Ophthalmic Device Market, Size, Global Forecast 2022-2027, Industry Trends, Share, Growth, Insight, Impact of COVID-19, Company Analysis

Ophthalmic Device Market, Size, Global Forecast 2022-2027, Industry Trends, Share, Growth, Insight, Impact of COVID-19, Company Analysis

Global Ophthalmic Devices Market is expected to reach US$ 58.08 Billion in 2027. Ophthalmology is a medical specialty that studies the eyes' structure, function, and diseases. Ophthalmic devices treat various eye disorders and infections such as refractive error, cataracts, glaucoma, etc. Furthermore, ophthalmic equipment is used for multiple purposes, including diagnostics, vision correction, and surgery. Moreover, these devices provide patients with high-quality eye care, reduce treatment time and make the eye-therapy method more convenient for both patients and ophthalmologists.

Worldwide Ophthalmic Devices Market Size was US$ 43.07 Billion in 2021

The rising prevalence of ophthalmic diseases such as cataracts and glaucoma is a significant factor driving the global ophthalmic devices market. Furthermore, the increased penetration of digital devices such as laptops, smartphones, computers, and e-readers, along with rapid technological advancements such as introducing intraocular lenses (IOLs), is boosting the market growth. In addition, an increased emphasis on customer training and education among eye care professionals regarding eye diseases and associated complications all contribute significantly to the global market's growth. According to Renub Research report, Global Ophthalmic Devices Industry will expand at a CAGR of 5.1% during 2021-2027.

Diverse Application in the Global Ophthalmic Device Market:

Our report divides the global ophthalmic devices market by application into Diagnostics & Monitoring Devices, Surgical Instruments Devices, and Vision Care Products. Where in fundus camera, optical coherence tomography scanner, and tonometer are the sub-categories of the diagnostics & monitoring devices segment. According to our analysis, optical coherence tomography systems (OCT) will have significant market share. This is due to the widespread use of optical coherence tomography systems in drug discovery and their technological advantages, such as visualizing in-depth eye structures, surface tissue, and vascular systems.

Furthermore, Refractive Error Surgery Devices, Glaucoma Surgery Devices, Cataract Surgery Devices, and Retinal Surgery Devices are sub-divided under Surgical Instruments Devices. According to our projections, the cataract surgery devices segment will account for the largest share of the surgical instruments devices market in 2021, owing to an increase in the prevalence of cataracts worldwide, which has increased the number of surgeries.

Finally, the vision care products segment includes contact lenses, which are expected to multiply between 2021 and 2027. This is due to change in lifestyle and an increase in demand for innovative lenses, and an increase in preference for contact lenses over prescription eyeglasses.

Decline in Surgical Procedures amid COVID-19 Affect Ophthalmic Device Market:

The COVID-19 outbreak has harmed the ophthalmic device market. The significant decrease in the number of ophthalmic procedures due to the COVID pandemic has resulted in a decline in revenues generated by market participants from the sale of implants, consumables, and equipment. The surgical segment saw a more significant reduction in income, including cataract surgeries, vitreoretinal surgeries, and other procedures responsible for lower sales of implants, equipment, and consumables.

Furthermore, due to the COVID-19 pandemic, the vision care segment saw a decrease in contact lens sales, offsetting an increase in sales of ocular health products such as eye drops. Eye drops and other visual health products were in high demand for various conditions such as dry eye disease. The main reasons given were panic-buying and stockpiling of these commodities due to the uncertainty of national lockdowns, supply chains, and so on.

Numerous Advantages Provided by Hospitals for Ophthalmic Procedures Maintains Industry Significance:

In terms of End-Users, the hospital segment will continue to be important in the market in 2021 and beyond. This is due to diverse factors, including the availability of skilled healthcare workers, quality care, a high success rate, patient satisfaction. Furthermore, the availability of cutting-edge technologies accelerates the adoption of ophthalmic devices in hospitals. Intensive post-operative care and continuous monitoring will increase patient preference for ophthalmic procedures in hospitals. As a result, rising hospital admissions for eye disorders, combined with advancements in surgical and diagnostic devices, are expected to keep the demand for ophthalmic devices in these facilities stable.

North America holds the Lion’s Market Share

According to our findings, the global market for ophthalmic devices in North America holds the lion's share throughout the study period. The rapid adoption of advanced technology intraocular lenses for cataract treatment and leading players in the region offering a diverse range of devices are expected to drive market growth in the North American area.

Furthermore, the European market has grown significantly over the years. This is due to significant government investments in the R&D sector to develop highly advanced ophthalmic surgical instruments.

Nonetheless, the Asia Pacific market is expected to grow faster. Certain factors, such as the rising incidence of cataracts and glaucoma and the growing adoption of highly advanced devices to treat cataract and vitreoretinal disorders in emerging economies such as China and India expected to drive market growth in the Asian region.

Key Players:

Johnson & Johnson, Topcon Corporation, Canon Inc, Alcon, Inc, STAAR Surgical Co., Glaukos Corporation, and IRIDEX Corporation are significant players in the market. The considerable players concentrate on strategic collaborations, mergers, and partnerships to expand their business and launch new products to strengthen their product portfolio. Furthermore, these leaders are subsidizing in research and development activities that will allow them to maximize their revenue share.

Renub Research latest report “Ophthalmic Device Market, Global Forecast By Application (Diagnostics & Monitoring Devices, Surgical Instruments Devices and Vision Care Products) Diagnostics & Monitoring Devices(Fundus Camera, Optical Coherence Tomography Scanner, Tonometer Market and Others), Surgical Instruments Devices (Refractive Error Surgery Devices, Glaucoma Surgery Devices, Cataract Surgery Devices, Retinal Surgery Devices), Vision Care Products (Contact Lenses Market and Others), End Use (Hospitals, Specialty Clinics, Ambulatory Surgery Centers, Consumers and Others), Region (North America, Europe, Asia Pacific and Middle East and Africa & Others), Companies (Johnson & Johnson, Topcon Corporation, Canon Inc, Alcon, Inc, STAAR Surgical Co., Glaukos Corporation, and IRIDEX)” provides a detailed analysis of Ophthalmic Device Industry

Application – Market have been covered from 3 viewpoints:

1. Diagnostics & Monitoring Devices
2. Surgical Instruments Devices
3. Vision Care Products

Diagnostics & Monitoring Devices – Market has been covered from 4viewpoints:

1. Fundus Camer
2. Optical Coherence Tomography Scanner
3. Tonometer Market
4. Others

Surgical Instruments Devices – Market has been covered from 4 viewpoints:

1. Refractive Error Surgery Devices
2. Glaucoma Surgery Devices
3. Cataract Surgery Devices
4. Retinal Surgery Devices

Vision Care Products – Market has been covered from 2 viewpoints:

1. Contact Lenses Market
2. Others

End Use – Market has been covered from 5 viewpoints:

1. Hospitals
2. Specialty Clinics
3. Ambulatory Surgery Centers
4. Consumers
5. Others

Region – Market has been covered from 4 viewpoints:

1. North America
2. Europe
3. Asia Pacific
4. Middle East and Africa & Others

Company Insights:
Overview
Recent Development & Strategies
Financial Insights

Company Analysis:

1. Johnson & Johnson
2. Topcon Corporation
3. Canon Inc
4. Alcon,Inc
5. STAAR Surgical Co.
6. Glaukos Corporation
7. IRIDEX Corporation