Ophthalmic Devices Market Size Worth Around US$ 60 Bn by 2027
The global ophthalmic devices market is anticipated to grow at a CAGR of around 6.2% during the forecast period 2020 to 2027 and to reach around US$ 60 Bn by 2027
LOS ANGELES, May 25, 2020 /PRNewswire/ -- Acumen Research and Consulting, Recently Published Report on "Ophthalmic Devices Market Size, Share, Growth, Trends and Forecast, 2020 - 2027".
The market in North America is expected to account for major revenue share in the global ophthalmic devices market due to increase in patient pool suffering from eye associated disorders.
- In 2019, According to U.S. Department of Health & Human Services, 9.2% had vision loss due to cataracts, 4.1% had vision loss due to diabetic retinopathy, 2.2% had vision loss due to macular degeneration, and 2.1% had vision loss due to glaucoma.
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In addition, presence of major payers operating in the country, availability of advanced infrastructure for R&D activities, coupled with introduction of innovative products are among other factors expected to further support the growth of target market in this region.
Increasing in number of in patients in hospitals related to eye associated problems, coupled with rising demand for various eye surgical and diagnostic devices and instruments is another factor expected to support the growth of target market in this region.
Asia Pacific market is expected to witness faster growth due to rising geriatric population in developing countries with various problems associated to eye sight. In addition, developing government regulation related to medical products and high spending on development of infrastructure in order to facilitate the adoption of advanced eye devices are some other factors expected to impact the growth of target market in this region.
Moreover, inclination towards emerging economies in order to track the untapped market is another factor further impacting the growth of the target market to a certain extent.
Rising prevalence of chronic disorders related to eyes, rapid technological advancements in medical devices, coupled with introduction of new products by the major manufacturers are some major factors expected to drive the growth of global market. There is gradual increase in number of patients suffering from cataracts, glaucoma, diabetic retinopathy, etc. in developed and developing countries. Manufactures are investing high for R&D activities for the development of advanced surgical and diagnostic devices. With the arrival of AI in healthcare they are inclining towards development of device that has more precession and is reliable.
- In 2019, ZEISS Medical Technology launched CIRRUS 6000 ultra-fast OCT system that promises to dramatically elevate the efficiency of advanced care practices. This is expected to help the company to attract new customer and strengthen its position in Europe.
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However, factors such as high cost of ophthalmic devices and stringent government regulation related to product approval are some factors expected to hamper the growth of target ophthalmic device market. In addition, lack of required infrastructure in order to facilitate adoption of advanced device is another factor expected to challenge the growth of target market.
Technological advancements and increasing R&D activities by major players and introduction of new products are factors expected to create new opportunities for players over the forecast period. In addition, business development activities through strategic merger and acquisitions in order to increase the customer base and enhance the product portfolio is another factor expected to support the target market traction.
The global ophthalmic devices market is segmented into Ophthalmic Surgical Devices, Ophthalmic Diagnostic Devices and Ophthalmic Vision Care Devices. The ophthalmic surgical devices segment is further bifurcated in to refractive error surgical devices, glaucoma surgical devices, cataract surgery devices, and vitreoretinal surgical devices. Among the ophthalmic surgical devices the Cataract Surgery Devices segment is expected to account for significant revenue share in the global market.
Players operating in the global ophthalmic devices market are Topcon Corporation, Novartis AG, Carl Zeiss Meditec AG, HAAG-Streit Holding AG, Johnson & Johnson, Nidek Co., Ltd., Essilor International S.A., Valeant Pharmaceuticals International, Inc., Hoya Corporation, Sonomed Escalon, FCI Ophthalmics, Glaukos Corporation, Ziemer Ophthalmic Systems AG, STAAR Surgical, and Gulden Ophthalmics. The market is highly competitive due to high presence of players operating on the global level. In addition, business merger and acquisition activities in order to increase the product portfolio and enhance the customer base are expected to augment the competition.
- In 2018, Carl Zeiss Meditec acquired IanTECH a privately held company focused on technology solutions for micro-interventional cataract surgery. This acquisition will help the company to enhance the product portfolio.
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