Ophthalmology Devices Market is predicted to expand at a CAGR of 4.9% and reach USD 7.69 billion by 2030 - Growth Plus Reports

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Jul 18, 2022, 10:56 ET

NEW YORK, July 18, 2022 /PRNewswire/ -- The Global Ophthalmology Devices Market is expected to reach USD 7.69 billion by 2030. Ophthalmology devices show a boost in the market at a CAGR of 4.9% from 2022 to 2030, states Growth Plus Reports.

Ophthalmology is a branch in the medical field that deals with the eye and its disorders. The ophthalmic devices help to diagnose vision impairment and also provide treatments.

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Market Drivers

The growth of the global ophthalmology devices market can be attributed to the rising geriatric population, growing patient base of ophthalmic disorders, and increasing demand for minimally invasive surgeries. Furthermore, technological innovations & advancements, and the rising adoption of contact lenses & spectacles also are a few reasons for the growing demand for ophthalmic devices, thereby upsurging the ophthalmology devices market globally.

However, there are some challenges in the ophthalmology devices market. The high cost of ophthalmic devices and the lack of skilled professionals are a few factors that can adversely affect the market growth globally. Moreover, the risk associated with eye surgeries can also prove to be one of the bigger challenges in the ophthalmology devices market.

The global ophthalmology devices market has been analyzed from four different perspectives – Product, Application, End-User, and Region.

Excerpts from 'By Product Segmentation'

By products, the ophthalmology devices market has been divided into different categories, viz.

Optical Coherence Tomography (OCT) Scanners
Ophthalmoscopes
Ophthalmic Ultrasound
Slit Lamp
Fundus Cameras

Optical coherence tomography (OCT) scanners dominate this market with the largest revenue share in 2021. The advancement in this device using AI (Artificial Technology) and ML (Machine Learning) can also boost the demands of OCT scanners among the end-users. Vast advantages such as quick and easy procedure performance, and low coefficient of variation for repeated measures are rendering usage benefits and therefore resulting in high demand.

Additionally, ophthalmoscopes are the fastest-growing segment through the forecast period. This growth can be majorly attributed to the rising in the diagnosis of eye disorders. The improvement in the ophthalmoscope provides images with high resolution of the ocular fundus, thereby raising the revenue share of ophthalmoscopes. Thus, increasing the market value of the ophthalmologic devices.

Excerpts from 'By Region Segmentation'

The global ophthalmology devices market has been segmented into:-

North America
Europe
Asia Pacific
Rest of the World (RoW)

North America dominates the global market with the largest revenue share. This is attributed to the vast patient base with eye disorders, growth in the elderly population, and high adoption of innovative and enhanced technologies. Additionally, following of unhealthy lifestyle, resulting in diabetes and ultimately diabetic retinopathy also drives the market in North America. Furthermore, the incorporation of reimbursement facilities for ophthalmic treatments also fuels the growth of the ophthalmology devices market.

Asia Pacific (APAC) is expected to be the fastest-growing segment in this market. The growth of this region is owed to the advancement in the infrastructure and also the growing population in this region. Furthermore, swift growth in the geriatric population, the rising necessity for vision care, improving healthcare infrastructure, and expanding base of key market players in APAC also attributes to the growth of the market.

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Excerpts from 'Competitive Landscape'

Some of the prominent players operating in the global ophthalmology devices market are

Ziemer Ophthalmic Systems AG
Nidek Co., Ltd
Johnson & Johnson Services Inc
Essilor International S.A
Carl Zeiss Meditec AG
Topcon Corporation
Bausch Health Companies Inc
Glaukos Corporation
Luneau Technology
Hoya Corporation
Among others

Report Scope & Segmentation:

Report Coverage	Details
Market Size in 2021	USD ~ 5.0 billion
Revenue forecast in 2030	USD ~ 7.69 billion
Growth Rate	CAGR of ~ 4.9% from 2022 to 2030
Base year for estimation	2021
Forecast period	2022-2030
Segments covered	By Products, Application, End User
Regional scope	North America, Europe, Asia Pacific, and the Rest of the World (ROW)

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