Ophthalmic Devices Market 2024

PORTLAND, OREGON, UNITED STATES, February 7, 2024 /EINPresswire.com/ -- 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. The study analyzes the important strategies, drivers, competition, market dynamics, size, and important investment regions.

Key Takeaways:

Growing Global Market: The ophthalmic devices market has been experiencing significant growth globally. Factors such as an aging population, increasing prevalence of eye disorders like cataracts and glaucoma, and technological advancements are driving market expansion.

Diagnostic and Monitoring Devices: Ophthalmic devices are used for both diagnosis and monitoring of various eye conditions. These include devices like ophthalmoscopes, slit lamps, tonometers, optical coherence tomography (OCT) scanners, and fundus cameras. These devices enable ophthalmologists to assess the health of the eye and identify any abnormalities or diseases.

Surgical Devices: Ophthalmic surgical devices are used in various procedures, such as cataract surgery, refractive surgery (LASIK), glaucoma surgery, and vitreoretinal surgery. Examples of surgical devices include intraocular lenses, phacoemulsification systems, femtosecond lasers, and vitrectomy machines. The demand for these devices is increasing due to the rising number of eye surgeries worldwide.

Contact Lenses and Vision Correction: Contact lenses are a popular alternative to eyeglasses for vision correction. They come in different types, including soft lenses, rigid gas permeable lenses, and specialty lenses for specific eye conditions. Additionally, vision correction procedures like LASIK and PRK (photorefractive keratectomy) have gained popularity, driving the demand for related devices and technologies.

Technological Advancements: The ophthalmic devices market has witnessed significant technological advancements in recent years. Innovations include the development of advanced imaging techniques, minimally invasive surgical techniques, and the integration of artificial intelligence (AI) and machine learning in diagnostic devices. These advancements improve accuracy, efficiency, and patient outcomes.

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Market Drivers:

Aging Population: The global population is aging, with a significant increase in the elderly population. Aging is associated with a higher risk of eye disorders such as cataracts, glaucoma, age-related macular degeneration (AMD), and diabetic retinopathy. The growing aging population fuels the demand for ophthalmic devices as a means of diagnosis, treatment, and vision correction.

Increasing Prevalence of Eye Disorders: Eye disorders are becoming more prevalent worldwide, partly due to lifestyle changes, increased screen time, and the prevalence of chronic diseases such as diabetes. Conditions such as cataracts, glaucoma, refractive errors, and retinal diseases require ophthalmic devices for diagnosis, monitoring, and treatment.

Market Segmentation:

Product Type:

a. Diagnostic and Monitoring Devices: Ophthalmoscopes, slit lamps, tonometers, autorefractors, visual field analyzers, optical coherence tomography (OCT) scanners, fundus cameras, and others.

b. Surgical Devices: Intraocular lenses (IOLs), phacoemulsification systems, femtosecond lasers, vitrectomy machines, glaucoma drainage devices, and others.

c. Vision Care Products: Contact lenses (soft lenses, rigid gas permeable lenses, specialty lenses), spectacle lenses, refractive surgery devices (excimer lasers), and others.

Application:

a. Cataract Surgery: Devices used for cataract surgery, such as phacoemulsification systems, IOLs, and surgical instruments.

b. Refractive Surgery: Devices and technologies used for procedures like LASIK, PRK, and SMILE, including excimer lasers, femtosecond lasers, diagnostic devices, and corneal topography systems.

c. Glaucoma Surgery: Devices used for glaucoma surgeries, such as glaucoma drainage devices, shunts, lasers (laser trabeculoplasty), and surgical instruments.

d. Retinal Disorders: Devices for the diagnosis and treatment of retinal conditions, including retinal cameras, OCT scanners, vitrectomy machines, and surgical instruments.

e. Others: Devices for corneal disorders, ocular oncology, ocular aesthetics, and other specialized ophthalmic applications.

End User:

a. Hospitals and Clinics: Ophthalmic devices used in hospital settings, outpatient clinics, and ambulatory surgery centers.

b. Specialty Eye Centers: Devices used in dedicated eye care centers, including refractive surgery clinics, glaucoma centers, and retinal clinics.

c. Homecare Settings: Devices for home use, such as self-monitoring devices, portable tonometers, and certain vision care products.

Geography:

The market can also be segmented by geographical regions such as North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Each region may have unique market dynamics, regulatory frameworks, and adoption patterns.

Distribution Channel:

a. Direct Sales: Devices sold directly by manufacturers to healthcare providers or end users.

b. Distributors and Retailers: Devices distributed through third-party distributors or sold through retail channels.

c. Online Sales: Devices purchased through online platforms or e-commerce websites.

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Regional Growth Dynamics:

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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Competitive Landscape:

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
Ziemer Ophthalmic Systems AG.
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David Correa
Allied Market Research
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