Global ophthalmic device market was worth USD 31.2 billion in 2015. It is expected to grow at a CAGR exceeding 6.0% during the forecast period. Over the forecast period, the market for ophthalmic products is expected to grow due to the rising incidence of eye diseases such as macular degeneration, glaucoma and cataracts.
The increased demand for diagnostic and surgical instruments in these targeted applications is expected to boost the growth of the market for ophthalmic products. Geriatrics are becoming more vulnerable to developing eye diseases and the population is growing. This will further increase the market for ophthalmic products.
North America's market share for ophthalmic products, product-wise, 2013-2024 (USD Million).
The rise of minimally invasive technologically advanced surgeries such as LASIK surgery is expected to increase the demand for ophthalmic equipment during the forecast period. This equipment will be used more frequently for advanced surgical procedures like multi-wavelength diabetic retina treatment, ultrasound phacoemulsification and femtosecond las surgery.
These surgeries result in better patient outcomes, including faster recovery rates, greater acceptance for refractive surgery, and a safer profile. These factors are expected to increase the demand for ophthalmic equipment over the forecast period.
In 2015, the vision care segment held a significant market share of more than 78.0%. This is due to increasing use of contact lenses and spectacles as well as the growing number of opticians, retail chains, optometrists and opticians providing vision care services for the consumer base.
In 2015, the sub-segment of spectacle lenses accounted for a significant portion of the vision care segment's 51.0% share. As a result of rising incidence of stress-induced eye diseases, the sub-segment of spectacle lenses held a substantial share of over 51.0% of the vision care segment in 2015.
Over the forecast period, diagnostics and monitoring will see a profitable CAGR of more than 7.0%. The availability of many diagnostic tools and the large number of optometrists who offer clinical services for a variety of ocular conditions can explain this growth. The diagnosis of eye disorders is an essential process in the treatment. This contributes to the monitoring and diagnostics of segment growth.
North America held an impressive share of the global ophthalmic device market in 2015 with a 36.0% share. Diabetes retinopathy is a major driver for the industry due to the rapidly increasing geriatric population and the rise in chronic eye conditions caused by high stress and unhealthy lifestyles.
The region's adoption of new reimbursement models and strict regulatory frameworks that aim to ensure patient safety will drive demand for ophthalmic equipment. The Patient Protection and Affordable Patient Care and Affordable Care Act (PPACA), and Medicare Shared Savings program cater to the ophthalmic requirements of the local patient population.
Due to rapidly improving healthcare infrastructure, increasing prevalence of eye conditions such as glaucoma and increased awareness among patients, the Asia Pacific market for ophthalmic products is expected to grow at 7.0% CAGR over the forecast period.
This growth can be attributed in part to Alcon, Inc.'s increasing outsourcing of ophthalmology device manufacturing. The awareness of advanced corrective vision therapies is another key growth driver for emerging economies like India and China.
The market leaders in ophthalmic device sales include Abbott Medical Optics, Inc., Carl Zeiss Meditec AG, Alcon, Inc., Bausch & Lomb, Inc., Haag-Streit, Topcon Corporation, Johnson & Johnson, Essilor, Ziemer Ophthalmic Systems AG, Nidek Co. Ltd.
To capture more of the market, these industry leaders are engaging in strategies such as product launches, mergers and acquisitions, and geographic expansions. Alcon, Inc. formed a strategic partnership in April 2016 with PowerVision, Inc., whose focus was on fluid-based implant development. The company was able to expand its product range and gain greater industry share. These companies also use high R&D investment strategies to expand their product portfolio.
Up Market Research published a new report titled “Ophthalmic Devices Market research report which is segmented by Product (Glaucoma Surgery Devices, Pachymeter Ophthalmoscope, Refractive Error Surgery Devices, Cataract & Vitreoretinal Surgery Devices, Tonometer, Biometer, Autorefractor, Fundus Camera, Surgical Instruments, Diagnostics & Monitoring Devices, Spectacle Lenses, Vision Care Products, Contact Lenses, Retinoscope, Optical Coherence Tomography Scanner), By Players/Companies Inc, Essilor International SA, Alcon, Inc, Carl Zeiss Meditec AG, Johnson & Johnson, Nidek Co Ltd, Haag-Streit, Inc, Topcon Corporation, Ziemer Ophthalmic Systems AG, Abbott Medical Optics, Bausch & Lomb”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Ophthalmic Devices Market Research Report |
By Product | Glaucoma Surgery Devices, Pachymeter Ophthalmoscope, Refractive Error Surgery Devices, Cataract & Vitreoretinal Surgery Devices, Tonometer, Biometer, Autorefractor, Fundus Camera, Surgical Instruments, Diagnostics & Monitoring Devices, Spectacle Lenses, Vision Care Products, Contact Lenses, Retinoscope, Optical Coherence Tomography Scanner |
By Companies | Inc, Essilor International SA, Alcon, Inc, Carl Zeiss Meditec AG, Johnson & Johnson, Nidek Co Ltd, Haag-Streit, Inc, Topcon Corporation, Ziemer Ophthalmic Systems AG, Abbott Medical Optics, Bausch & Lomb |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 237 |
Number of Tables & Figures | 166 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Product (Glaucoma Surgery Devices, Pachymeter Ophthalmoscope, Refractive Error Surgery Devices, Cataract & Vitreoretinal Surgery Devices, Tonometer, Biometer, Autorefractor, Fundus Camera, Surgical Instruments, Diagnostics & Monitoring Devices, Spectacle Lenses, Vision Care Products, Contact Lenses, Retinoscope, Optical Coherence Tomography Scanner).
Ophthalmic Devices Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Ophthalmic Devices Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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