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Ophthalmic Devices Market By Regional Statistics, CAGR, Trend & Growth Forecast To 2027

On this note, the Ophthalmic Devices Market size is estimated to surpass USD 61.3 billion by 2027, as per the latest study by Global Market Insights Inc.


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Anand Joshi

4 months ago | 4 min read

Over the past few years, considerable rise in the ocular diseases has created a dire need for efficient vision care products. Their adoption has been fueled by the growing consciousness pertaining to vision correction as well as physical appearance among consumers. Besides, growing geriatric population along with increasing government initiatives related to ophthalmic disorders is also impelling the application of ophthalmic instruments. On account of the elevating product demand, ophthalmic devices market is projected to observe a substantial growth by recording a valuation of over USD 61.3 billion by 2027.

To access a sample copy or view the market report in detail along with the table of contents, please click the link below: https://www.gminsights.com/request-sample/detail/2917

High pervasiveness of ocular disorders is predominantly augmenting the business growth. According to the World Health Organization, nearly 2.2 billion people suffered from a distance or near vision impairment from uncorrected refractive errors and cataracts in 2020. This has prompted the development of novel products such as drug-eluting contact lenses and handheld devices integrated with latest technologies for early diagnosis of macular degeneration and glaucoma. Such advancements coupled with the expansion of patient base is accelerating the adoption of ophthalmic products, positively influencing the industry landscape.

An overview of some of the major trends that are augmenting the industry growth is as under:

Technological developments by key players

Eminent players operating in ophthalmic devices industry are focusing on the development of innovative solutions to gain a competitive edge in the market and effectively serve the growing consumer demand. Quoting an instance, in 2021, Samsung launched Eyelike fundus camera, designed to transform the older Galaxy smartphones into an ophthalmic device to facilitate the diagnosis of eye diseases. Equipped with artificial intelligence, the device connects to an app for capturing patient data and suggesting the appropriate treatment.

Heightened demand for diagnostic and monitoring devices

Diagnostic and monitoring ophthalmic devices are majorly used in treatments of disorders related to retina and cornea by the measurement of refractive errors and affix lenses. Their demand is being largely influenced by the ongoing technological advancements, rising incidences of ocular diseases and elevating demand for efficient treatment procedures. Encouraged by this, manufactures are emphasizing on development of fundus cameras like hand-held fundus cameras, non-mydriatic cameras and hybrid cameras to accurately photograph the interior surface of the eye. Novel devices equipped with machine learning and artificial intelligence is the latest trend in the market. Considering the numerous benefits, diagnostic and monitoring device segment is expected to observe a lucrative CAGR of 3.5% through 2027.

Burgeoning demand across specialty clinics

Enhanced functional independence, reduced medical complications, better outcomes and relevant resources offered by specialty clinics has led to increased consumer preference towards these facilities for ophthalmic procedures. Various specialty clinics are focused on the development of more effective ways of performing ophthalmic procedures. Heightened demand for eye care services due to an upsurge in the number of patients with ocular disorders has notably increased the sales of ophthalmic devices in specialty clinics which will foster the segmental growth over the coming years. In 2020, specialty clinics segment had recorded an appreciable valuation of around USD 5,814 million.

Rising cases of eye-related disorders in Brazil

Rising prevalence of ocular diseases like cataract, glaucoma, etc. along with growing awareness among people and the presence of universal healthcare systems in Brazil has impelled the adoption of ophthalmic devices in the country to a great extent. Rising elderly population who are susceptible to eye disorders is also impelling the product demand in the country. In addition, enhanced healthcare facilities in Brazil has resulted in strong competition with an emphasis on certifications, skill-upgradation and medical facilities. On account of these factors, ophthalmic devices market in Brazil was valued at over USD 750 million in 2020 and is estimated to register a CAGR of around 3.5% through 2027.

Partial Table of Contents (ToC) of the report:

Chapter 4   Ophthalmic Devices Market, By Product

4.1    Key segment trends

4.2    Surgical Devices

4.2.1    Market size, by region, 2016 - 2027 (USD Million)

4.2.2    Cataract Surgery Devices

4.2.2.1    Market size, by region, 2016 - 2027 (USD Million)

4.2.2.2    Intraocular Lenses

4.2.2.2.1    Market size, by region, 2016 - 2027 (USD Million)

4.2.2.3    Phacoemulsification Devices

4.2.2.3.1    Market size, by region, 2016 - 2027 (USD Million)

4.2.2.4    Ophthalmic Viscoelastic Devices

4.2.2.4.1    Market size, by region, 2016 - 2027 (USD Million)

4.2.2.5    Cataract Surgical Lasers

4.2.2.5.1    Market size, by region, 2016 - 2027 (USD Million)

4.2.2.6    Iol Injectors

4.2.2.6.1    Market size, by region, 2016 - 2027 (USD Million)

4.2.2.7    Others

4.2.2.7.1    Market size, by region, 2016 - 2027 (USD Million)

4.2.3    Glaucoma Surgery Devices

4.2.3.1    Market size, by region, 2016 - 2027 (USD Million)

4.2.3.2    Glaucoma Drainage Devices

4.2.3.2.1    Market size, by region, 2016 - 2027 (USD Million)

4.2.3.3    Glaucoma Lasers

4.2.3.3.1    Market size, by region, 2016 - 2027 (USD Million)

4.2.3.4    Minimally Invasive Glaucoma Surgery (MIGS)

4.2.3.4.1    Market size, by region, 2016 - 2027 (USD Million)

4.2.3.5    Others

4.2.3.5.1    Market size, by region, 2016 - 2027 (USD Million)

4.2.4    Refractive Surgery Devices

4.2.4.1    Market size, by region, 2016 - 2027 (USD Million)

4.2.4.2    Excimer Lasers

4.2.4.2.1    Market size, by region, 2016 - 2027 (USD Million)

4.2.4.3    Femtosecond Lasers

4.2.4.3.1    Market size, by region, 2016 - 2027 (USD Million)

4.2.4.4    Others

4.2.4.4.1    Market size, by region, 2016 - 2027 (USD Million)

4.2.5.     Vitreoretinal Surgery Devices

4.2.5.1    Market size, by region, 2016 - 2027 (USD Million)

4.2.5.2    Photocoagulation Lasers

4.2.5.2.1    Market size, by region, 2016 - 2027 (USD Million)

4.2.5.3    Illumination Devices

4.2.5.3.1    Market size, by region, 2016 - 2027 (USD Million)

4.2.5.4    Vitreoretinal Packs

Browse complete table of content of this report @ https://www.gminsights.com/toc/detail/ophthalmic-devices-market

About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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