Ophthalmic Devices Market is Expected to Reach USD 65.0 Billion by 2027

Rapid Rise In Geriatric Population And Growing Prevalence Of Ophthalmic Diseases are Propelling The Market Growth. The Global Ophthalmic Devices Market was valued at USD 50.16 billion in 2020 and is expected to reach USD 65.0 billion by 2027, growing at a CAGR of 3.7% during the forecast period, 2021 - 2027.

The Ophthalmic market is primarily driven by rising incidences of eye disorders and diseases. Lifestyle-related ophthalmic disorders such as visual impairment, diabetic retinopathy, bulging eyes, accidental blindness, diabetic macular edema, uveitis, ocular hypertension, refractive errors, and retinal detachment, are involving several ophthalmic devices thus driving the market. Moreover, the growing elderly population is also facing many aging-related eye diseases such as glaucoma, cataract, and macular degeneration. This is to continue to invigorate the global ophthalmic device market.

The report provides with an in-depth analysis of market trends, financial analysis, segmentation analysis, company profiles and much more. Ophthalmic Devices market is segmented into two main categories; based on product function and end user.  Based on product function, the Ophthalmic Vision Care Devices segment was expected to be the largest segment of the total market share in the year 2020 and continue the same in forecast period. This rise is owing to the upsurge in usage of spectacle and contact lenses accompanied by rising number of supply chain. On the other hand, Ophthalmic Diagnostic Devices are accounted to grow with highest CAGR in the forecast period. This growth is owing to the unavoidable procedure of diagnosis and monitoring during the eye treatment. On the basis of end users, the specialty clinics and ASCs segment is anticipated to dominate the market in forecast period. As there is a constant increase in prevalence of eye diseases and eye disorders, the usage of common ophthalmic devices, spectacles and contact lenses have been increased, thus driving the market growth. Moreover the rising awareness is propelling the market.

Global Market By Region Outlook (Revenue, USD Million, 2021-2027)

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

On the basis of region, North America accounted for the largest share of the market however, Asia Pacific is witnessing the fastest growth during the forecast period. Report also covers analysis of some of the key players including Abbott Laboratories, Inc., Car+l Zeiss Meditec AG, Novartis AG, Essilor International S.A., HOYA Corporation, HAAG-Streit Holding AG, Nidek Co., Ltd., Johnson & Johnson Vision Care, Topcon Corporation, and Valeant Pharmaceuticals International, Inc. among others. These players have significantly adopted varied developmental strategies covered on our reports. The report also covers numerous market trends and upcoming opportunities in the near future.  

The Global Ophthalmic Devices Market Segmentation:

The Global Ophthalmic Devices Market is segmented on the basis of Product Function and End User.

By Product Function

• Ophthalmic Surgical Devices 
• Ophthalmic Diagnostic Devices
• Ophthalmic Vision Care Devices

By End-User

• Hospitals
• Specialty Clinics and Ambulatory Surgery Centers
• Other End Users

Global Ophthalmic Devices Market Key Findings:

• Based on product function, the ophthalmic vision care segment accounted for the highest share in 2020.
• Geographically, North American region held the largest market share of about 35% of global ophthalmic devices market in 2020, whereas Asia pacific region is growing at the fastest CAGR of 7% during the forecast period.

Company Profiles and Competitive Intelligence

The key players operating in the market are:

• Abbott Laboratories, Inc.
• Novartis AG
• Carl Zeiss Meditec AG
• Essilor International S.A.
• HAAG-Streit Holding AG
• HOYA Corporation
• Johnson & Johnson Vision Care
• Nidek Co., Ltd.
• Topcon Corporation
• Valeant Pharmaceuticals International, Inc.
• Ziemer Ophthalmic Systems AG.
• STAAR Surgical

Recent News

• In January 2020, Novartis has successfully completed its acquisition over the Medicines Company. This transaction provides Novartis with the addition of potentially top-notch investigational cholesterol-lowering therapy inclisiran.
• In October 2018, Carl Zeiss Meditec successfully acquired IanTech, a United States based privately held company, focused on delivering technology solutions for micro-interventional cataract surgery.
• Abbott Laboratories, Inc. in January 2017 announced its successful complete acquisition over St. Jude Medical, Inc. The deal is important to Abbott's on-going efforts to provide it with expanded opportunities for future growth and to develop a strong and diverse portfolio of equipment, diagnostics, nutrition and branded generics.