Global Ophthalmic Devices Market: Vision Set to Expand to $51.12 Billion by 2027

LONDON, GREATER LONDON, UK, November 28, 2023 /EINPresswire.com/ -- The global ophthalmic devices market has witnessed robust growth, escalating from $36.36 billion in 2022 to $39.24 billion in 2023, boasting a Compound Annual Growth Rate (CAGR) of 7.9%. The trajectory is poised to continue, with expectations to reach $51.12 billion by 2027, demonstrating a CAGR of 6.8%.

Rising Incidence of Eye Diseases Spurs Market Growth
The increasing prevalence of eye diseases, such as age-related macular degeneration (AMD), glaucoma, and cataract, is a significant driver for the ophthalmic devices market. These eye disorders have become major contributors to visual impairment and blindness globally. AMD, ranking as the third leading cause of blindness globally, is estimated to affect around 34 million people in the European Union (EU), with an anticipated 25% rise in patient population by 2050. Similarly, primary open-angle glaucoma (POAG) is expected to impact 7.32 million people in the USA by 2050, up from 3.15 million in 2015. The escalating incidence of these eye-related disorders is expected to fuel the demand for ophthalmic devices used in diagnosis and treatment.

Technological Advancements Transform the Landscape
A notable trend in the market is the integration of technological advancements. Major companies are at the forefront of introducing automated and advanced platforms to enhance the diagnosis and treatment of eye conditions. For instance, MIKAJAKI, a Switzerland-based eye health diagnostics company, unveiled EyeLib in September 2020—the world's first automated ophthalmic platform. EyeLib utilizes proprietary digital technologies, robotics, and artificial intelligence to optimize the entire eye diagnostic and testing process, improving efficiency at eye clinics and health institutions.

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Key Players Driving Market Dynamics
Major companies shaping the ophthalmic devices market landscape include Luxottica Group S.p.A., Johnson & Johnson, Hoya Corporation, CooperVision AG, Bausch Health Companies Inc., Carl Zeiss AG, Flex Ltd., Nidek Co. Ltd., Topcon Corporation, and Rostec State Corporation.

Regional Dynamics and Market Segmentation
1) By Type: Vision Care Devices And Equipment, Cataract Surgery Devices And Equipment, Refractive Surgery Devices And Equipment, Diagnostic And Monitoring Ophthalmic Devices And Equipment
2) By End User: Hospitals And Clinics, Diagnostic Laboratories, Other End Users
3) By Type of Expenditure: Public, Private
4) By Product: Instruments/Equipment, Disposables

In 2022, North America emerged as the largest region in the global ophthalmic devices market, followed by Asia-Pacific as the second-largest region. The regions covered in the market analysis encompass Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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Ophthalmic Devices Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Ophthalmic Devices Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on ophthalmic devices market size, ophthalmic devices market drivers and ophthalmic devices market trends, ophthalmic devices market major players, competitors' revenues, market positioning, and market growth across geographies. The ophthalmic devices market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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