Ophthalmic Devices Market is expected to be worth USD 83.1 billion by 2030, with a CAGR of 4.7%.

New York, United States, July 13, 2022 (GLOBE NEWSWIRE) -- Ophthalmic Devices Market is expected to be worth USD 83.1 billion by 2030, with a CAGR of 4.7%.

The Global Market for Ophthalmic devices was worth USD 52.5 billion in 2020, and having a CAGR of 4.7% will be worth USD 83.1 billion by 2030 according to Strategic Market Research.

The factors causing the market's growth are the growing number of patients with ocular disorders, technological advancements in ophthalmic surgeries, government initiatives, the education being provided to eye care professionals and increased usage of digital devices. 

Important Insights into the Ophthalmic Devices Market:

• In the product segment, optical coherence tomography (OCT) held the highest market share.
  
  
• On the basis of application, the cataract sector dominated the market. 
  
  
• Hospital and ophthalmology clinics had the highest market share among the end-user segment.
  
  
• North America led the regional segment. 
  
  

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Factors causing the accelerated growth of the Opthalmic Devices Market:

Rising number of Patients with Ocular Diseases:

Those diseases which primarily affect the eye and the vision of a person are referred to as ocular diseases. According to CDC approximates, 12 million citizens above the age of 40 have vision impairment, which includes 1 million blind people, 3 million who have undergone treatment and still have vision impairment, and a further 8 million vision impairment patients who have not undergone the corrective treatment. According to the European Blind Union, there are approximately more than 30 million people in Europe who are blind or have partial vision, with over 90% of visually impaired people being above the age of 65. Thus, with increasing instances of eye diseases globally, the need for ophthalmic devices will increase, thereby enhancing the value of the market. 

Eye care professionals are being groomed on the application of new devices:

The companies are investing in their R&D departments, including in their ophthalmic sections, where new devices are being developed. Additionally, private equity firms such as American Vision Partners, EVP EyeCare, SightMD, and Unifeye Vision Partners are investing in ophthalmology centres to develop new techniques for surgeries. The new generation of ophthalmologists is being trained with newer equipment and procedures like intraocular lenses to perform more cost-effective surgeries, leading to over 60,000 cataract surgeries performed daily globally. 

Increased usage of digital devices:

Digital devices have become an important part of the modern-day lives of the urban-dwelling population. There are over 6.4 billion smartphone users worldwide, and adults in the US spend nearly 3 hours using their smartphones daily. Over 275 million laptops were shipped in 2021, alongside 92 million desktop units. The increased usage has caused a condition called digital eye strain (DES) or computer vision syndrome (CVS), which leads to sore eyes, dry eyes, blurred vision, and headaches. Approximately 60 million people suffer from this condition. With the number set to rise, the treatment for the condition will also rise, which includes sales of optometry and ophthalmic devices, and hence, the market would further establish its growth. 

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Descriptive Segmentation Analysis - Ophthalmic Devices Market 

By Product

• Wavefront aberrometers
• Tonometers
• Specular Microscopes
• Slit Lamps
• Retinoscopes
• Phoropters
• Perimeters/Visual Field Analyzers
• Optical Coherence Tomography Scanners
• Optical Biometry Systems
• Ophthalmoscopes
• Ophthalmic Ultrasound Imaging Systems
• Ophthalmic Pachymeters
• Lensometers
• Fundus Cameras
• Corneal Topography Systems
• Autorefractors and Keratometers

Based on Application

• Cataract
• Glaucoma
• Refractor Disorders
• Vitreo retinal disorders

Based on End-user

• Academic and Research Laboratories
• Hospitals, including Eye clinics
• Others
  
  

Regional Segmentation

North America

• Canada
• Mexico
• USA
  
  

Europe

• France
• Germany
• Italy
• Portugal
• Russia
• Spain
• Czech Republic
• United Kingdom
• Rest of Europe
  
  

Asia Pacific

• Australia - New Zealand (ANZ)
• China
• India
• South Korea
• Japan
• Philippines
• Vietnam
• Rest of Asia Pacific

Latin America, Middle East and Africa (LAMEA)

• Argentina
• Brazil
• Chile
• Saudi Arabia
• Qatar
• UAE
• Nigeria
• Egypt
• Kenya
• Morocco
• South Africa
• Rest of LAMEA

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On the basis of product, the OCT or optical coherence tomography devices dominated the market share with over 20% of total market revenue. The devices are used to diagnose and aid in treating diseases and conditions related to the eye, such as glaucoma, diabetic retinopathy, macular hole and macular degeneration. According to a research, there are approximately 80 million people globally who suffer from glaucoma, over 100 million diabetic retinopathy patients, and nearly 11 million people who suffer from macular degeneration. Thus, with an increasing number of cases of ocular diseases, the market would lead to further need for OCT devices, leading to enhanced growth of the market. 

Cataract led the application segment of the market. It is a disease that causes clouding of the lens of the eye. As per global estimates, over 10 million cataract surgeries are performed yearly. According to the CDC, over 20 million Americans above the age of 40 have a cataract in at least one eye. According to the European Commission statistics, over 4 million cataract surgeries are performed each year in Europe. Thus, with cataracts being a highly prevalent disease across continents, it is expected to lead the market in the short-term and mid-term future. 

Based on end-users, eye clinics and hospitals dominate the segment. The primary reason is that most ophthalmic devices require specialized infrastructure for their operation and trained personnel such as ophthalmologists and optometrists who work in these institutions. Additionally, the highest patient load too is at hospitals and clinics. According to the CDC, approximately 46 million patients are at risk of vision loss who visit an ophthalmologist or optometrist each year. As per the data from the American Association of Ophthalmology (AAO), approximately 718,000 LASIK procedures were performed in the US in 2020. Thus, with a rising visit to ophthalmologists and more diseases diagnosed and treated in these institutions, the hospital and eye clinic will continue to dominate the segment of end-users.

North America dominates the market with approximately 43% of the market share. The reason for the regional dominance is the relatively high prevalence of ocular diseases in the region, as well as the highly developed healthcare infrastructure. Approximately 1.5 million Canadian citizens have lost their sight, and an additional 5.5 million are the risk of losing their sight due to other vision conditions. According to the AAO, approximately 2.1 million Americans have age-related macular degeneration, and over 7.7 million Americans are diagnosed with diabetic retinopathy. Thus, with staggering statistics on ocular diseases, North America will continue to dominate the market. 

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Major and Key Players operating in the Ophthalmic Devices Market are:

• Ziemer Ophthalmic Systems AG
• Zeiss
• Valeant Pharmaceuticals International, Inc.
• Topcon Corporation
• STAAR Surgical
• OPHTEC BV
• Oculentis
• Novartis AG
• NIDEK Co.Ltd.
• Neo Vision Foundation
• Lumenis Be Ltd.
• Johnson & Johnson Vision
• Hoya Corporation
• HEINE Optotechnik GmbH & Co. KG
• Heidelberg Engineering GmbH
• HAAG-Streit Holding AG
• Glaukos Corporation
• Essilor International S.A., 
• ClearLab
• Carl Zeiss Meditec AG, 
• Bausch & Lomb, Inc., 
• Alcon, Inc., 
• Abbott Medical Optics, Inc.,
  
  

Recent Developments:

• In July 2022, scientists in the UK developed a low-cost imaging device. The device aims to provide diagnostic solutions to physicians and patients for diseases such as diabetic retinopathy and glaucoma. 
  
  
• In July 2022, scientists in Singapore developed a new thermal that would help patients with scarred retinas. Retinal scarring occurs during retinal detachment surgery. The new thermal aims to prevent the scarring that occurs during failed procedures.
  
  
• In July 2022, QHP Capital announced its acquisition of Lexitas Pharma Services, a biomedical and biopharmaceutical company specializing in developing products in the field of ophthalmology. The acquisition aims to help Lexitas grow and expand its product portfolio. 
  
  
• In June 2022, Corza Medical acquired Barron Precision Instruments. The acquisition aimed to expand Corza's portfolio in the ophthalmology surgery market. Corza had also acquired Katena Products, a company which produces ophthalmic instruments. 
  
  
• In April 2022, health screen received approval from the Australian Therapeutic Goods Administration (TGA) for their product iPredict. The device aims to aid in the early detection of diabetic retinopathy, age-related macular degeneration (AMD) and glaucoma. 
  
  
• In March 2022, New World Medical announced their new surgical system - Streamline, for use in ophthalmic surgeries. The system is aimed to reduce built-up pressure in the eyes due to various conditions. The system can also be used for cataract surgeries. 
  
  

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