Press release
Ophthalmic Devices Market to reach an estimated value of USD 42,685.1 million in 2027
Ophthalmic Devices Market 2022New Study Reports "Ophthalmic Devices Market 2022 Global Opportunities, Strategies, Sizing and Growth, Dynamics, Competitive Landscape, SWOT Analysis and Forecasts 2027" has been Added on PMR.
Report Overview
The analysis includes forecasted Ophthalmic Devices Market valuation and growth rate, as per the researchers' review. This Ophthalmic Devices Market Review provides a summary of current market dynamics, barriers, drivers, and metrics as well as a perspective for important segments. Business growth in different industries, too, is anticipated. The nature of the research also demands comprehensive segmental analysis. The worldwide Ophthalmic Devices Market also provides a regional overview spanning North America, Latin America, Asia-Pacific Europe, and the Middle East & Africa, with the sector's detailed country-level measurements. The report also provides a thorough description of the business strategies used by the major players as well as new entrants.
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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