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Ophthalmic Devices Market worth over $61.3bn by 2027

  • Published Date: July 5, 2021

Ophthalmic Devices Market size is set to surpass USD 61.3 billion by 2027, according to a new research report by Global Market Insights Inc.

Growing technological advancements in ophthalmology are some of the key factors increasing the penetration of ophthalmic devices significantly across the globe. The use of these devices for diagnostic and surgical procedures have surged due to the advent of novel products with a high longevity and success rates. Increase in awareness associated with ophthalmic disorders is predicted to be one of the major factors driving the ophthalmic devices market growth. Additionally, several market players are focusing on technologically advanced devices that in turn will assist in providing an effective and safer procedure with improved outcomes. Increase in the use of laptops, smartphones, and computers across the globe can significantly cause more symptoms of eye strain, thereby boosting the market progression.

Rising geriatric population in APAC and MEA region is expected to propel the ophthalmic devices market expansion

Growing geriatric population in Asia Pacific and MEA region coupled with chronic eye diseases will promote the industry growth positively. The number of aged people in the APAC region is increasing at an unprecedented rate and has already met the geriatric population level in the region. As per the U.S. Census Bureau, the geriatric population in Africa is estimated to triple from 74.4 million to 235.1 million between 2020 and 2050. Rise in the number of elderly people affected by various eye-related disorders will require the need for surgeries that in turn is poised to foster the acceptance of ophthalmic devices.

In the Asia Pacific and Middle Eastern countries, the prevalence of ophthalmic diseases such as cataract, macular degeneration, diabetic retinopathy, and glaucoma is rising among aged individuals significantly. According to the recently published article, macular degeneration is a major cause of vision loss, irreversible blindness, and visual impairment in 60 years of age and older. In India, around 12 million people suffer from cataract affected blindness owing to the congenital conditions, smoking, and rising obesity issues among others. Hence, various government and non-government organization are actively involved in the collaborations to track and monitor the execution of the different eye care projects, fund raising, and maintaining the record of an individual patient.

Growing awareness about eye disorders will spur the market revenue

Global Ophthalmic Devices Market, By Product

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The vision care products segment in the ophthalmic devices market is anticipated to expand at 3.3% growth rate through 2027 led by the increase in the adoption of ophthalmic procedures along with significant innovations aimed to improve convenience to the patients. For instance, in 2019, the 3-zone ultra-multifocal contact lens were introduced for patients with refractive error including astigmatism and presbyopia. Hence, these advanced approaches reduce the risks associated with traditional techniques such as corneal problems, buildup of debris under the lens, corneal problems or serious eye infections. The vision care products such as contact lenses and spectacle lenses are more convenient credited to the correct refractive errors, eye comfort, and wider visual access among others. Contact lenses are widely used to correct eye disorders such as myopia, hyperopia, presbyopia, etc.

Browse key industry insights spread across 340 pages with 574 market data tables & 14 figures & charts from the report, “Ophthalmic Devices Market Size By Product (Surgical Devices {Cataract Surgery Devices [Intraocular Lenses, Phacoemulsification Devices, Ophthalmic Viscoelastic Devices, Cataract Surgical Lasers, Iol Injectors], Glaucoma Surgery Devices [Glaucoma Drainage Devices, Glaucoma Lasers, Minimally Invasive Glaucoma Surgery], Refractive Surgery Devices [Excimer Lasers, Femtosecond Lasers], Vitreoretinal Surgery Devices [Photocoagulation Lasers, Illumination Devices, Vitreoretinal Packs, Vitrectomy Machines, Vitrectomy Probes]}, Diagnostic and Monitoring Devices {Autorefractor, Biometer, Corneal Topography Systems, Fundus Cameras, Keratometers, Lensmeters, Ophthalmic Ultrasound Imaging Systems, Ophthalmoscopes, Optical Biometry Systems, Optical Coherence Tomography Scanner, Pachymeter, Perimeters/Visual Field Analyzers, Phoropters, Retinoscopes, Slit Lamps, Specular Microscopes, Tonometer , Wavefront Aberrometers}, Vision Care Products {Contact Lenses [Soft Contact Lenses, Rigid Gas Permeable Lenses, Toric], Spectacle Lenses}, Ophthalmic Accessories), By End-use (Hospitals, Specialty Clinics, Ambulatory Surgical Centers, Consumers), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:

Increasing number of ambulatory surgical centers offering ophthalmic surgical procedures will drive the industry expansion

The ophthalmic devices market for ambulatory surgical centers segment is estimated to attain a CAGR of at 3.4% and will reach USD 5.15 billion by 2027 on account of the easy accessibility to advanced ophthalmic devices, and affordability as compared to hospital-based treatments. Increasing number of ambulatory surgical centers providing personalized services as well as rising healthcare infrastructure across developing nations will propel the segment growth in the coming years. These modern health care settings emphasized on offering same-day surgical care comprising diagnostic and preventive treatments, are fostering the industry progression. The stringent rules and regulations are formulated for these centers to ensure they maintain a sanitary environment to reduce infections and communicable ailments.

Growing demand for innovative ophthalmic devices in Japan is slated to fuel the market value

Japan held a significant revenue share in the Asia Pacific ophthalmic devices market and accounted for over USD 3.57 billion in 2020 owing to the rising demand for ophthalmic procedures, growing geriatric population, and increasing health awareness among others. The demand for ophthalmic devices in Tokyo clinics is predicted to upsurge attributed to the accessibility of the walk-in services for non-surgical treatments, popularity on global platforms, and board-certified surgeon, etc. In Japan, the burden of non-communicable diseases such as eye disorders and disabilities are rising due to the increasing life expectancy and sociodemographic status, thereby augmenting the industry revenue. Glaucoma is an ocular disease that results in acquired blindness. The prevalence of glaucoma among people 40 years and above is 5%, and around 4 million glaucoma patients are anticipated in the country.

Companies are focusing on strategies and launch of innovative products to expand customer base

Some of the major players operating in the ophthalmic devices market are Essilor International, Johnson and Johnson Vision Care, CooperVision AG, Bausch and Lomb Inc., Hoya Corporation, Nidek Co Ltd., Topcon Corporation, Alcon Inc., and Carl Zeiss AG among others. These participants are involved in partnerships, agreement and acquisition to gain an edge over their competitors.

Authors: Sumant Ugalmugle, Rupali Swain