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Global Ophthalmic Devices Market Analysis Report 2024-2032

Posted on by darion

Dublin, July 04, 2024 (GLOBE NEWSWIRE) — The report “Ophthalmic Devices Market Report by Diagnostic & Monitoring Devices, Surgical Devices, Vision Correction Devices, Applications, End Users, Regions and Company Analysis 2024-2032” has been added to Research & Marketing.com offering.

The ophthalmic devices market is projected to reach USD 10.22 billion by 2032, up from USD 6.79 billion in 2023, at a promising compound annual growth rate (CAGR) of 4.64% during 2024-2032.

The global population poses some challenges related to demographic changes and older people. As for the WHO data from 2021, it indicates that more than 2.2 billion people worldwide. The Global Eye Health Outlook indicates that at least 2 billion people suffer from myopia or hyperopia, and based on current findings, almost half of them could largely avoid it or have it well-controlled.

Aging is another notable prerequisite for visually impaired or blind people, most of whom are over 50 years of age, which means there is a growing demand for the use of LV. This trend is expected to support the growth of the ophthalmic device market as the number of people with visual impairments in the existing age is constantly increasing; these mainly include diseases such as cataracts and glaucoma.

The demand for ophthalmic devices is increasing due to the increasing prevalence of eye diseases. Changes in lifestyle have led to a rapid increase in eye diseases, which has created a demand for surgical and vision care devices. Factors such as rising per capita income, significant disposable income, favorable reimbursement policies, and availability of ophthalmic procedures are contributing to the increase in the number of surgical procedures, which is driving the demand for ophthalmic devices in the market.

The American Academy of Ophthalmology reports that 81% of Americans are knowledgeable about eye health. Yet, many fail to recognize glaucoma, age-related macular degeneration, and diabetic eye disease as leading causes of blindness. Additionally, 17.2% of Americans age 40 and older have been diagnosed with cataracts. This highlights the need for advanced ophthalmic technology interventions to effectively monitor and treat common eye conditions.

Recent technological advances have greatly improved the diagnosis and treatment of eye diseases. Developments in drugs, diagnostic devices, laser technology and surgical techniques have improved the treatment of conditions such as cataracts, macular degeneration, glaucoma and dry eye syndrome.

In addition, minimally invasive procedures such as LASIK and multi-wavelength diabetic retinopathy treatment are expected to increase demand for ophthalmic devices. In addition, the acquisition of the Netherlands Eye Research Center by Carl Zeiss Meditec AG has expanded the ophthalmic offering, enabling comprehensive eye care for various conditions.

North America Ophthalmic Device Market

The eye care market is expected to hold a large market share in North America owing to the high and rising disposable income, awareness, growing senior population, and rising prevalence of eye diseases. As per a study conducted by Statistics Canada in 2021, there are approximately 7,021,430 users aged 65 years and above in North America. The eye care market is also expected to hold a noticeable market share in North America owing to the impressive per capita disposable income, rising awareness, growing senior population, and rising prevalence of eye diseases.

The increased number of elderly people is likely to increase age-related vision impairment; this will naturally lead to an increased demand for ophthalmic devices. The National Center for Chronic Disease Prevention and Health Promotion has revealed that nearly 12 million people in the United States over the age of 40 have visual impairment, and the prevalence is increasing, 1 million people are blind, 3 million have visual impairment after treatment of the condition, and 8 million people have uncorrected refractive error causing visual impairment.

More than 21 million people in the United States currently have vision impairment, including blindness, as measured by BCVA in the better eye, and that number is expected to double in the next three decades. The four common types of conditions that cause vision loss and blindness in the United States are diabetic retinopathy, age-related macular degeneration, cataracts, and glaucoma.

Key Features:

Report Attribute Details
number of pages 35
Forecast period 2023-2032
Estimated Market Value (USD) 2023 $6.79 billion
Projected Market Value (USD) to 2032 $10.22 billion
Compound Annual Growth Rate 4.6%
Regions covered Global

Key Player Analysis: Business Overview, Product Portfolio, Sales Analysis, Latest Developments and Strategies

  • Johnson & Johnson
  • Topcon Corporation
  • Canon Inc.
  • Alcon Inc.
  • STAAR Surgical Co.
  • GlaukosCorporation
  • IRIDEX Corporation
  • Carl Zeiss Meditec AG

Diagnostic and monitoring devices – market division in 4 points of view

  • Camera for examining the fundus of the eye
  • Optical coherence tomography scanner
  • Tonometer Market
  • Others

Surgical Devices – Market Division in 4 Points of View

  • Refractive error surgery devices
  • Glaucoma Surgery Devices
  • Cataract Surgery Equipment
  • Retinal Surgery Devices

Vision Correction Devices – Market Division from Two Points of View

Application – Market division in 4 points of view

  • Cataract
  • Vitreoretinal disorders
  • Glaucoma
  • Refractive errors

End User – Market Division in 3 Points of View

  • Hospitals and eye clinics
  • Academic and Research Laboratory
  • Others

Country – Market breakdown by 25 countries

  • North America
  • United States
  • Canada
  • Europe
  • France
  • Germany
  • Italy
  • Spain
  • United Kingdom
  • Belgium
  • Netherlands
  • Turkey
  • Asia and Pacific
  • China
  • Japan
  • India
  • South Korea
  • Thailand
  • Malaysia
  • Indonesia
  • Australia
  • New Zealand
  • Latin America
  • Brazil
  • Mexico
  • Argentina
  • Middle East and Africa
  • Saudi Arabia
  • UAE
  • South Africa

For more information on this report, please visit https://www.researchandmarkets.com/r/arxyrc

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  • Ophthalmic Devices Market