Ophthalmic Devices Market Global Industry Size, Share, Growth, Covid-19 Report Outlook, Scope And Industry Forecast, 2020–2027

According to the report, the global ophthalmic devices market garnered $32.53 billion in 2019, and is estimated to reach $44.86 billion by 2027, registering a CAGR of 4.0% from 2020 to 2027.

Rise in adoption of digital devices in health care sector and incorporation of advanced technology in ophthalmic devicesdrive the growth of the global ophthalmic devices market. However, lack of sled professional and low awareness regarding eye-related diseases hinder the market growth. On the other hand, improvement in healthcare infrastructures creates new opportunities in the coming years.

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COVID-19 Scenario-

The operational disruption in the surgical instrument and equipment manufacturing, due to COVID-19 outbreak, has impacted the ophthalmic devices market. On the other hand, the supply chain disruptions have resulted in shortages of devices.
However, the government bodies in several regions have imposed certain relaxations on the restrictions, in order to maintain economic requirement. Owing to this the companies have restarted the manufacturing.
Based on product function, the vision care segment contributed to the largest share in 2019, accounting for nearly half of the total share, and is estimated to maintain its dominant position during the forecast period. However, thediagnostic devices segment is expected to register the highest CAGR of 4.7% from 2020 to 2027.

Leading market players

Abbott Laboratories
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.
Based on region, North Americacontributed to the highest share, accounting for nearly two-fifths of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, Asia-Pacific is expected to grow at the highest CAGR of 4.5% from 2020 to 2027.

The vision care segment to maintain its lead status-

Based on product function, the vision care segment accounted for nearly half of the global ophthalmic devices market in 2019, and is expected to maintain its lead status in terms of revenue throughout the forecast period. This is due to rise in trend of contact lenses and increase in number of patient with vision corrections. However, the diagnostic devices segment is estimated to portray the highest CAGR of 4.7% from 2020 to 2027. The changing consumer preference from traditional and manually operated refractors to auto-refractors drives the growth of the segment.

North America is anticipated to dominate the market by 2027-

Based on region, North America accounted for the highest share based on revenue, holding for nearly two-fifths of the global ophthalmic devices market in 2019, and is projected to maintain its dominant position throughout the forecast period. This is due to rise in number of blindness and low vision in the U.S. Moreover, Asia-Pacific region is estimated to generate the fastest CAGR of 4.5% from 2020 to 2027. This is attributed to the presence of high population base, increase in disposable income, and improvement in patient awareness about advanced ophthalmic devices in this region.

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