Ophthalmic Devices Market Worth 66.71 Bn by 2027
PORTLAND, IA, UNITED STATES, November 27, 2024 /
EINPresswire.com/ -- As per the report, the global
ophthalmic devices industry generated $53.42 billion in 2017, and is projected to reach $66.71 billion by 2027, growing at a CAGR of 4.2% from 2020 to 2027.
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Increase in prevalence of eye-related diseases across the globe, rapid technological advancements in ophthalmic, high adoption of global devices, and rise in focus on customer training and education along with awareness have boosted the growth of the global ophthalmic devices market. However, low awareness about eye-related diseases and dearth of skilled professionals hamper the market growth. On the contrary, potential growth opportunities in developing countries for manufacturers of ophthalmic devices are expected to create lucrative opportunities for the market players in the future.
The surgical devices segment to manifest the highest CAGR through 2027
By product function, the surgical devices segment is projected to portray the highest CAGR of 5.7% during the forecast period, owing to rise in the prevalence of eye-related disorders, increased demand for better treatments, and advancements in healthcare infrastructure in several countries. However, the vision care segment held the largest share in 2019, accounting for more than two-fifths of the global ophthalmic devices market, due to increased need for vision corrections and shift from use of spectacles to contact lenses.
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North America dominated the market
By region, the global ophthalmic devices market across North America held the lion’s share in 2019, contributing to more than one-third of the market. This is owing to prevalence of age-related eye diseases including macular degeneration, cataract, glaucoma, and diabetic retinopathy in the U.S. However, the market across Asia-Pacific is estimated to showcase the highest CAGR of 4.6% from 2020 to 2027, due to presence of high population base, surge in disposable incomes, and improvement in patient awareness about advanced ophthalmic devices.
Major market players
Novartis AG
Essilor International S.A.
Carl Zeiss Meditec AG
HOYA Corporation
HAAG-Streit Holding AG
Nidek Co., Ltd.
Johnson & Johnson
Valeant Pharmaceuticals International, Inc.
Topcon Corporation
Ziemer Ophthalmic Systems AG.
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Allied Market Research
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