Ophthalmic Devices Market Forecast To Grow USD 9.8 Billion By 2030Posted by rahul nikade on January 11th, 2023 Ophthalmic Devices Industry Overview The global ophthalmic devices market size was valued at USD 5.0 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 5.0% from 2022 to 2030. The market growth can be attributed to the rising prevalence of optical disorders such as glaucoma, cataract, diabetic retinopathy, and vitreo retinal disorders, coupled with technological advancements in ophthalmic surgical as well as diagnostic instruments required for these target applications. Improved government initiatives to increase awareness related to visual impairment is further anticipated to widen the base for the market growth. Gather more insights about the market drivers, restrains and growth of the Global Ophthalmic Devices Market The growing geriatric population is increasing the demand for ophthalmic devices, as they are more susceptible to age-related ophthalmic disorders. According to the National Institute on Aging (NIA), the geriatric population is expected to reach 72 million by 2030. The increasing prevalence of diabetes and the incidence of diabetes-related blindness are predicted to fuel the market growth. According to the World Health Organization, nearly 422 million people worldwide have diabetes, and the majority are living in low- and middle-income countries. Increased screen time due to the lockdown measures in the COVID-19 pandemic has been associated with the onset and progression of various eye diseases, thus driving the demand for eye examinations. In June 2020, Johnson & Johnson Vision donated USD 320 K to provide eye care to Covid 19 impacted patients. The organization conducted this donation to the Optometry Cares unit of the American Optometric Association (AOA) Foundation and the American Academy of Optometry Foundation (AAOF). Technological advancements have enabled accurate diagnosis and improved treatment of ophthalmic disorders. Advancements in medications, diagnostic devices, laser technology, and surgical techniques, have enabled improved handling of cataract & macular degeneration, glaucoma, and dry eye disease. Minimally invasive surgeries, such as LASIK surgery, multi-wavelength diabetic retinopathy treatment, ultrasound phacoemulsification, and femtosecond laser surgery are expected to increase the usage of ophthalmic devices. These surgeries are accompanied by better patient outcomes and faster recovery rates. Many organizations have conducted campaigns and programs to raise awareness for eye health and vision care among the general public, optometrists, and ophthalmologists for the diagnosis and treatment of ophthalmic problems. Additionally, several suppliers also offer hands-on training for ophthalmologists and technicians on how to use various ophthalmic equipment through courses, tutorials, and workshops. Such initiatives help to increase awareness of eye diseases and the availability of diagnostic equipment. Nonetheless, constraints such as the high cost of ophthalmic equipment in developing countries and a scarcity of skilled ophthalmologists may limit the market growth. Browse through Grand View Research's Medical Devices Industry Research Reports.
Ophthalmic Devices Market Segmentation Grand View Research has segmented the global ophthalmic devices market based on product, application, end use and region Ophthalmic Devices Product Outlook (Revenue, USD Million, 2017 - 2030)
Ophthalmic Devices Application Outlook (Revenue, USD Million, 2017 - 2030)
Ophthalmic Devices End-use Outlook (Revenue, USD Million, 2017 - 2030)
Ophthalmic Devices Regional Outlook (Revenue, USD Million, 2017 - 2030)
Market Share Insights
Key Companies profiled: Some prominent players in the global ophthalmic devices market include
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