Ophthalmic Devices Market 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), and by Region - Global Forecasts 2017 to 2027

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).

Ophthalmic devices are medical tools designed for surgery, monitoring and vision correction. Ophthalmic devices include contact lenses, cosmetic lenses, contact lens care products, diagnostics, implants, intraocular lenses, lasers, phacoemulsification systems, and solutions, among others. Such devices are majorly beneficial in incidences of several eye diseases such as cataract, glaucoma, and other vision-related issues.

 

The market is driven by varied factors including rising prevalence of eye diseases, high growth in the geriatric population, advancements in technology of ophthalmic devices, supportive government initiatives to control visual impairment, and increasing adoption of contact lenses and spectacles. However, factors such as high cost of ophthalmology devices, increasing adoption of repaired and restored ophthalmic devices, and reimbursement cuts for ophthalmic surgical procedure are hampering the ophthalmic devices market in the forecast period.

The Global Ophthalmic Devices Industry Segmentation:

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

By Region

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

Based on product function, the Ophthalmic Vision Care Devices segment is expanding at a highest growth rate during the period 2021-2027.

On the basis of product function, the Ophthalmic Devices market is segmented into ophthalmic diagnostic devices, ophthalmic surgical devices, and ophthalmic vision care devices. Amongst all, ophthalmic vision care devices contributed the largest market share in 2020, and is expected to continue the same in forecast period. The growth is primarily owing to prevalence of eye disorders such as glaucoma, diabetic retinopathy, cataract, and refractive errors in the forecast period.

Based on the end-users, the specialty clinics and ASCs segment accounted for the largest share in the overall Ophthalmic Devices market size, followed by the Hospitals.

The specialty clinics and ASCs segment out of all end users segmentation held the maximum market share in 2020. This is owing to the availability of numerous specialty clinics in almost every region, cost effectivity of Ambulatory Surgery Centers (ASCs) over hospitals, and availability of specialized staff. 

Based on regions, the market for Ophthalmic Devices in North America accounted for the largest share in 2020.

Geographically, the North American region is anticipated to be the largest market share with about 35% of total ophthalmic devices market share. The swiftly increasing geriatric population base and the growing prevalence of chronic eye conditions as a result of high stress and unhealthy lifestyles may lead to diabetic retinopathy. This further is driving the ophthalmic devices market in this region. Additionally, Asia Pacific is expected to grow at the fastest rate owing to the increasing geriatric population, advancing healthcare infrastructure, and growing awareness regarding eye care.

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
• Glaukos Corporation
• Sonomed Escalon
• Gulden Ophthalmics

The report also provides in-depth analysis of Ophthalmic Devices market dynamics such as drivers, restraints, opportunities and challenges

Drivers

• The Rapid Increase In The Geriatric Population
• The Escalating Prevalence Of Ophthalmic Diseases
• Technological Advancements In Ophthalmic Devices
• Government Initiatives To Control Visual Impairment
• Rising Adoption Of Contact Lenses And Spectacles

Restraints

• High Cost Of Ophthalmology Devices
• Increasing Adoption Of Repaired And Restored Ophthalmic Devices
• Reimbursement Cuts For Ophthalmic Surgical Procedure

Opportunities

• Low Adoption Of Phacoemulsification Devices And Premium IOLs in Emerging Regions
• Untapped Potential Of Emerging Markets

Challenges

• Low Access To Eye Care In Low-Income Economies
• Shortage of Ophthalmologists

COVID-19 Impact on the Ophthalmic Devices Market Analysis

The impact of COVID-19 has greatly affected the market of the Ophthalmic Devices industry. The momentum dropped globally, as the outbreak of COVID-19 has made patients visit less to the clinics owing to lockdowns and constraints implemented to prevent the spread of the disease. Moreover, government also have issued limitations and bans on medical procedures and surgeries. This have resulted in decline in number of eye treatments being conducted thus hampering the market growth.

The report also provides in-depth analysis of key trends in Ophthalmic Devices market

Sr. No.	Trends	Impact
1	Outbreak of COVID-19 has led to the decline in eye surgeries owing to government restrictions, lockdown and decreased infections and diseases in this lockdown.	Negative
2	Rapid increase in geriatric population worldwide and increasing lifestyle related eye disorders and diseases	Positive
3	The rising demand for phacoemulsification devices and premium Intraocular Lens (IOL) in emerging regions	Positive

The report also provides in-depth analysis of recent news developments and investments

• In January 2018, The Metall Zug Group has announced its acquisition over 70% of Haag-Streit Holding AG market shares. This acquisition has made The Metall Zug Group as a majority shareholder of Haag-Streit Holding AG and will benefit to strengthen its market base in the ophthalmology, pulmonology and optics industry.
• In January 2019, HOYA surgical Optics group announced its successful acquisition over two medical devices companies, a US-based Mid Labs and a Germany-based Fritz Ruck. These two acquisition benefits HOYA to accelerate IOL sales and and further solidify its position as the fastest growing IOL Company across the globe.
• In May 2020, HOYA surgical Optics group established a new joint venture with a specialty promotion service provider of IOLs in China, GeMax.

The unique insights provided by this report also include the following:

• In-depth value chain analysis
• Opportunity mapping
• Sector snapshot
• Key Players Positioning Matrix
• Regulatory scenario
• Strategies Adopted-Benchmarking Heat Map
• Market trends
• Covid-19 impact analysis
• Product comparison
• Pre & Post COVID 19 impact on Ophthalmic Devices Market
• Competitive Landscape

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