Ophthalmic Devices Market to Reach US$ 46.3 Billion by 2026, Globally |CAGR: 5.2%|UnivDatos Market Insights
NOIDA, India, Nov. 26, 2020 /PRNewswire/ -- A comprehensive overview of the ophthalmic devices market is recently added by UnivDatos Market Insights to its humongous database. The ophthalmic devices market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. Furthermore, this innovative report makes use of SWOT, and Porter's Five Forces analyses to get a closer outlook on the ophthalmic devices market. Furthermore, the ophthalmic devices market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the ophthalmic devices market at the global and regional levels. Global Ophthalmic Devices Market is expected to grow at a CAGR of 5.2% from 2021-2026 to reach US$ 46.3 billion by 2026.
Market Overview
Population-based research conducted in the past 20 years has shown that the most common causes of blindness and vision impairment globally are cataracts, glaucoma, macular degeneration, diabetic retinopathy, trachoma, and uncorrected refractive error. Globally, more than 2 billion people have partial or no sight. Across the globe, nearly 65 million people are affected by cataracts, the most common cause of blindness while glaucoma, is the third leading cause of blindness. On the other hand, around 124 million people have uncorrected refractive errors, which causes blurred vision.
Due to the geriatric population and increased emphasis on healthcare, the ophthalmology devices sector is experiencing growth. The elderly population is more vulnerable to developing medical problems linked to the eye. In 2019, there were 703 million individuals aged 65 years or older across the world, and the number is estimated to be doubled to 1.5 billion by the year 2050. The elderly population is thus the main customer base of most ophthalmological product manufacturers. Furthermore, the continued technical developments in the clinical sector are also leading to the production of new equipment. The growth of the industry is also fueled by funding from various private individuals and government agencies worldwide. The growth of the market for ophthalmological devices is also supported by the rising incidences of ocular disorders.
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Impact of COVID-19:
Ophthalmologists are at increased risk of infection owing to the exposure to viral particles in standard face-to-face ophthalmic clinical examination by slit lamp or direct ophthalmoscope during which they are in the vicinity of patients. The American Association for Pediatric Ophthalmology and Strabismus (AAPOS) anticipated the potentially serious access-of-care effects due to COVID-19 quarantine, with approximately 1,100 Pediatric ophthalmologists required to acknowledge the eye care requests of nearly 75 million American children. Also, there may be restrictions on the patient number which can be seen in the facility, and on the accessibility of operating rooms. However, with the rapid development of artificial intelligence and the advent of mobile networks, smartphone-based applications, telemedicine, and online consultations and prescriptions are likely to gain prominence as creative and complementary medical service modalities, Ophthalmologists are seeing patients during the COVID pandemic.
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Global Ophthalmic Devices Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Product Type, the market is primarily bifurcated into
- Vision Care
- Spectacles
- Contact Lens
- Surgery Devices
- Cataract Surgery Devices
- Glaucoma Surgery Devices
- Refractive Surgery Devices
- Vitreoretinal Surgery Devices
- Other Surgery Devices
- Diagnostic and Monitoring Devices
- Optical Coherence Tomography Scanner
- Fundus Camera
- Tonometer
- Perimeter
- Optical Biometry
- Ophthalmic Operating Microscopes
- Slit Lamp
- Autorefractors
- Other Diagnostics & Monitoring Devices
Vision Care Devices dominated the product type segment of the global ophthalmic devices market and will grow at a 4.9% CAGR to reach US$ 35.7 billion by the year 2026.
By Disease Area, the market is primarily segmented into
- Cataract
- Glaucoma
- Age-Related Macular Degeneration
- Diabetic Retinopathy
- Others
Amongst disease area, cataract accounted for the largest share and is expected to grow at 5.5% CAGR during the forecast period 2021-2026. In 2019, the cataract segment held a market share of 28.2%.
By End-User, the market is primarily studied into
- Optical Centers
- Hospitals
- Ophthalmic Clinics
- Ambulatory Surgery Centers
In 2019, Optical Centers segment dominated the ophthalmic devices market with nearly 46% of the market share and it is anticipated by 2026, the segment will garner US$ 21 billion of the market.
Ophthalmic Devices Market Geographical Segmentation Includes:
- North America (the United States, Canada, and Rest of North America)
- Europe (Germany, Spain, Italy, France, United Kingdom and Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia-Pacific)
- Rest of the World (Brazil, South Africa, and other countries)
Based on the estimation, North America dominated the ophthalmic devices market with almost 42% of the market revenue in 2019. At the same time, the Asia-Pacific region is expected to grow remarkably with a CAGR of 7.92% over the forecast period due to growing eye care awareness and increased demand for better quality healthcare services in the region.
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The major players targeting the market includes
- Essilor International S.A.
- Bausch Health Companies Inc.
- Ellex Medical Lasers
- Escalon Medical Corp
- Second Sight Medical Products Inc.
- Hoya Corporation
- Alcon, Inc
- Johnson & Johnson
- Carl Zeiss Meditec Ag
- Topcon Corporation
- NIDEK CO., LTD
- STAAR Surgical
- Lumenis
- Glaukos Corporation, CA
- VisionCare, Inc.
Competitive Landscape:
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the ophthalmic devices market. The leading players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the ophthalmic devices market?
- Which factors are influencing the ophthalmic devices market over the forecast period?
- What are the global challenges, threats, and risks in the ophthalmic devices market?
- Which factors are propelling and restraining the ophthalmic devices market?
- What are the demanding global regions of the ophthalmic devices market?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
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