Ophthalmic devices industry to growing at a CAGR of 4.2% from 2020 to 2027

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.

As per the report, the global ophthalmic devices industry generated $53.42 billion in 2017, and is projected to reach $66.71 billion by 2027, growing at a CAGR of 4.2% from 2020 to 2027.

Covid-19 scenario:

The lockdown in several countries resulted in the disruption of the supply chain and shortage of supplies.

As the government has imposed lockdown across various countries, ophthalmology surgeries have been postponed, as ophthalmologists are at high risk due to the proximity to patients while diagnosing.  

As the majority of eye clinics were closed, patients used teleophthalmology services for urgent follow-up.

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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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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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