Ophthalmic Devices Market (By Product Type: Ophthalmic Surgical Devices [Refractive Error Surgical Devices, Glaucoma Surgical Devices, Cataract Surgery Devices, Vitreoretinal Surgical Devices], Ophthalmic Diagnostic Devices [Refractors, Corneal Topography Systems, Retinal Ultrasound Systems, Fundus Camera, Ophthalmoscopes, Optical Coherence Tomography Systems, Perimeters, Slit Lamps, Tonometers], Ophthalmic Vision Care Devices [Contact Lenses, Spectacle Lenses]) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027

The global ophthalmic devices market is anticipated to grow at a CAGR of around 6.2% during the forecasting period 2020 to 2027 and to reach around US$ 60.0 Bn by 2027.

Market Dynamics

Rising incidences of chronic eye disorder across the globe, increase in number of in-patients suffering from various disorder such as cataracts, glaucoma, diabetic retinopathy in developed countries, coupled with high government spending on development of present infrastructure in order to facilitate the adoption of advanced surgical and diagnostic devices are some factors expected to drive the growth of the global market.

• In 2019, According to U.S. Department of Health & Human Services, 9.2% had vision loss due to cataracts, 4.1% had vision loss due to diabetic retinopathy, 2.2% had vision loss due to macular degeneration, and 2.1% had vision loss due to glaucoma.

Government of developed and developing countries is focused on development of present infrastructure for R&D activities. With changing government regulation related to product approvals is resulting in introduction of genuine products in the market. 

Rapid technological advancements in healthcare sector, with the emergence of AI in healthcare the device manufacturers are focused on introducing new innovative products that aid doctors during the surgery this is another factor expected to support the growth of the global market.

• In 2019, ZEISS Medical Technology launched CIRRUS 6000 ultra-fast OCT system that promises to dramatically elevate the efficiency of advanced care practices. This is expected to help the company to attract new customer and strengthen its position in Europe.

However, factors such as high cost associated to ophthalmic devices and stringent government regulation related to product approval are factors expected to hamper the growth of the global market. Various regulatory bodies regulate the products approval they are focused on providing genuine products to the consumer. In addition, availability of rental option is resulting in lowering the adoption of new devices which is further expected to challenge the growth of target market.

High investment by the major players for R&D activities and innovative product offerings are factors expected to further create new opportunities for players operating in the target market over the forecast period. In addition, merger and acquisition activities in order to enhance the product portfolio are among other factors supporting the target market traction.

• In 2018, Carl Zeiss Meditec acquired IanTECH a privately held company focused on technology solutions for micro-interventional cataract surgery. This acquisition will help the company to enhance the product portfolio.

Ophthalmic Devices Market Segment Analysis, 2019

The global ophthalmic devices market is segmented into Ophthalmic Surgical Devices, Ophthalmic Diagnostic Devices and Ophthalmic Vision Care Devices. The ophthalmic surgical devices segment is further bifurcated in to refractive error surgical devices, glaucoma surgical devices, cataract surgery devices, and vitreoretinal surgical devices. Among the ophthalmic surgical devices the Cataract Surgery Devices segment is expected to account for significant revenue share in the global market.

Segment Analysis by Region

The market in North America is expected to account for major revenue share owing to high patent pool suffering from eye disorder. In addition, increasing R&D activities by the major players and introduction of new products that assist surgeons during surgery is another factor expected to support the growth of target market in this region.

Asia Pacific is expected to witness faster growth in the near future owing to presence of major players operating in the country in this region. In addition, developing regulatory scenario and inclination towards emerging economies due to easy availability of raw materials and low cost labor is another factor expected to support the growth of target market in this region.

Competitive Landscape

Presence of large number of players operating on regional and international level is increasing the competition. In addition, business development activities and new product offerings are factors further augmenting the market competition.

Report coverage

The market research study on “Ophthalmic Devices Market (Product Type: Ophthalmic Surgical Devices, Ophthalmic Diagnostic Devices, and Ophthalmic Vision Care Devices) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026”, offers a detailed insights on the global ophthalmic devices market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights on global ophthalmic devices market, product and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global ophthalmic devices market size and segment markets by product and geography along with the information on companies operating in the market. The ophthalmic devices market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report. The players profiled in the report Topcon Corporation, Novartis AG, Carl Zeiss Meditec AG, HAAG-Streit Holding AG, Johnson & Johnson, Nidek Co., Ltd., Essilor International S.A., Valeant Pharmaceuticals International, Inc., Hoya Corporation, Sonomed Escalon, FCI Ophthalmics, Glaukos Corporation, Ziemer Ophthalmic Systems AG, STAAR Surgical, and Gulden Ophthalmics.

Market Segmentation

Market By Product Type

Ophthalmic Surgical Devices

• Refractive Error Surgical Devices

  • Excimers and Femtosecond Lasers

  • Microkeratomes

• Glaucoma Surgical Devices

  • Implants and Stents

  • Glaucoma Drainage

  • Glaucoma Laser Devices

• Cataract Surgery Devices

  • Intraocular Lenses

  • Viscoelastics

  • Phacoemulsification Systems

• Vitreoretinal Surgical Devices

  • Vitrectomy Machines & Vitrectomy Packs

  • Photocoagulation Lasers

  • Illumination Devices

Ophthalmic Diagnostic Devices

• Refractors
• Corneal Topography Systems
• Retinal Ultrasound Systems
• Fundus Camera
• Ophthalmoscopes
• Optical Coherence Tomography Systems
• Perimeters
• Slit Lamps
• Tonometers

Ophthalmic Vision Care Devices

• Contact Lenses
• Spectacle Lenses

Market By Region

North America

• US
• Canada

Europe

• UK
• Germany
• France
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest if Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Meddle East & Africa