Ophthalmology Devices Market size to grow by USD 19.93 billion from 2022 to 2027, North America to account for 41% of market growth- Technavio

NEW YORK, Oct. 13, 2023 /PRNewswire/ -- The ophthalmology devices market is expected to grow by USD 19.93 billion from 2022 to 2027. In addition, the momentum of the market will progress at a CAGR of 4.65% during the forecast period, according to Technavio Research. The market is segmented by 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 the Rest of World (ROW)). To gain access to more company profiles available with Technavio, buy the report!

North America is estimated to contribute 41% to the growth of the global market during the forecast period. Increased number of product approvals and increasing use of technologically advanced optical equipment are some of the reasons for growth in this region. Furthermore, leading pharmaceutical companies like Alcon, Bausch & Hood, and Hoya are concentrating on their expansion into emerging markets through acquisitions, establishing new research and development centers and manufacturing facilities, setting up partnerships with manufacturers or distributors as well as enhancing the range of products offered. Hence, these factors are expected to drive market growth in the region during the forecast period. 

Company Profile:

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., and Ziemer Ophthalmic Systems AG

Alcon Inc. - The company offers ophthalmology devices such as the AcrySof series of intraocular lenses and Infiniti surgical equipment for cataract surgery.

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Ophthalmology Devices Market: Segmentation Analysis

• The market share growth by the vision care segment will be significant during the forecast period. The products of visual care include spectacle lenses, contact lenses, and other related products such as frames or solutions for the treatment of spectacles. Spectacle lenses, which are used to enhance refractive errors, are the most common type of spectacles.

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Ophthalmology Devices Market: Market Dynamics

Key Drivers

• Increasing prevalence of ophthalmic diseases
• Technological advances in ophthalmology devices
• Rising number of initiatives to increase awareness and customer training

The increasing prevalence of ophthalmic diseases is a key factor driving the market growth. Most refractive errors such as nearsightedness, farsightedness, and astigmatism; Cataracts; glaucoma; retinal diseases such as vitreoretinal traction, AMD, retinal detachment, and diabetic retinopathy; and dry eyes increased significantly. According to the World Health Organization, approximately 2.2 billion people worldwide suffer from close or distant vision loss as of October 2021. An aging population, which constitutes the main risk factor for visual impairment, is another reason. Hence, these factors are expected to drive market growth during the forecast period.

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Table of Contents

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Product

Market Segmentation by End-user

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market 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 across 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 market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio