximately three-quarters of all cases. In recent years, the growing disposable income has encouraged people to buy quality eyewear products that are in perfect amalgamation with their increasing living standards. Moreover, people are now opting for trendy and designer sunglasses according to the latest trends prevailing in the market.

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Population aging is one of the major factors that is responsible for the increase in the incidence and prevalence of patients suffering from eye defects. Statistics reveal that 65% of those with visual impairment and 82% of those who are blind are over 50 years old. As per the United Nations, Population aging refers to the change in the composition of a population such that there is an increase in the proportion of older persons. Growth in certain regions and countries is decelerating whereas population aging is accelerating. As per WHO lifestyle changes and urbanization - will also dramatically increase the number of people with eye conditions, vision impairment, and blindness in the coming decades. Myopia is one such condition which is a major public health concern in several East Asian countries, where the condition affects 80% to 90% of high school graduates. Ophthalmology and its subspecialties have been at the forefront of medical innovation and have embraced the rapid advances in several technologies, including pharmacology, imaging, data processing, and devices. Technological innovations in ophthalmology provide ophthalmologists with new ways to improve the quality of care. Scientific and technological advances have also opened a wide range of clinical and research opportunities in the field of eye care.

Essilor International S.A., Bausch Health Companies, Ellex Medical Lasers, Second Sight Medical Products, Hoya Corporation, Alcon, Johnson & Johnson, Carl Zeiss Meditec AG, Escalon Medical Corp., Topcon Corporation, Nidek Co., Staar Surgical, Lumenis, Glaukos Corporation, and Vision Care are some of the prominent players operating in the global ophthalmic devices market. Several M&A’s along with partnerships have been undertaken by these players to facilitate costumers with hi-tech and innovative products.

Insights Presented in the Report

“Amongst product type, vision care devices segment holds the major share”

Based on product type, the market is fragmented into vision care devices, surgery devices, and diagnostic and monitoring. The vision care devices dominated the market with a share of 79.2% in 2019 and are expected to maintain their dominance during the forecast period owing to the increasing usage of electronic devices such as mobiles, PCs, and laptops which results in various eye-related defects.

“Amongst vision care products, spectacles sub-segment dominated the market in 2019”

The vision care segment is further subdivided into spectacles and contact lenses. Spectacles dominated the market with a share of 81.6% in 2019 and are expected to maintain its dominance during the forecast period owing to the increasing age, which is probably due to the increased need for presbyopic and post-cataract surgery refractive correction. The current use of spectacles also increased with increasing socioeconomic status possibly related to the increased level of education. However, the contact lenses segment is anticipated to witness the highest CAGR during the forecast period (2021-2026).

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“Amongst surgery devices segment, cataract surgery devices segment is expected to dominate the market during the analyzed period”

Based on the surgery devices, the market is bifurcated into cataract surgery devices, glaucoma surgery devices, refractive surgery devices, vitreoretinal surgery devices, and other surgery devices. The cataract surgery devices dominated the market with a share of 66.8% in 2019 and are expected to maintain its dominance during the forecast period owing to the most frequent surgical procedure being performed in many developed countries, providing significant, long-term, and cost-effective improvements in the quality of life for patients of all ages. However, glaucoma surgery devices are anticipated to witness the highest CAGR during the analyzed period.

“Amongst ophthalmic diagnostic and monitoring devices type, optical coherence tomography/scanning laser ophthalmoscopy dominated the market in 2019”

Based on the ophthalmic diagnostic and monitoring devices type, the market is segmented into optical coherence tomography/scanning laser ophthalmoscopy, fundus camera, tonometer, perimeter, optical biometry, ophthalmic operating microscopes, slit lamp, autorefractors, and other diagnostic and monitoring devices. In 2019, optical coherence tomography/scanning laser ophthalmoscopy accounted for 18% of market revenue share and dominated the market. The segment is most commonly utilized in the clinic to diagnose retinal diseases. OCT has become essential in ophthalmology, offering a superior resolution of the retina and some of the adjacent tissues for diagnosis and treatment of eye diseases. New OCT modalities have now been assimilated into ophthalmic oncology to help track the status of ocular and periocular tumors through retinal symptoms.

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“Amongst disease area, cataract is expected to dominate the market during the analyzed period”

Based on the disease area, the market is fragmented into a cataract, glaucoma, age-related macular degeneration, diabetic retinopathy, and others. In 2019, the cataract accounted for the maximum market share with 28.5% and is expected to be the leading segment of the ophthalmic devices market during the forecast period. According to the latest assessment by WHO, cataract is responsible for approximately 51% of world blindness, which represents about 20 million people. Although cataracts can be surgically removed, barriers exist in many countries that prevent patients to access surgery. However, Diabetic retinopathy is expected to witness the highest CAGR growth during the forecast period 2021-2026.

“Amongst end-users, optical centers dominated the market in 2019”

Based on end-users, the ophthalmic devices market is fragmented optical centers, hospitals, ophthalmic clinics, and ambulatory surgery centers. In 2019, optical centers accounted for 47.2% of market revenue share and dominated the market. However, the ophthalmic clinic segment is anticipated to witness the highest CAGR during the forecast period.

“North America represents one of the largest markets of ophthalmic devices market”

For a better understanding of the market dynamics of the ophthalmic devices market, a detailed analysis was conducted for different regions across the globe including North America (US, Canada, and Rest of North America), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and Rest of the World has been conducted. North America dominated the market and generated revenue of US$ 10,826.2 million in 2019 owing to the rising prevalence of ocular disorders, growth in the geriatric population, increase in healthcare expenditure, and technological advancements in ophthalmic devices. Approximately 11 million Americans aged 12 years and older could improve their vision through proper refractive correction.

Customization Options:

The Ophthalmic Devices Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.



Category : business

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