DUBLIN–(BUSINESS WIRE)–The “Ophthalmic Devices Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” report has been added to ResearchAndMarkets.com’s offering.
The ophthalmic devices market is projected to register a CAGR of 4.2% over the forecast period (2022-2027).
Companies Mentioned
- Alcon Inc.
- Bausch Health Companies Inc.
- Carl Zeiss Meditec AG
- EssilorLuxottica SA
- HAAG-Streit Group
- Hoya Corporation
- Johnson and Johnson
- Nidek Co. Ltd
- Topcon Corporation
- Ziemer Ophthalmic Systems AG
- Volk Optical, Inc.
- Leica Microsystems
- Optovue, Incorporated
Key Market Trends
Vision Correction Devices are expected to register a high CAGR during the forecast period.
The Vision Correction Devices or corrective lenses are used to aid and improve vision for those with common refractive errors like myopia, hypermetropia, astigmatism, and presbyopia. These visual impairments result in low vision. Moreover, these conditions seems to be rising.
Thousands of ophthalmic clinical consultations and operations have been cancelled as a result of the recent pandemic lockdown, potentially causing lasting and substantial eyesight damage to patients. Furthermore, according to a research article titled “The impact of COVID-19 pandemic on ophthalmology services: are we ready for the aftermath?” published in October 2020, lockdown has a significant negative psychosocial impact on individuals with visual impairment, with around half of them fearing further sight loss due to delayed review or treatment.
According to World Health Organization (WHO) statistics from 2021, at least 2.2 billion individuals worldwide have a near or far vision impairment. Vision impairment may have been avoided or managed in at least 1 billion – or nearly half – of these cases. The majority of those who have vision impairment or blindness are over 50 years old.
As per the same source, in terms of regional disparities, the prevalence of distant vision impairment is predicted to be four times higher in low- and middle-income countries than in high-income ones. In the case of near vision, rates of untreated near vision impairment are believed to be higher than 80% in western, eastern, and central Sub-Saharan Africa, while rates in high-income regions such as North America, Australasia, Western Europe, and Asia-Pacific are claimed to be less. Hence, the high number of cases is likely to create demand for advanced products and services, thereby boosting the market growth.
North America is Expected to Dominate the Ophthalmic Devices Market
In the field of ophthalmology, the COVID-19 epidemic caused major interruption to in-office and surgical treatments. According to the research report “The impact of COVID-19 on ophthalmology resident surgical experience: a retrospective cross-sectional analysis,” published in March 2022, average case logs in 2020 were lower than averages in 2019, across all operations and positions.
While total primary surgeon case logs climbed by 3.2 percent per year on average from 2012 to 2019, total primary surgeon case logs declined by 11.2 percent from 2019 to 2020. The most significant percent decline in average primary surgeon cases logged from 2019 to 2020 was in cataract (-22.0%) and keratorefractive (-21.1%) surgery.
The factors, such as, high disposable income, high awareness, rising geriatric population and the increasing prevalence of eye diseases, are fueling the growth of the market in the North American region, especially in the United States and Canada.
The increasing prevalence of eye diseases in the United States is the major factor driving the market growth. The leading causes of blindness and low vision in the United States are primarily age-related eye diseases such as age-related macular degeneration, cataract, diabetic retinopathy, and glaucoma. Other common eye disorders include amblyopia and strabismus.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Demographic Shift and Increasing Prevalence of Eye Diseases
4.2.2 Rising Geriatric Population
4.2.3 Technological Advancements in Ophthalmic Devices
4.3 Market Restraints
4.3.1 Risk Associated with Ophthalmic Procedures
4.3.2 Poor Primary Healthcare Infrastructure in Developing and Under-Developed Countries
4.4 Porter’s Five Force Analysis
5 MARKET SEGMENTATION (Market Size by Value – USD million)
5.1 By Devices
5.2 Geography
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/ys7j9o
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