The new report by Expert Market Research titled, ‘Global Ophthalmic Devices Market Size Report and Forecast 2023-2031’, gives an in-depth analysis of the global ophthalmic devices market, assessing the market based on its segments like product functions and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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Ophthalmic Devices Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview 2016-2031
- Historical Market Size (2022): USD 50.7Billion
- Forecast CAGR (2023-2031): 4.5%
- Forecast Market Size (2031): USD 75.6%Billion
The growing prevalence of sight impairment and the rising focus on eye health are bolstering the market growth of ophthalmic devices. With the introduction of various favourable government initiatives to boost awareness regarding eye care, the utilisation of ophthalmic devices is surging. Technological advancements and innovations of ophthalmic devices to treat conditions such as retinitis pigmentosa and AMD, among others, are anticipated to bolster the market. Eye surgeons and healthcare providers are increasingly preferring ophthalmic devices that can integrate into clinical workflow and provide data driven insights, which is likely to support the market. In addition, the premiumisation of contact lenses and implants is expected to further the market for ophthalmic devices in the coming years.
Ophthalmic Devices Industry Definition and Major Segments
Ophthalmic devices refer to medical devices that are utilised in the treatment, diagnostics, and care of various eye-related issues, diseases, and infections. They are essential to ensure optimal eye health of patients and enable healthcare professionals to determine the accurate issue for relevant treatment. Some of the common ophthalmic devices are refractors, cataract surgical devices, and corneal topography systems, among others.
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The major product functions of ophthalmic devices are:
- Surgical Devices
- Refractive Error Surgical Devices
- Glaucoma Surgical Devices
- Cataract Surgical Devices
- Vitreoretinal Surgical Devices
- Diagnostic Devices
- Corneal Topography Systems
- Retinal Ultrasound Systems
- Fundus Camera
- Optical Coherence Tomography Systems
- Slit Lamps
- Vision Care Devices
- Contact Lenses
- Spectacle Lenses
The regional markets of ophthalmic devices are:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Ophthalmic Devices Market Trends
The market for ophthalmic devices is being fuelled by the growing focus on vision care. The increasing launches of innovative ophthalmic devices by the leading companies are expected to bolster the market. Various ophthalmic devices are increasingly integrated with technologies such as artificial intelligence (AI) and data analytics to automate the identification of potential ophthalmic issues. The utilisation of AI-enabled ophthalmic devices in the early detection of issues such as diabetic macular oedema and diabetic retinopathy to improve patient outcomes is likely to drive the market. With the increasing approvals of innovative and technologically advanced ophthalmic devices by health organisations like the FDA, the market is poised to witness robust growth in the forecast period.
Key Market Players
Some major players in the market:
- Carl Zeiss Meditec AG
- Essilor International S.A.
- Haag-Streit Holding
- Hoya Corporation
- NIDEK CO., LTD.
- Bausch Health Companies Inc
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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