Ophthalmic Devices Market Size By Product (Surgical Devices {Cataract Surgery Devices, Glaucoma Surgery Devices, Refractive Surgery Devices, Vitreoretinal Surgery Devices}, Diagnostic and Monitoring Devices, Vision Care Products {Contact Lenses, Spectacle Lenses}, Ophthalmic Accessories), By End Use ( Hospitals, Specialty Clinics, Ambulatory Surgical Centres, Consumers), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024

Published Date: Sep 2018  |  Report ID: GMI2917  |  Authors: Sumant Ugalmugle, Rupali Swain

Report Format: PDF   |   Pages: 240   |   Base Year: 2017




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Ophthalmic Devices Market size was valued over USD 41.5 billion in 2017 and is expected to witness more than 3.7% CAGR from 2018 to 2024. Increase in number of elderly populations will result in large patient population base with ophthalmic disorders requiring more ophthalmic surgeries thereby, fuelling the market demand.  
 

Ophthalmic Devices Market

Get more details on this report - Request Free Sample PDF
 

Every other type of ophthalmic surgical procedures poses one or the other type of risks. Several number of post operational risks associated with eye surgeries such as over- or under-correction of vision, visual aberrations, development of chronic dry and red eyes, infection, corneal estasia etc. Hence risk associated with ophthalmic surgeries may impede the market growth.
 

Ophthalmic Devices Market Report Coverage
Report Coverage Details
Base Year: 2017 Market Size in 2017: 41.5 Billion (USD)
Historical Data for: 2013 to 2017 Forecast Period: 2018 to 2024
Forecast Period 2018 to 2024 CAGR: 3.7% 2024 Value Projection: 53.5 Billion (USD)
Pages: 240 Tables, Charts & Figures: 581
Geographies covered (17): U.S., Canada, Germany, UK, France, Spain, Italy, Japan, China, India, Australia, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, UAE
Segments covered: Product, End Use and Region
Companies covered (10): Essilor International, Johnson and Johnson Vision Care, CooperVision AG, Bausch and Lomb Inc, Hoya Corp.,, Nidek Co Ltd.,, Topcon Corp.,, Alcon Inc., Carl Zeiss AG,, Canon Inc.,
Growth Drivers:
  • Rising geriatric population in Middle East & Africa and Asia Pacific region
  • Increase in number of people suffering from ophthalmic disorders in Latin America
  • Technological advancements in developed regions
  • Increasing government initiatives in North America
  • Growing global demand and preference for non-invasive treatment
  • Rise in global adoption of contact lenses and spectacles
Pitfalls & Challenges:
  • High cost of the ophthalmic devices
  • Increasing adoption of refurbished ophthalmic devices
  • Risk associated with eye surgeries
  • Lack of skilled labors

Get more details on this report - Request Free Sample PDF
 

By Product

Ophthalmic diagnostic and monitoring devices market is estimated to grow at 3.9% CAGR through 2024. As per the statistics published by National Eye Institute, currently around 1.3 million Americans are blind and 2.9 million have low vision; and an estimated 2.2 million Americans will be blind and 5 million will have low vision by 2030. Hence, increase in eye disorders will lead to growing demand of diagnostic and monitoring devices.
 

Vision care segment accounted for over USD 21.5 billion in 2017 and is estimated to expand significantly over the projected period. Increase in number of people suffering from refractive and common vision problems will result in growing adoption for vision care products. 
 

By End Use

Ophthalmic devices demand from specialty clinics segment is projected to rise at 4.1% CAGR up to 2024. The demand for ophthalmology will increase due to the changing demography across the globe towards aging population. Growing demand for eye care services due to increase in number of patients suffering from ophthalmic disorders will ultimately result in increasing number of ophthalmologists thereby, boosting the sales and demand for ophthalmic devices in the specialty clinics business segment. 
 

Majority of the ophthalmic products are used by the common consumers and accounted for the total revenue of over USD 19.5 billion in 2017. Visual impairment is one of the severe health concerns across all the countries. Almost around 80% of the people with ophthalmic disorders need treatment.
 

Region Outlook

U.S. ophthalmic devices market was valued at USD 13.8 billion in 2017 and is forecast to grow at more than 3% CAGR through 2024. Growing number of ophthalmic patients and surgeries will boost the industry growth.
 

Indian market is estimated to expand at over 4.6% CAGR during the forecast timeframe. In the developing nations such as India, one of the major healthcare concerns affecting the health of the people is the growing burden of preventable blindness. According to the World Health Organization (WHO), around 8 million blind and over 54 million people are visually impaired in India. Growing eye disorders and increase in government initiatives such as Vision 2020 in the country will boost the market growth. 
 

Competitive Market Share

Some of the leading players in the ophthalmic devices market share include Essilor International, Johnson and Johnson Vision Care, CooperVision AG, Bausch and Lomb, Hoya, Nidek, Topcon, Alcon, Carli Zeiss and Cannon. These companies mainly focus on strategic decisions to increase the research and development investment. Merger and acquisitions have increased the capabilities of the companies and increase their efficiency to sustain in the market by providing better solutions.
 

Ophthalmology or eye care is largely growing industry across the globe especially in the developed region of North America and Europe. The change in the demographics and lifestyle of the people will result in increase in the demand for ophthalmic devices in the forthcoming years, but the revenue generation of the market will be depending on healthcare reforms and state of regulation. Although the ophthalmic devices industry is currently fragmented, the commoditization and consolidation in healthcare will catch up eye care in the upcoming years resulting in massive business growth.
 

Frequently Asked Questions (FAQ) :

The market size of ophthalmic devices valued over USD 41.5 billion in 2017.
The industry share of ophthalmic devices is projected to grow at 3.7% CAGR through 2024.
According to this GMI report, the ophthalmic diagnostic and monitoring devices demand will see 3.9% growth up to 2024.
The ophthalmic devices market is forecast to value USD 53.5 billion by 2024.
The specialty clinics demand is projected to rise at 4.1% CAGR up to 2024.

Buy NowImmediate delivery available

Need a Discount? Get in touch with us for special pricing

Request Discount

Connect with our sales team

Premium Report Details

  • Published Date: Sep 2018
  • Pages: 240
  • Tables: 574
  • Charts / Figures: 7
  • Companies covered: 10
  • Countries covered: 17

Benefits of Association

Data Coverage & Quality

GMI reports provide the most comprehensive coverage of any focus industry, ensuring a holistic and deep understanding of the market, along with actionable and granular data. We also take pride in our commitment to quality and strive to ensure that our clients get their moneys worth.

Client Trust & Security

GMI maintains strict code of conduct as a business and is committed to ensure that the privacy and trust of our clients are always maintained. As an organization, we also strive to be fully compliant with privacy laws, PCI and information security guidelines.

Customer Service

Our customers rely on us to produce accurate, reliable and timely information. Service orientation is a key mission for us as an organization; our process is guided by the desire to ensure that our clients are provided the best possible solutions in optimal timeframe. GMI stands by its commitment to service, providing timely assistance in both pre-sales and post-sales support for our clients.

GMIPulse, our report store

We have introduced ‘GMIPulse’, which is our report store; designed to offer clients a one-stop platform for all market research and business intelligence requirements. Clients can access reports, presentations, raw data excel sheets as well as detailed company profiles. GMIPulse allows you to track relevant industries and stay informed with latest innovation, competitive and regulatory developments to help design strategic framework.

Chat with us
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies. More info X