NEW YORK, Feb. 10, 2023 /PRNewswire/ -- Major players in the vision care devices and equipment market are Essilor, Johnson & Johnson, ZEISS, The Cooper Companies, Novartis, Bausch & Lomb, Nidek Co Ltd, Valeant Pharmaceuticals, Luxottica GROUP, and Escalon.
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The global vision care devices and equipment market will grow from $27.1 billion in 2022 to $29.24 billion in 2023 at a compound annual growth rate (CAGR) of 7.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The vision care devices and equipment market is expected to grow to $38.1 billion in 2027 at a CAGR of 6.8%.
The vision care devices and equipment market consist of sales of equipment such as vitrector, Phoropter, VT 1 vision screener, contact lenses and spectacles and others that are used for proper diagnosis and treating vision of an eye.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Vision care devices and equipment are used to treat eye vision problems. The main types of vision care devices and equipment are intraocular lenses, ophthalmic lasers, glaucoma drainage devices, and others.
North America was the largest region in vision care devices and equipment market in 2022.Asia Pacific was the second-largest region in the vision care devices and equipment market.
The regions covered in vision care devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The main types of vision care devices and equipment are intraocular lenses, ophthalmic lasers, glaucoma drainage devices, contact lenses, and others.An intraocular lens is an artificial replacement for the lens of the eye.
The various application of vision care devices and equipment are vision care, diagnosis, and surgery that are used by various end-users such as hospitals, ambulatory surgery centres, optical centres, and others.
The rising use of electronic devices is a continuous driver for the growth of the vision care devices and equipment market.Usage of laptops, mobiles, PCs, and other electronic devices has increased in day-to-day life, which is the major factor responsible for eye-related problems.
According to a survey by Deloitte, Americans collectively check their phones over 8 billion times per day. On average, every person spends about five hours daily browsing the internet and using apps.
Lack of awareness among people regarding eye diseases including glaucoma, macular degeneration, and others affects the market growth of the vision care devices and equipment market. According to a study in the USA, around one-third of survey respondents are not aware of glaucoma, more than half were unaware of macular degeneration, and one-fourth of survey respondents were not aware of any eye conditions.
Technological advancement in vision care devices has transformed eye care.Vision technology has witnessed some great scientific breakthroughs and innovations in the past few years and these advances are rapidly changing the future of those with chronic eye conditions.
The innovation includes DriveSafe lenses with anti-glare coating to help with poor driving conditions, photochromic contact lenses that block the sun's harmful UV rays, and blue light blocking glasses among others. Major companies such as Johnson & Johnson Vision have invested in adaptive lenses.
In the USA, eyeglass frames and prescription lenses are regulated by FDA.These are classified as class 1 medical devices.
These devices are exempt from filing a premarket notification application, and FDA clearance before marketing a Class 1 device in the United States.Due to this prescription eyeglasses sold via the internet are still considered an FDA-regulated product.
In European Union (EU) medical devices including contact lenses are regulated by European Commission (EC).The EC works in close conjunction with each country ('Member State) respected Health Authorities to integrate the various national requirements into a single law that could be rolled out and applied across the EU.
The EU region is set to roll out new medical device regulations (MDR) in 2020, under which the contact lenses are included. These new regulations shed light on the importance of prioritizing safety and efficacy before achieving marketing approval, and on transparency of device information. These new EU regulations will have an impact on contact lens approvals in Europe.
The countries covered in the vision care devices and equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, the USA, and Australia.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The vision care devices and equipment market research report is one of a series of new reports that provides vision care devices and equipment market statistics, including vision care devices and equipment industry global market size, regional shares, competitors with a vision care devices and equipment market share, detailed vision care devices and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the vision care devices and equipment industry. This vision care devices and equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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