Ophthalmic Devices Market Key Players, Share, Size, Trends, Aftermarket, Growth, Opportunities, and Regional Forecast To 2031

The ophthalmic devices market size is projected to reach US$ 73.99 billion by 2031 from US$ 40.48 billion in 2023; the market is estimated to record a CAGR of 7.8% during 2023-2031.

Ophthalmic devices are medical equipment used for vision correction, diagnosis, and surgical purposes. The awareness and adoption of ophthalmic devices have surged in recent years due to an upsurge in cases of glaucoma, cataracts, and other vision-related illnesses. The rising geriatric population and surging prevalence of optical disorders are projected to bolster the ophthalmic devices market in the coming years. The ophthalmic devices market trends include technological advancements in ophthalmic devices that will favor the growth of the market in the future.

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Growth Drivers:

An upsurge in the geriatric population in developed countries such as the US, the UK, Canada, and Japan, and developing countries such as China, India, and South Korea is driven by the modernization of healthcare facilities and improvements in healthcare services, which has improved the life expectancy in these countries. The aging population has a heavy impact on the social and economic fronts in the world. New techniques are being adopted in various countries across the world to safely and effectively treat the elderly populations. Thus, the increased quality of life has resulted in decreased death rates, in turn causing a surge in the geriatric population. According to the World Health Organization 2022 data, 1 out of every 6 persons will be aged 60 years and above by 2030; the population of people aged 60 and above is expected to grow from 900 million in 2021 to 2 billion by 2050. The percentage of the worldwide population in this age group will double from 12% in 2015 to 22% by 2050. As per the Department of Economic and Social Affairs, the United Nations report for 2019, ~703 million individuals are aged 65 years and above, and the number is estimated to double to 1.5 billion by 2050.

Ophthalmic Devices Market Regional Insights:

The regional trends and factors influencing the Ophthalmic Devices Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Ophthalmic Devices Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Company Profiles:

• Alcon,
• Topcon,
• Bausch + Lomb,
• Carl Zeiss Meditec,
• Haag Streit Holding,
• Essilor,
• Johnson & Johnson Vision,
• Nidek Co. Ltd,
• Hoya Corporation,
• CooperVision

Report Segmentation and Scope:

The ophthalmic devices market analysis has been carried out by considering the following segments: product, indication, end user, and geography. Based on product, the market is segmented into vision care products, surgical devices, and diagnostics and monitoring devices. In terms of indication, the market is classified into cataract, glaucoma, refractor disorders, and other indications. Based on end user, the market is categorized into hospitals and eye clinics, academic and research laboratories, and other end users. The scope of the ophthalmic devices market report covers North America (US, Canada, and Mexico), Europe (France, Germany, UK, Spain, Italy, and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia Pacific), the Middle East & Africa (Saudi Arabia, South Africa, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).

Segmental Analysis:

The ophthalmic devices market, by product, is categorized into vision care products, surgical devices, and diagnostics and monitoring devices. The vision care products segment held a significant market share in 2023. It is anticipated to record the highest CAGR in the market during 2023-2031.

Regional Analysis:

In terms of geography, the ophthalmic devices market is segmented into North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa. In 2023, North America captured a significant share of the market. In 2023, the US dominated the ophthalmic devices market in this region. The market growth in North America is attributed to the growing burden of eye diseases, such as cataracts, glaucoma, diabetic retinopathy, age-related macular degeneration (AMD), and refractive diseases; increasing geriatric population; the surging acceptance of technologically advanced ophthalmic devices; and the presence of significant market players in the region. With the surging population of people aged 65 and above, cases of age-related diseases such as AMD are on the rise in the US.

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The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the Ophthalmic Devices Market based on various segments. It also provides market size and forecast with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. The Ophthalmic Devices Market by each region is later sub-segmented by respective countries and segments.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Food and Beverages, Consumers and Goods, Chemicals and Materials.

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