Newark, Nov. 28, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 7.28 Billion in 2022 ophthalmic devices market will reach USD 12.28 Billion by 2032. The market is growing because of the rising prevalence of optical diseases like glaucoma, cataracts, diabetic retinopathy, and vitreo retinal disorders. It is also growing because of technological advancements in ophthalmic surgical and diagnostic equipment that are necessary for these target applications.
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Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2023-2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 7.28 Billion |
| Market Size in 2032 | USD 12.28 Billion |
| CAGR | 5.37% |
| No. of Pages in Report | 238 |
| Segments Covered | Product, Application |
| Drivers | The rise in the number of people with eye disorders |
| Opportunities | Growing number of clinics for eye care |
Key Insight of the Ophthalmic Devices Market
Asia Pacific is anticipated to expand at the highest CAGR of 7.67% over the projection period.
Asia Pacific is expected to grow at the highest CAGR of 7.67% over the forecast period. It is caused by the quickly advancing medical infrastructure, the rising incidence of eye conditions like glaucoma, and patients' growing knowledge of it. The expansion can be attributed to major market participants like Alcon, Inc. expanding their outsourcing efforts for ophthalmology products. Moreover, a major development factor for developing nations like China and India is the rising public knowledge of advanced corrective eye treatments.
The ophthalmoscopes segment is expected to register the highest CAGR of 8.33% over the projected period in the ophthalmic devices market.
The ophthalmoscopes segment is anticipated to grow at the highest CAGR of 8.33% in the ophthalmic devices market. Diseases include CMV retinitis, papilledema, glaucoma, AMD, and diabetic retinopathy are diagnosed with ophthalmoscopes. The market is anticipated to increase favourably as a result of the rising incidence of various illnesses and the rising need for early and precise diagnosis.
Over the projected period, the refractor disorders segment is expected to register the highest CAGR of 8.61% in the ophthalmic devices market.
Over the forecasted period, the refractor disorders segment is anticipated to grow at the highest CAGR of 8.61% in the ophthalmic devices market. Globally, there are over 2.2 billion persons who suffer from near- or far-sightedness. Ophthalmic instruments like phoropters and retinoscopes are highly chosen for treating such illnesses and correcting refractive faults. The introduction of advanced ophthalmic diagnosis and treatment devices is the primary focus of leading market players in response to the demands of the growing patient population.
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Market Dynamics
Driver: The rise in the number of people with eye disorders
The growing number of individuals suffering from illnesses like diabetic retinopathy, myopia, macular degeneration, cataracts, and other eye issues has led to an increase in the market for ophthalmic devices. Initiatives at the regional and national levels have led to a notable expansion of the market. The greater number of precise diagnoses these ophthalmic devices produce increases the market demand for these products. The rising awareness of the importance of vision care has coincided with a rise in the demand for these items. Ophthalmic devices sales have increased significantly, partly because of aesthetic and cosmetic considerations.
Opportunity: Growing number of clinics for eye care
Because more ophthalmology clinics are opening up and because medical exams are becoming more common, the market for ophthalmic devices is expanding significantly. Furthermore, as more individuals learn about the benefits of getting these examinations done, the number of people with these problems decreases and the use of ophthalmic devices increases, both of which contribute significantly to the market's growth. The market is expanding due to the rise in super-specialty hospitals, ambulatory surgery centres, and other facilities which enable the expanded use of these ophthalmic devices. It is anticipated that the market will gain significantly from each of these factors over the anticipated term.
Some of the major players operating in the ophthalmic devices market are:
• Alcon Vision LLC
• Bausch & Lomb Incorporated
• Ziemer Ophthalmic Systems Ltd.
• TOPCON Corporation
• Johnson & Johnson Vision Care
• Essilor International S.A
• Haag-Streit Group
• Carl Zeiss Meditec AG
• Nidek Co. Ltd.
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Key Segments cover in the market:
By Product:
• Fundus Cameras
• Autorefractors and Keratometers
• Tonometers
• Phoropters
• Optical Biometry Systems
• Lensmeters
• Specular Microscopes
• Optical Coherence Tomography Scanners
• Ophthalmic Ultrasound Imaging Systems
• Wavefront Aberrometers
• Corneal Topography Systems
• Perimeters/Visual Field Analysers
• Ophthalmoscopes
• Slit Lamps
• Retinoscopes
By Application:
• Vitreo Retinal Disorders
• Refractor Disorders
• Cataract
• Glaucoma
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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