Ophthalmic Devices Market Growth & Trends
The global ophthalmic devices market size is expected to reach USD 9.8 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.0% from 2022 to 2030. The rising geriatric population is presumed to propel the need for ophthalmic devices as this age group is more prone to the development of chronic eye disorders. According to the National Institute on Aging (NIA), the geriatric population would be about 72 million individuals by 2030. The rising prevalence of eye disorders such as macular degeneration, cataract, diabetic retinopathy, and glaucoma is also boosting the growth of ophthalmic devices.
Gather more insights about the market drivers, restrains and growth of the Global Ophthalmic Devices Market
Market Segmentation:
Grand View Research has segmented the global ophthalmic devices market based on product (Ophthalmic A-Scan Ultrasound, Ophthalmic B-Scan Ultrasound, Ophthalmic Ultrasound Biomicroscopes, Ophthalmic Pachymeters, Tonometers, Slit Lamps, Phoropters, Wavefront Aberrometers, Optical Biometry Systems, Ophthalmoscopes, Lensometers, Corneal Topography Systems, Specular Microscopes, Retinoscopes), application (Cataract, Vitreo retinal disorders, Glaucoma, Refractor Disorders), end use (Hospitals and Eye Clinics, Academic and Research Laboratory, Others).
Based on Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
In 2021, North America held a substantial share of 43% of the market.
The rapidly growing geriatric population and the rising prevalence of chronic eye conditions as a consequence of high stress and unhealthy lifestyles resulting in diabetic retinopathy are considered as high impact rendering drivers for the industry. Additionally, the incorporation of new reimbursement models for ophthalmologic treatment and a stringent regulatory framework aimed at patients’ safety, is expected to drive the demand for ophthalmic devices in this region.
The Asia Pacific market is anticipated to grow at the fastest CAGR of 5.7% over the forecast period.
The Asia Pacific market is anticipated to grow at the fastest CAGR of 5.7% over the forecast period owing to the rapidly improving healthcare infrastructure, rising prevalence of eye disorders such as glaucoma, and increasing awareness of patients towards it. The growth can be attributed to the increasing outsourcing activities for ophthalmology devices by key industry players, such as Alcon, Inc.. Moreover, the increasing awareness pertaining to advanced corrective vision treatments is a key growth driving factor for emerging economies such as China and India.
Browse through Grand View Research’s Medical Devices Industry Research Reports.
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Key Companies
The key players in the global ophthalmic devices market include – Abbott Medical Optics, Inc., Carl Zeiss Meditec AG, Alcon, Inc., Bausch & Lomb, Inc., Haag-Streit, Topcon Corporation, Johnson & Johnson, Essilor International S.A., Ziemer Ophthalmic Systems AG, and Nidek Co. Ltd.
The key players are indulging in strategies, such as entering into mergers & acquisitions, product launch, and geographical expansions, to capture a larger share of the industry.
Market Share Insights
- January 2022: Alcon acquired Ivantis, a company that manufactures Hydrus Microstent, Glaucoma Surgery (MIGS) device designed to lower eye pressure for open-angle glaucoma patients in connection with cataract surgery.
Order a free sample PDF of the Ophthalmic Devices Market Intelligence Study, published by Grand View Research.
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