Shifting preference from spectacles to contact lenses, and increasing use of minimally invasive surgeries are key factors driving market revenue growth.
Market Size - USD 53.10 Billion in 2020, Market Growth - CAGR of 2.9%, Market Trends - Rising prevalence of various chronic diseases such as diabetes leading to eye disorders and losing eye sight.
The global ophthalmic devices market size is expected to reach USD 67.24 Billion in 2028, and register a CAGR of 2.9% during the forecast period. Growing global geriatric population is resulting in high prevalence of various eye disorders across the globe. Additionally, increasing number of hours spent on digital devices such as smartphones, computers, tablets, television, laptops, e-reader, and game consoles results in eye-related issues such as itchy eyes, eye strain, blurred vision, headaches, or neck pain. These are some of the major factors expected to drive revenue growth of the global ophthalmic devices market.
Moreover, according to the World Health Organization (WHO), diabetes is the leading cause of blindness and is responsible for an estimated 1.6 million deaths in 2018. Thus, increasing prevalence of various chronic ophthalmic diseases linked with diabetes is expected to drive demand for ophthalmic devices, thereby support market revenue growth.
Market Size - USD 53.10 Billion in 2020, Market Growth - CAGR of 2.9%, Market Trends - Rising prevalence of various chronic diseases such as diabetes leading to eye disorders and losing eye sight.
The global ophthalmic devices market size is expected to reach USD 67.24 Billion in 2028, and register a CAGR of 2.9% during the forecast period. Growing global geriatric population is resulting in high prevalence of various eye disorders across the globe. Additionally, increasing number of hours spent on digital devices such as smartphones, computers, tablets, television, laptops, e-reader, and game consoles results in eye-related issues such as itchy eyes, eye strain, blurred vision, headaches, or neck pain. These are some of the major factors expected to drive revenue growth of the global ophthalmic devices market.
Moreover, according to the World Health Organization (WHO), diabetes is the leading cause of blindness and is responsible for an estimated 1.6 million deaths in 2018. Thus, increasing prevalence of various chronic ophthalmic diseases linked with diabetes is expected to drive demand for ophthalmic devices, thereby support market revenue growth.
Some Key Findings From the Report:
- Among the end use segments, the consumer segment accounted for the largest revenue share of 37.1% in the global ophthalmic devices market in 2020.
- North America ophthalmic devices market accounted for the largest revenue share in 2020, due to increasing prevalence of various age-related diseases. For instance, according to the American Academy of Ophthalmology, glaucoma affects more than 2.7 Million individuals age 40 and older, leading to rising demand of the ophthalmic procedure and medication.
- The Asia Pacific ophthalmic devices market size was USD 11.68 Billion in 2020, due to growing geriatric population, increasing investments in development of advanced technologies, and high prevalence of various types of eye diseases in countries in the region.
- Key players profiled in the report include Bausch + Lomb, Johnson & Johnson, Alcon, Topcon, Carl Zeiss Meditec, Essilor, Nidek, Haag-Streit, Ziemer Ophthalmic Systems, and Staar Surgical. The market players have adopted various strategies including mergers, acquisitions, partnerships, and new product developments, among other strategies, to stay ahead of the competition and expand market footprint.
For the purpose of this report, the global ophthalmic devices market is segmented on the basis of device, type of disorder, end use, and region:
Device Outlook
- Surgical Device
- Diagnostic and Monitoring Device
- Vision Care
Type of Disorder Outlook
- Glaucoma
- Cataract
- Vitreo Retinal Disorder
- Refractor Disorders
- Others
End Use Outlook
- Hospitals
- Consumers
- Specialty Clinics
- Ambulatory Surgical Centers
Region Outlook
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East and Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East & Africa
Reasons to Buy the Report
- A robust analysis and estimation of the Ophthalmic Devices Market with four levels of quality check - in-house database, expert interviews, governmental regulation, and a forecast specifically done through time series analysis
- A holistic competitive landscape of the all the major players in the Ophthalmic Devices Market. The report covers their market shares, strategic initiatives, new product launches, R&D expenditure, M&As, Joint ventures, expansionary plans, product wise metric space analysis and key developments
- Go-to-market strategies specifically formulated in line with location analysis which takes into the factors such as government regulations, supplier mapping, supply chain obstacles, and feedback from local vendors
- Most deep dive segmental bifurcation available currently in the market. Our stellar methodology helps us understand the overall gamut of the supply chain and will help you explain the current market dynamics
- Special focus given on vendor landscape, supplier portfolio, customer mapping, production capacity, and yearly capacity utilization
Table of Contents
Chapter 1. Market Synopsis
Chapter 2. Executive Summary
Chapter 4. Ophthalmic Devices Market Segmentation & Impact Analysis
Chapter 5. Ophthalmic Devices Market, By Devices Insights & Trends
Chapter 6. Ophthalmic Devices Market, By Type of Disorders Insights & Trends
Chapter 7. Ophthalmic Devices Market, By End Users Insights & Trends
Chapter 8. Ophthalmic Devices Market Regional Outlook
Chapter 9. Competitive Landscape
Chapter 10. Company Profiles
Companies Mentioned
- Bausch + Lomb
- Johnson & Johnson
- Alcon
- Topcon
- Carl Zeiss Meditec
- Essilor
- Nidek
- Haag-Streit
- Ziemer Ophthalmic Systems
- Staar Surgical
