Press release
Ophthalmic Devices Market 2023 Trends: Revenue to Cross USD 166,719.3 Mn by 2027 | NOVARTIS AG (ALCON-A DIVISION OF NOVARTIS), ESSILOR INTERNATIONAL S.A., NIDEK CO., LTD., ZIEMER OPHTHALMIC SYSTEMS AG.
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Major Factors Driving the Growth of Ophthalmic Devices Market
Increasing prevalence of eye disorders: The prevalence of eye disorders, such as cataract, glaucoma, and age-related macular degeneration (AMD), is increasing due to the aging population and rising prevalence of lifestyle diseases such as diabetes and hypertension. This is driving the demand for ophthalmic devices used to diagnose and treat these conditions.
Technological advancements: Technological advancements have led to the development of new and innovative ophthalmic devices that are more effective, accurate, and less invasive. For example, new intraocular lenses (IOLs) are being developed that can correct multiple vision problems at once, and new surgical robots are being used to perform complex eye surgeries with greater precision.
Growing demand for minimally invasive and non-invasive procedures: Patients are increasingly demanding minimally invasive and non-invasive procedures for the treatment of eye disorders. Ophthalmic device manufacturers are developing new devices and technologies that meet this demand. For example, new laser devices are being used to perform cataract surgery and glaucoma surgery, and new drug delivery systems are being developed to deliver medications to the eye in a minimally invasive way.
Market Segmentation:
By Product Function:
Ophthalmic Surgical Devices:
Refractive Error Surgical Devices
Glaucoma Surgical Devices
Cataract Surgery Devices
Vitreoretinal Surgical Devices
Ophthalmic Diagnostic Devices:
Refractors
Corneal Topography Systems
Retinal Ultrasound Systems
Fundus Camera
Ophthalmoscopes
Optical Coherence Tomography Systems
Perimeters
Slit Lamps
Tonometer
Ophthalmic Vision Care Devices:
Contact Lenses
Spectacle Lenses
By Region:
North America: North America is the largest market for ophthalmic devices.
Europe: Europe is the second-largest market for ophthalmic devices.
Asia Pacific: Asia Pacific is the fastest-growing market for ophthalmic devices.
List of key players profiled in the report:
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
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Regional Growth Dynamics:
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.
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