Press release
Ophthalmic Devices Market Share, Growth By Business Developments 2023 To 2027
Ophthalmic devices are medical equipment designed for diagnosis, surgery, and vision correction. These devices gain increased importance and adoption due to high prevalence of various ophthalmic diseases such as glaucoma, cataract, and other vision-related issues.
How big is the ophthalmology market?
The global ophthalmic devices market size was valued at $53,428.8 million in 2019, and is projected to reach $66,719.3 million by 2027, registering a CAGR of 4.2% from 2020 to 2027.
CAGR: 4.2%
Current Market Size: USD 53,428.8 Million
Forecast Growing Region: APAC
Largest Market: North America
Projection Time: 2020 - 2027
Base Year: 2019
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Increase in prevalence of eye-related diseases across the globe, rapid technological advancements in ophthalmic, high adoption of global devices, and rise in focus on customer training and education along with awareness have boosted the growth of the global ophthalmic devices market. However, low awareness about eye-related diseases and dearth of skilled professionals hamper the market growth. On the contrary, potential growth opportunities in developing countries for manufacturers of ophthalmic devices are expected to create lucrative opportunities for the market players in the future.
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.
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North America dominated the market
By region, the global ophthalmic devices market across North America held the lion's share in 2019, contributing to more than one-third of the market. This is owing to prevalence of age-related eye diseases including macular degeneration, cataract, glaucoma, and diabetic retinopathy in the U.S. However, the market across Asia-Pacific is estimated to showcase the highest CAGR of 4.6% from 2020 to 2027, due to presence of high population base, surge in disposable incomes, and improvement in patient awareness about advanced ophthalmic devices.
Key Benefits For Stakeholders
The study provides an in-depth analysis of the global ophthalmic devices market size along with the current trends and future estimations to elucidate the imminent investment pockets.
It offers ophthalmic devices market analysis from 2020 to 2027, which is expected to enable the stakeholders to capitalize on the prevailing opportunities in the market.
A comprehensive analysis on region assists to understand the regional ophthalmic devices market and facilitate the strategic business planning and determine prevailing opportunities.
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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.
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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.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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