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Ophthalmic Devices Market 2022 Global Projection By Key Players - Johnson & Johnson, Essilor International, Bausch & Lomb Incorporated, Novartis AG- Analysis and Forecast to 2027
Ophthalmic Devices Market 2022-2027
The Ophthalmic Devices Market is bound to grow robustly in the years to come. With smart technology and 5G being increasingly adopted, the healthcare vertical is witnessing a paradigm shift. These technologies can thus increase the convenience quotient (CQ), as abysmal disruption happens in the patients' lives. This convenience quotient would be the trend running in the healthcare vertical shortly.
According to a new market report published by Persistence Market Research "Global Market Study on Ophthalmic Devices: Asia to Witness Highest Growth by 2027," the global ophthalmic devices market was valued at USD 29,171.5 million in 2022 and is expected to grow at a CAGR of 6.5% from 2022 to 2027, to reach an estimated value of USD 42,685.1 million in 2027.
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Globally, the ophthalmic devices market is witnessing significant growth due to increasing prevalence of eye disorders, such as diabetic retinopathy and macular degeneration. In addition, growing global aging population, increasing government initiatives towards healthcare infrastructure in developing countries, and increasing incidence of lifestyle-associated diseases are also driving the growth of the market. However, lack of awareness among people about eye disorders, poor primary healthcare infrastructure, and lack of insurance in developing countries hamper growth of the global ophthalmic devices market. In addition, eye diseases in children are also increasing due to the general lack of awareness.
Some of the major players in the global ophthalmic devices market:
Johnson & Johnson.
Essilor International.
Bausch & Lomb Incorporated.
Novartis AG.
HOYA CORPORATION.
Abbott Laboratories, Inc.
Other.
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Age-related eye diseases, such as glaucoma, cataract, diabetic retinopathy, and age-related macular degeneration, are the leading causes of visual impairment and blindness in North America. According to the American Academy of Ophthalmology, approximately 22 million Americans aged 40 and above were affected by cataract and 2.3 million Americans were affected by glaucoma in 2011.
In Europe, increasing prevalence of chronic eye diseases among the rising aging population is becoming a challenge for the European healthcare system. In France, the number of age-related macular degeneration cases was 0.3 million in 2000 and it is anticipated to increase by 0.5 million in 2027.
However, glaucoma, cataract, and diabetic retinopathy are the major causes of blindness in Asia. Cataract can be held responsible for 50% to 80% of all cases of blindness in Southeast Asia. The prevalence of age-related macular degeneration is also increasing in Asia due to increase in life expectancy and rising incidence of diabetes among the younger population. As per the Centre for Eye Research Australia, prevalence of diabetic retinopathy among people ranged between 17% and 22% in India and 43.1% in rural China in 2022.
The ophthalmic devices market is segmented as follows:
Ophthalmic devices market, by type
Vision care devices
Surgery devices
Diagnostic devices
Ophthalmic devices market, by vision care devices
Contact lenses
Spectacle lenses
Ophthalmic devices market, by surgery devices
Cataract surgery devices
Glaucoma surgery devices
Refractive error surgery devices
Vitreoretinal surgery devices
Ophthalmic devices market, by diagnostic devices
Optical coherence tomography scanners
Fundus cameras
Tonometers
Ophthalmoscopes
Retinoscope
Pachymeter
Wavefront aberrometers
Corneal topographers
Biometers
Keratometers
Visual field analyzers
Specular microscopes
autorefractors
Ophthalmic ultrasound imaging systems
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Major Highlights of the Ophthalmic Devices Market Report:
The Ophthalmic Devices Market analysis report offers an in-depth study of the potential market growth opportunities and challenges.
The report dives deeper into the market and explains the dynamic factors bolstering market growth.
The report deeply assesses the current, historical market size, market share, and revenue growth rates to offer accurate market projections for the forecast period.
The report analyzes the Ophthalmic Devices Market presence across major regions of the world.
It determines the production & consumption capacities and demand & supply dynamics of each regional market.
The report further illustrates the intense competition among the key market players and highlights their effective business expansion plans and strategies.
It provides company overview and SWOT analysis of each of the market players.
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About PersistenceMarketResearch:
PersistenceMarketResearch is an esteemed company with a reputation of serving clients across domains of information technology (IT), healthcare, and chemicals. Our analysts undertake painstaking primary and secondary research to provide a seamless report with a 360 degree perspective. Data is compared against rep/uted organizations, trustworthy databases, and international surveys for producing impeccable reports backed with graphical and statistical information.
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