Global Ophthalmic Devices Market (By Applications, Products, End Users, Regions), Impact of COVID-19, Major Deals, Trends, Key Players Analysis, Recent Developments - Forecast to 2027

Global Ophthalmic Devices Market (By Applications, Products, End Users, Regions), Impact of COVID-19, Major Deals, Trends, Key Players Analysis, Recent Developments - Forecast to 2027

The global ophthalmic devices market is predicted to reach US$ 68.2 Billion by 2027. Ophthalmic devices are medical devices used in the identification and treatment of ocular defects or deficiencies and eye disorders. The ophthalmic devices are designed for diagnostics, surgical, and vision correction purposes. These devices are continuously gaining increased importance and adoption due to high prevalence of various ophthalmic diseases such as glaucoma, cataract, and other vision related issues. According to the World Health Organization (WHO): Globally, at least 2.2 billion people have a vision impairment or blindness, of whom at least 1 billion have a vision impairment that could have been prevented or has yet to be addressed. Therefore, increasing number of eye related disorders propel demand for vision care devices, which in turn propels growth of the ophthalmic devices market. However, the elements such as the high cost of ophthalmic devices and dearth of skilled professionals with expertise in ophthalmic surgery are projected to hamper the growth of the market.

Impact of COVID-19 on Global Ophthalmic Devices Market

The COVID–19 outbreak has become a global stress test. As the number of people infected with the virus continues to rise around the world, uncertainties about global economic growth increases. The COVID–19 disease has infected more than 398.2 Million people worldwide. Globally the death toll has reached 5,769,241 according to the latest statistics from the Worldometers (as of February 8, 2022). The number is still growing, and the duration of the pandemic is still difficult to predict. The COVID–19 pandemic has restricted the growth of the ophthalmic devices market, primarily in Europe, Asia and the U.S., by social restrictions and other precautionary measures taken in response to the COVID-19 pandemic. However, as governments began lifting social restrictions, the negative trend in the revenues of these businesses began to level off and stabilize prior to the third quarter of 2020. In the years to come, ophthalmologists are likely to witness an increase in influx of patients, hence driving the ophthalmic devices market.

By Application Segment - Global Ophthalmic Devices Market and Forecast

On the basis of application, the vision care segment dominated the overall ophthalmic devices market.
Surgical instruments devices held second highest share of the overall ophthalmic devices market, while the diagnostic & monitoring devices segment is expected to grow at the fastest rate during the forecast period.
Diagnosis is an indispensable process in the treatment of eye disorders and is responsible for contributing towards the diagnostics & monitoring segment’s growth.

By Products - Global Ophthalmic Devices Market and Forecast

On product basis, contact lens held largest share of the ophthalmic devices market, while, cataract surgery devices accounted for second highest share of the total ophthalmic devices market.
Retinal surgery devices is the third largest product segment of the ophthalmic devices market in 2021.
The global market for fundus camera is predicted to exceed US$ 800 Million by 2027.
The optical coherence tomography (OCT) has become the standard of care for the assessment and treatment of most retinal diseases. Introduction of hybrid techniques such as optical coherence tomography angiography (OCTA) can open up new pathways for the market.
Glaucoma surgery is currently evolving with introduction of several new devices and those in pipeline have continued to address the focus on safety of glaucoma surgery.
The global cataract surgery devices market is projected to surpass US$ 9.3 Billion mark by 2027.

By End Users - Global Ophthalmic Devices Market and Forecast

Consumers segment accounted for highest share of the global ophthalmic devices market, as majority of the ophthalmic products such as vision care products are used by the common consumers.
Hospitals and ophthalmic clinics & centers captured 2nd and 3rd largest share of the overall ophthalmic devices market respectively in 2021.
Ambulatory surgical centers are likely to grow at the fastest rate during the forecast period, as these centers provide cost-effective services and a convenient environment that is less stressful than what many hospitals can offer.

By Region - Ophthalmic Devices Market and Forecast

North America dominated the global ophthalmic devices market in 2021.
In North America, United States captures highest share of the total ophthalmic devices market.
Europe represents a major market for ophthalmic devices, owing to rising chronic eye diseases among geriatric population.
In Europe, Germany and United Kingdom are the major market for ophthalmic devices.
Asia Pacific is anticipated to grow at the fastest rate over the forecast period due to the presence of untapped opportunities in the emerging economies such as China and India.
Japan ophthalmic devices market dominated the Asia Pacific region, while China accounted for around 5% share of the global ophthalmic devices market in 2021.

iGATE RESEARCH report titled “Global Ophthalmic Devices Market (By Applications, Products, End Users, Regions), Impact of COVID-19, Major Deals, Trends, Key Players Analysis, Recent Developments - Forecast to 2027” provides a comprehensive analysis of the Global Ophthalmic Devices Market.

This 277 Page report with 109 Figures and 11 Tables has been analyzed from 12 View Points:

1) Global Ophthalmic Devices Market and Forecast (2012 - 2027)
2) Impact of COVID-19 on Global Ophthalmic Devices Market
3) Global Ophthalmic Devices Market Share and Forecast (2012 - 2027)
4) By Application Segment - Global Ophthalmic Devices Market and Forecast (2012 - 2027)
5) Global Ophthalmic Diagnostics & Monitoring Devices Market and Forecast (2012 - 2027)
6) Global Ophthalmic Surgical Instruments Devices Market and Forecast (2012 - 2027)
7) Global Ophthalmic Vision Care Products Market and Forecast (2012 - 2027)
8) By End Users - Global Ophthalmic Devices Market and Forecast (2012 - 2027)
9) By Region - Ophthalmic Devices Market and Forecast (2012 - 2027)
10) Country Analysis - Ophthalmic Devices Market and Forecast (2012 - 2027)
11) Global Ophthalmic Devices Market – Key Players Sales Analysis (2012 - 2027)
12) Global Ophthalmic Devices Market - Growth Drivers & Challenges

Global Ophthalmic Devices Market – By Application Segments
1. Diagnostics & Monitoring Devices

Fundus Camera
Optical Coherence Tomography Scanner
Tonometer
Others

2. Surgical Instruments Devices

Refractive Error Surgery Devices
Glaucoma Surgery Devices
Cataract Surgery Devices
Retinal Surgery Devices

3. Vision Care

Contact Lens
Others

Global Ophthalmic Devices Market – By End Users

1. Hospitals
2. Ophthalmic Clinics and Centers
3. Ambulatory Surgical Centers
4. Consumers
5. Others

Global Ophthalmic Devices Market – Regional Analysis

1. North America

United States
Canada

2.Europe

United Kingdom
Germany
France
Italy
Spain
Rest of Europe

3. Asia Pacific

Japan
China
India
South Korea
Australia
Rest of Asia Pacific

4.Latin America

Brazil
Mexico
Argentina
Rest of Latin America

5. Middle East and Africa

Saudi Arabia
UAE
Rest of Middle East and Africa

Global Ophthalmic Devices Market – Company Profiles

1. Alcon, Inc.
2. Carl Zeiss Meditec AG
3. Topcon Corporation
4. Bausch Health Companies Inc. (Formerly Valeant Pharmaceuticals International, Inc.)
5. Iridex Corporation
6. Ellex Medical Lasers (Acquired by Quantel Medical)
7. Escalon Medical
8. Second Sight Medical Products Inc.
9. Lumenis
10. Nidek Co., Ltd.

Data Source

iGATE RESEARCH employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports. This report is built by using data and information sourced from Proprietary Information Database, Primary and Secondary Research Methodologies, and In house analysis by iGATE Research dedicated team of qualified professionals with deep industry experience and expertise.

Research Methodologies

Primary Research Methodologies:

Questionnaires, Surveys, Interviews with Individuals, Small Groups, Telephonic Interview, etc.

Secondary Research Methodologies:

Printable and Non-printable sources, Newspaper, Magazine and Journal Content, Government and NGO Statistics, white Papers, Information on the Web, Information from Agencies Such as Industry Bodies, Companies Annual Report, Government Agencies, Libraries and Local Councils and a large number of Paid Databases.