Press release
Ophthalmic Devices Market
According to the report, the global ophthalmic devices market garnered $32.53 billion in 2019, and is estimated to reach $44.86 billion by 2027, registering a CAGR of 4.0% from 2020 to 2027.Drivers, restraints, and opportunities-
Increase in adoption of digital devices in health care sector and technological advancement in the ophthalmic devices drive the growth of the global ophthalmic devices market. However, lack of sled professional and low awareness regarding eye-related diseases hinder the market growth. On the other hand, improvement in healthcare infrastructures is anticipated to offer new opportunities in the coming years.
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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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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. 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 domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
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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