Ophthalmic Devices Market To Reach USD 65.60 Billion By 2027 – Reports and Data
The growing incidence of eye diseases and advancements in technology are driving the market for Ophthalmic Devices.
The global Ophthalmic Devices Market is forecast to reach USD 65.60 Billion by 2027, according to a new report by Reports and Data. Ophthalmology deals with the anatomy, physiology, and diseases of the eye. Ophthalmology devices are primarily used for the treatment of various eye conditions and infections.
As these devices help lowers the treatment time and provide quality eye care to patients, they also assist in making the eye-treatment process more convenient for patients and ophthalmologists. The rising focus of people on healthcare, continuous developments in the field of medical devices and an increase in investments in healthcare by the government is expected to drive the market in the coming years.
The emergence of robots in the field of ophthalmology is growing. Assistance facilitated by robots offers substantial improvements in terms of movement control, tremor cancellation, enhanced visualization, and distance sensing. Robotic technologies such as da Vinci Surgical System are integrated into the field of ophthalmology and are assisting surgeons in complex eye surgeries.
One of the restraints of the growth of the ophthalmic devices market is the high cost of their devices, mainly those that are exported. Moreover, the lack of skilled professionals, especially in the rural regions of emerging economies, is another prime concern for manufacturers.
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North America held the largest market share in the ophthalmology devices market, owing to the introduction of highly advanced devices and techniques, prevalence of eye defects due to lifestyle changes, and government's supportive reimbursement policies. About 1.3 million Americans were blind, 2.9 million had low vision or eyesight, 24 million suffered from cataract in the year 2014, according to the National Eye Institute.
Further key findings from the report suggest
- Surgical devices include vitreoretinal surgery devices which are used to treat ophthalmic diseases such as macular degeneration, retinal detachment, vitreous hemorrhage, and others. Moreover, ophthalmic surgeons use highly specialized devices, solutions, and techniques to perform the aforementioned vitreoretinal surgeries.
- Glaucoma is among the major cause of blindness for people over the age of 60. It occurs at any age but is more common in older adults. Glaucoma is an eye condition that damages the optic nerve, which is crucial for good vision. This damage is generally caused by an abnormally high pressure in one's eye.
- Hospitals dominated the market for ophthalmic devices. Rise in minimally invasive surgical and diagnostic procedures, and a growing number of hospitals are propelling the segment demand. A large number of ophthalmic surgeries are done in the hospitals only.
- The market for ophthalmic devices in Europe is expected to grow because of the presence of a large geriatric base, introduction of advanced technologies, and high instances of eye diseases.
- Key participants include Bausch + Lomb, Johnson & Johnson, Alcon, Topcon, Carl Zeiss Meditec, Essilor, Nidek, Haag-Streit, Ziemer Ophthalmic Systems, and Staar Surgical, among others.
- Many market players are focusing on securing FDA approvals for the high tech ophthalmic solution and devices. For instance, Johnson & Johnson Vision has secured FDA approval for a new laser eye surgery indication for its iDesign Refractive Studio system, in October 2019.
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For the purpose of this report, Reports and Data have segmented into the global Ophthalmic Devices Market on the basis of device, type of disorders, end-users, and region:
Devices Outlook (Revenue, USD Billion; 2016-2027)
- Surgical Device
- Diagnostic and Monitoring Device
- Vision Care
Type of Disorders Outlook (Revenue, USD Billion; 2016-2027)
- Vitreo Retinal Disorder
- Refractor Disorders
End-Users Outlook (Revenue, USD Billion; 2016-2027)
- Specialty Clinics
- Ambulatory Surgical Centers
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Regional Outlook (Revenue, USD Billion; 2016-2027)
- North America
- Asia Pacific
- Latin America
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