Site icon News Azi

With 4.2 % CAGR, Ophthalmic Devices Market Size worth USD 32.36 billion by 2027

Pune, India, Oct. 12, 2022 (GLOBE NEWSWIRE) — The global ophthalmic devices market size is expected to showcase an exponential growth by reaching USD 32.36 billion by 2027 while exhibiting a CAGR of 4.2% between 2020 and 2027. This is attributable to the increasing prevalence of eye disorders across the globe. Fortune Business Insights, in its latest report, titled, “Ophthalmic Devices Market Size, Share & COVID-19 Impact Analysis, By Surgical (Implants, Consumables, and Equipment) and Vision Care (Contact Lenses and Ocular Health) By End User (Hospitals, Ophthalmic Clinics and Others) Regional Forecast, 2020-2027,” observes that the market stood at USD 25.04 billion in 2019 and is projected to showcase a considerable growth in the forthcoming years.

Request a Sample Copy of the Research Report:

https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/ophthalmic-devices-market-102187

Report Scope

Report Coverage Details
Forecast Period 2020 to 2027
Forecast Period 2020 to 2027 CAGR 4.2%
2027 Value Projection USD 32.36 Billion
Base Year 2019
Market Size in 2019 USD 25.04 Billion
Historical Data for 2016 to 2018
No. of Pages 150
Key Players Covered Alcon (Geneva, Switzerland), Carl Zeiss Meditec (Oberkochen, Germany), Johnson & Johnson Vision Care, Inc.  (Jacksonville, U.S.), The Cooper Companies Inc.  (California, U.S
Ophthalmic Devices Market Growth Drivers Increasing Prevalence of Eye Disorders to Spur Demand
Declining Surgical Procedures amid COVID-19 to Affect Market Growth
North America to Remain Dominant; Increasing Adoption of Advanced Technology to Bolster Growth

Industry Development:

  • August 2020 – Bausch & Lomb announced the launch of its new product, INFUSE silicone hydrogel disposable contact lens. The product adopts the company’s ProBalance technology and is manufactured by using the next-generation material to prevent dryness of the eyes.
  • January 2019 – Bausch & Lomb Inc., a global ophthalmic devices provider, announces the acquisition of Eton Pharmaceuticals, EM-100 eye drop. The company acquired the marketing and distribution rights for the product that is adopted in the treatment of several eye allergies across the U.S.

Click here to get the short-term and long-term impact of COVID-19 on this market.

Please visit:

https://www.fortunebusinessinsights.com/ophthalmic-devices-market-102187

                                                                                             

DRIVING FACTORS

Increasing Prevalence of Eye Disorders to Spur Demand

According to the World Health Organization (WHO), around 2.2 billion people suffer from vision impairment across the globe. The increasing prevalence of ophthalmic disorders such as diabetic retinopathy, cataract, and myopia is driving the demand for advanced ophthalmic devices. In addition to this, the increasing per capita healthcare expenditure and favorable healthcare reimbursement policies are expected to bode well for the global ophthalmic devices market growth during the forecast period.

Declining Surgical Procedures amid COVID-19 to Affect Market Growth

The COVID-19 pandemic has resulted in the declining number of surgical procedures in order to prevent the widespread of the disease. Major healthcare services are being directed towards the treatment of novel coronavirus patients that has led to a reduced revenue generation of ophthalmology procedures. The market is expected to suffer temporarily owing to the pandemic. However, once the procedures resume at full capacity, the market is likely to return to normalcy in the near future.

Quick Buy Ophthalmic Devices Market

https://www.fortunebusinessinsights.com/checkout-page/102187

What does the Report Include?

The global market report includes a detailed assessment of various growth drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides a comprehensive research into the regional developments of the market that would affect its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2020 and 2027. 

SEGMENTATION

Vision Care Segment to Hold a Considerable Share Owing to Increasing Adoption of Contact Lens

The vision care segment, based on product, is expected to experience a significant growth in the forthcoming years. This is ascribable to factors such as the increasing adoption of contact lenses to correct vision anomalies across the globe.

Segmentation By Product Type
  • Surgical
  • Implants
  • Consumables
  • Equipment
  • Vision Care
  • Contact Lens
  • Ocular Health
 By End-User  
  • Hospitals
  • Ophthalmic Clinics
  • Others

REGIONAL INSIGHTS

North America to Remain Dominant; Increasing Adoption of Advanced Technology to Bolster Growth

Among all the regions, North America is expected to remain at the forefront and hold the highest position in the global ophthalmic devices market during the forecast period. This is attributable to the increasing adoption of advanced technology to develop these devices such as an intraocular lens for treating cataract disease. The region stood at USD 10.54 billion in 2019.

The market in Europe is anticipated to showcase an exponential growth owing to the increasing focus by major companies to develop innovative products to treat eye disorders. Additionally, supportive government policies to promote the R&D activities to develop technologically advanced devices will favor the market growth between 2020 and 2027.

COMPETITIVE LANDSCAPE

Merger and Acquisition by Major Companies to Consolidate Their Market Positions

The global ophthalmic devices market is consolidated by the presence of major companies such as Johnson & Johnson, Alcon, and Bausch & Lomb. The dominance of these companies is attributable to the increasing adoption of strategies such as merger and acquisition to strengthen their positions in the highly competitive global marketplace. The other key players such as BVI, Carl Zeiss, and Essilor are emphasizing on partnerships and collaborations to expand their ophthalmic devices portfolio that will expedite the growth of the market in the forthcoming years.

Ask for Customization

https://www.fortunebusinessinsights.com/enquiry/customization/ophthalmic-devices-market-102187

List of the Companies Operating in the Global Market:

  • Alcon (Geneva, Switzerland)
  • Carl Zeiss Meditec (Oberkochen, Germany)
  • Johnson & Johnson Vision Care, Inc.  (Jacksonville, U.S.)
  • The Cooper Companies Inc.  (California, U.S.)
  • BVI (Waltham, U.S.)
  • Bausch & Lomb Incorporated (Rochester, U.S.)
  • Essilor (California, U.S.)
  • Hoya Corporation (Tokyo, Japan)
  • NIDEK CO., LTD (Gamagori, Japan)

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, 2019
    • 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, 2016-2027
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast – By Product Type
      • Surgical
        • Implants
        • Consumables
        • Equipment
      • Vision Care
        • Contact Lenses
        • Intraocular Lenses
    • Market Analysis, Insights and Forecast – By End-user
      • Hospitals
      • Ophthalmic Clinics
      • Others
    • Market Analysis, Insights and Forecast – By Region
      • North America
      • Europe
      • Asia Pacific
      • Latin America
      • Middle East & Africa

ToC Continue…!

Have Any Query? Ask Our Experts:

https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/ophthalmic-devices-market-102187

Frequently Asked Questions

How much is the global ophthalmic devices market worth?

According to Fortune Business Insights, the global ophthalmic devices market size was USD 25.04 billion in 2019 and is projected to reach USD 32.36 billion by 2027.

What are the key factors driving the market?

The growing demand for effective treatment devices and increase in the prevalence of eye disorders are to drive market growth.

About Us:

Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.

Address:

Fortune Business Insights Pvt. Ltd.9th Floor, Icon Tower, Baner –

Mahalunge Road, Baner, Pune-411045,

Maharashtra, India.

Phone:

US: +1 424 253 0390

UK: +44 2071 939123

APAC: +91 744 740 1245

Email: sales@fortunebusinessinsights.com

Stay connected with us on social media platform for instant update click here to join our  Twitter, & Facebook

We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.

For all the latest Health News Click Here 

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! NewsAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – admin@newsazi.com. The content will be deleted within 24 hours.
Exit mobile version