Pune, Feb. 20, 2020 (GLOBE NEWSWIRE) -- The global Ophthalmic Devices Market size is expected to reach USD 33.99 billion by 2026, exhibiting a CAGR of 5.2% during the forecast period. The rising cases of visual impairment and blindness will spur demand for ophthalmic devices during the forecast period. According to World Health Organization, globally, at least 2.2 billion people have vision impairment or blindness, out of with at least 1 billion have a vision impairment that could have been prevented or has yet to be addressed. The growing global political commitment to prevent visual impairment will bolster healthy for the market. Moreover, the surge in public awareness and utilization of eye health care services along with availability and affordability of eye care service, will boost the Ophthalmic Devices Market trends in the foreseeable future. In addition, the rising prevalence of ocular and cataract disease in the geriatric population to accelerate the Ophthalmic Devices Market share during the forecast period.
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As per the World Health Organization survey, the majority of people with vision impairment are over the age of 50 years. Therefore, the rising demand for eye health care will aid the adoption of ophthalmic devices, which in turn will propel the growth of the market.
According to the report, published by Fortune Business Insights in a report, titled “Ophthalmic Devices Market Size, Share & Industry Analysis, By Product Type (Ophthalmic Surgical Devices, Ophthalmic Diagnostic Devices, and Vision Care Devices), By End-user (Hospitals, Ophthalmic Clinics, Others), and Regional Forecast, 2019-2026” the market size stood at USD 22.72 billion in 2018. The report offers informative insights into all the prevailing trends of the Ophthalmic Devices Market size. It shares a comprehensive summary of all the segments and regions. It provides statistical data on all the recent developments in the market. Ophthalmic Devices Market report is created after extensive research followed by all-encompassing analysis to benefit companies, stakeholders, financers, and potential investors. It is designed with an aim to provide a clear picture of the market size. Moreover, it also includes product launches, acquisitions, collaborations & partnerships, and innovations and industry developments.
Launch of RETINA800 by Essilor to Aid Market Trajectory
The rising cases of eye disorders such as glaucoma, macular degeneration, presbyopia and cataracts around the world is likely to propel healthy growth of the market during the forecast period. As per the survey conducted by the World Health Organization in 2019, the cases age-related cataracts in China was 73% among individuals aged 85-89 years. Furthermore, the surge in vision impairment and other eye disorders will spur demand for ophthalmic diagnostic, surgical as well as vision care devices, which in turn will encourage the growth of the market during the forecast period.
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In addition, rising government initiatives for free eye check-ups in the rural areas will subsequently create sales opportunities for the market in the forthcoming years. Additionally, the launch of novel products by leading players will boost the Ophthalmic Devices Market growth. For instance, Essilor International S.A., a global ophthalmic optics company, launched the groundbreaking fully automated Retinal Imaging System, RETINA800 non-mydriatic fundus camera. The new system allows for easy screening and detection of retinal pathologies.
However, lack of awareness regarding eye health and care will dampen the growth of the market in the foreseeable future. Likewise, lower adoption of ophthalmic devices in various regions will be a restricting factor for the growth of the market.
Rising Adoption of Advanced Eye Care Devices to Augment Growth in North America
The market in North America stood at USD 7.37 billion in 2018 and is expected to grow rapidly during the forecast period owing to the rising adoption of advanced ophthalmology diagnostic devices in the region. Moreover, rising awareness regarding ocular disorders will also aid the market in North America. In addition, the increasing prevalence of refractive error disorders is likely to fuel demand for the market in the region.
List of the Prominent Companies in the Global Ophthalmic Devices Market Include:
- Alcon (Part of Novartis AG)
- Johnson & Johnson Services, Inc.
- Essilor
- Bausch Health Companies
- ZEISS International
- HOYA
- NIDEK CO., LTD
- TOPCON
- CooperVision
- Other Prominent Players
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments - Mergers, Acquisitions, and Partnerships, 2018
- Epidemiology of Major Ocular Disease - For Key Countries
- Introduction of New Products / Approvals (by Major Players)
- Overview of Regulatory Scenario - Key Countries
- Technological Advancements in Ophthalmic Devices Market
- Global Ophthalmic Devices Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Ophthalmic Surgical Devices
- Cataract Surgery Devices
- Vitreoretinal Surgery Devices
- Refractive Error Surgery Devices
- Glaucoma Surgery Devices
- Ophthalmic Diagnostic Devices
- Vision Care Devices
- Contact Lenses
- Intraocular Lenses
- Ophthalmic Surgical Devices
- Market Analysis, Insights and Forecast – By End-user
- Hospitals
- Ophthalmic Clinics
- Others
- Market Analysis, Insights and Forecast – By Country
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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