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.
Growing Prevalence of Eye Diseases: The prevalence of various eye diseases, such as cataracts, glaucoma, age-related macular degeneration (AMD), diabetic retinopathy, and refractive errors, had been increasing worldwide. This trend was driving the demand for ophthalmic devices used for diagnosis, treatment, and management of these conditions.
Aging Population: The global population was experiencing a demographic shift with an increasing number of elderly individuals. Aging is a significant risk factor for many eye diseases, leading to higher demand for ophthalmic devices as the elderly seek vision correction and treatment solutions.
Technological Advancements: Ophthalmic device manufacturers had been investing in research and development to introduce advanced technologies. Innovations in areas such as laser treatments, surgical instruments, intraocular lenses (IOLs), and diagnostic imaging devices were enhancing the efficiency and effectiveness of eye care, thus boosting the market growth.
Refractive Surgery: Procedures like LASIK (Laser-Assisted in Situ Keratomileusis) and SMILE (Small Incision Lenticule Extraction) had been gaining popularity as effective and minimally invasive solutions for vision correction. The demand for these procedures was driving the market for refractive surgery devices.
Increased Focus on Early Diagnosis: Governments and healthcare organizations had been promoting the importance of early diagnosis and regular eye check-ups. This emphasis on preventive eye care had been contributing to the demand for ophthalmic diagnostic devices.
Request Sample Copy of Report:
https://www.alliedmarketresearch.com/request-sample/2046
Market Drivers:
Increasing Prevalence of Eye Diseases: The rising incidence of eye disorders, such as cataracts, glaucoma, age-related macular degeneration (AMD), diabetic retinopathy, and refractive errors, was a significant driver for the ophthalmic devices market. As the global population aged and lifestyles changed, the prevalence of these conditions increased, leading to higher demand for diagnostic and treatment devices.
Aging Population: The world’s population was experiencing a demographic shift with a substantial increase in the elderly population. Aging is a major risk factor for many eye conditions, including cataracts and AMD. Consequently, the growing elderly population was driving the demand for ophthalmic devices and treatments for age-related eye diseases.
Market Segmentation:
Product Type:
Diagnostic and Imaging Devices: Includes devices such as ophthalmoscopes, fundus cameras, optical coherence tomography (OCT) machines, tonometers, and visual field analyzers used for diagnosing eye conditions.
Surgical Devices: Encompasses instruments and equipment used in eye surgeries, such as phacoemulsification systems, vitrectomy machines, excimer lasers for refractive surgeries, and microscopes for eye surgery.
Vision Care Products: Includes contact lenses, eyeglasses, and intraocular lenses (IOLs) used for vision correction.
Disease Type:
Cataract and Glaucoma Devices: Devices used in the diagnosis and treatment of cataracts and glaucoma, which are two common eye diseases.
Refractive Error Correction Devices: Devices used for correcting refractive errors like myopia, hyperopia, astigmatism, and presbyopia. This includes LASIK and other refractive surgery devices.
Vitreoretinal Surgery Devices: Instruments and equipment used in surgeries related to the retina and vitreous, such as retinal detachment repairs and macular hole surgeries.
Ophthalmic Diagnostic Devices: Devices used for diagnosing various eye conditions, including AMD, diabetic retinopathy, and other retinal disorders.
End User:
Hospitals and Clinics: Devices used in hospital ophthalmology departments and private eye clinics.
Ambulatory Surgical Centers (ASCs): Facilities that perform outpatient eye surgeries and procedures.
Optical Centers and Retail Stores: Places where vision care products like eyeglasses and contact lenses are prescribed and dispensed.
Geography:
North America: Includes the United States and Canada.
Europe: Comprises various European countries.
Asia-Pacific: Includes countries like China, India, Japan, South Korea, and others.
Latin America: Comprises countries in Central and South America.
Middle East and Africa: Includes various countries in the Middle Eastern and African regions.
Request for Customization –https://www.alliedmarketresearch.com/request-for-customization/2046
Competitive Landscape:
Novartis AG
Carl Zeiss Meditec AG
Essilor International S.A.
HAAG-Streit Holding AG
Johnson & Johnson
Nidek Co., Ltd.
Topcon Corporation
Valeant Pharmaceuticals International, Inc.
Ziemer Ophthalmic Systems AG
Hoya Corporation
Buy this Premium Research Report:
https://www.alliedmarketresearch.com/purchase-enquiry/2046
VALUE PROPOSITIONS RELATED TO THE REPORT:
Powered with Complimentary Analyst Hours and Expert Interviews with Each Report
Comprehensive quantitative and qualitative insights at segment and sub-segment level
Covid 19 impact trends and perspective
Granular insights at global/regional/country level
Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
About Us
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 domain.