Ophthalmology Devices Market to Grow by USD 19.93 billion from 2022 to 2027: North America to contribute 41% - Technavio
NEW YORK, Feb. 5, 2024 /PRNewswire/ -- The ophthalmology devices market size is estimated to grow by USD 19.93 billion from 2022 to 2027 at a CAGR of 4.65% according to Technavio. North America is poised to contribute 41% to the global market, with the US and Canada being major revenue generators. The region's market growth is fueled by increased healthcare spending on ocular conditions, rising product approvals, and adoption of advanced devices. Factors such as the prevalence of eye diseases, aging population, and extensive surgical procedures further drive market expansion. Key companies are also expanding in developing countries through strategic initiatives like acquisitions, R&D center establishment, and product enhancements. Recent FDA approvals, like Johnson and Johnson Vision's TECNIS Eyhance lenses, are expected to bolster market growth in the region.
Ophthalmology Devices Market Insights -
- Vendors: 15+, Including Alcon Inc., Lumenis Be Ltd., Bausch Health Companies Inc., Carl Zeiss AG, Danaher Corp., EssilorLuxottica, HOYA CORP., Johnson and Johnson, NIDEK Co. Ltd., The Cooper Companies Inc., LUMIBIRD SA, EyeQue Corp., Glaukos Corp., Digital Diagnostics Inc., IRIDEX Corp., TOPCON CORP., Metall Zug AG, LENSAR Inc., STAAR Surgical Co., Ziemer Ophthalmic Systems AG, among others
- Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and vendor landscape; vendor product insights and recent developments; key vendors; and market positioning of vendors
- Segments: Product (Vision care, Ophthalmology surgical devices, and Ophthalmology diagnostic devices), End-user (Hospitals and eye clinics, Academic and research laboratories, and Others), and Geography (North America, Europe, Asia, and Rest of World (ROW))
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The increasing prevalence of ophthalmic diseases, including refractive errors, cataracts, glaucoma, retinal diseases, and dry eyes, is a key driver of market growth. Vision impairments affect a substantial global population, with uncorrected refractive errors and cataracts being major causes of visual impairment and blindness. Additionally, the aging population is a significant risk factor for visual impairments, further propelling market expansion.
"Strategic collaborations and M&A are emerging trends fueling the growth, however, factors including the shortage of skilled ophthalmologists may hamper the growth."
Drivers, & Challenges have an impact on market dynamics and can impact businesses. Find some insights from a free sample report!
- The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio report analyzes the market's competitive landscape and offers information on several market vendors including Alcon Inc., Lumenis Be Ltd., Bausch Health Companies Inc., Carl Zeiss AG, Danaher Corp., EssilorLuxottica, HOYA CORP., Johnson and Johnson, NIDEK Co. Ltd., The Cooper Companies Inc., LUMIBIRD SA, EyeQue Corp., Glaukos Corp., Digital Diagnostics Inc., IRIDEX Corp., TOPCON CORP., Metall Zug AG, LENSAR Inc., STAAR Surgical Co., Ziemer Ophthalmic Systems AG
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What are the key data covered in this Ophthalmology Devices Market report?
- CAGR during the forecast period
- Detailed information on factors that will drive the growth of the Ophthalmology Devices Market between 2023 and 2027
- Precise estimation of the Ophthalmology Devices Market size and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the Ophthalmology Devices industry across North America, Europe, Asia, and Rest of World (ROW)
- A thorough analysis of the competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of Ophthalmology Devices vendors
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The ophthalmology devices industry encompasses a range of products and procedures related to eye care, including cataract surgery, intraocular lenses, glaucoma treatment, and LASIK procedures. With a focus on preventive healthcare and advancements in technology such as optical coherence tomography, the market caters to addressing various visual impairments and eye diseases, thereby contributing to overall patient health and well-being.
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging trends and provides actionable insights to help businesses identify opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable insights to identify opportunities in existing and potential markets and assess their competitive positions within changing scenarios.
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SOURCE Technavio
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