Ophthalmic Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Ophthalmic Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

The global ophthalmic devices market is poised for significant growth, driven by the increasing prevalence of eye disorders and vision loss. Ophthalmic devices are critical in diagnosing and treating ocular defects, deficiencies, and various eye disorders. The market is expected to see a steady compound annual growth rate (CAGR) over the forecast period.

Key Market Dynamics

There has been a notable surge in lifestyle-related ophthalmic disorders in recent years. Additionally, the growing geriatric population is experiencing age-related ophthalmic ailments such as cataract, glaucoma, and macular degeneration, further fueling the global market for ophthalmic devices. Increased prevalence of conditions like diabetic retinopathy, visual impairment, blindness, bulging eyes, diabetic macular edema, ocular hypertension, retinal detachment, uveitis, and refractive errors is also anticipated to drive demand for ophthalmic devices. The rising occurrence of eye disorders in children will contribute to market growth during the forecast period.

Governments in developed regions are already supporting sophisticated healthcare infrastructures and several dedicated ophthalmic centers. In developing markets, governments are increasingly promoting state-of-the-art healthcare infrastructure, which is expected to favor the growth of the ophthalmic devices market. Technological advancements in ophthalmic devices aim to introduce innovative and advanced healthcare options, creating substantial demand over the forecast period.

However, the growth of the ophthalmic devices market faces challenges such as inadequate awareness about eye disorders and available treatment options in developing regions. Additionally, poor healthcare infrastructure and low prioritization of ophthalmic care are anticipated to negatively impact market growth. Lack of sufficient healthcare insurance is another restraint, likely to hamper market expansion in developing countries. Rising primary healthcare costs in these regions also pose a challenge to market growth.

Segment Analysis

The global ophthalmic devices market is segmented based on type into vision care devices, diagnostic devices, and surgery devices. Among these, the vision care devices segment is the largest, while the surgery devices segment is the fastest growing. Vision care devices are further divided into contact lenses and spectacle lenses, with spectacle lenses being more widely used. However, contact lenses are expected to witness substantial growth through to 2020. The surgery devices segment is bifurcated into cataract surgery devices, glaucoma surgery devices, refractive error surgery devices, and vitreoretinal surgery devices, with cataract surgery devices comprising the largest sub-segment.

The diagnostic devices segment includes sub-segments such as optical coherence tomography (OCT) scanners, fundus cameras, slit lamps, tonometers, ophthalmoscopes, retinoscope, pachymeter, wavefront aberrometers, corneal topographers, biometers, keratometers, visual field analyzers (perimeters), specular microscopes, autorefractors, and ophthalmic ultrasound imaging systems.

Geographic Analysis

Geographically, the global ophthalmic devices market is segmented into four key regions: North America, Europe, Asia, and the rest of the world. North America, particularly the U.S., is the leading market globally and is expected to maintain its dominance during the forecast period. Europe represents a significant market owing to the rising incidence of chronic eye diseases among the geriatric population. The Asian market, led by China and India, is anticipated to witness substantial growth due to the larger patient pool and the established prevalence of cataract, glaucoma, and diabetic retinopathy. The region is also experiencing an increase in aging-related macular degeneration.

Key Market Players

The global ophthalmic devices market is highly competitive, with several leading players continually focusing on developing and launching new ophthalmic devices. Some of the prominent companies operating in the market include:
• Johnson & Johnson
• Bausch & Lomb Incorporated
• Novartis AG
• Abbott Laboratories, Inc.
• Essilor International
• Hoya Corporation
• VisionCare, Inc.
• Carl Zeiss AG
• Canon Inc.
• Nidek Co Ltd.
• Topcon Corp.
• Alcon Inc.
• CooperVision AG

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