CHICAGO, UNITED STATES, September 23, 2022 / EINPresswire. com / — The global market for ophthalmic devices is expected to reach US$ 57, 571. four Mn simply by 2027. Meanwhile, the worldwide ophthalmic products market is expected to register a compound annual growth rate of 6. 5% in terms of revenue and 5. 8% in terms associated with volume during the forecast period.
According to research, myopia, diabetic retinopathy, cataracts, and other eye conditions are on the rise, and vision loss will be turning into a serious medical problem. By 2050, there are projected to be about 4. 1 million people inside the UK who are either blind or visually impaired, up from the estimated 2 mil in 2013, according in order to analytical data provided by the Royal National Institute of Blind People (RNIB).
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Aside from the increasing frequency associated with these occurrences, the development of the particular geriatric population and technical developments in ophthalmic research also contributed to the market’s expansion. According to the Centers with regard to Disease Control (CDC) analysis on Common Vision Disorders 2022, nearly 12 million people of age 40 and more witness eyesight impairment, while millions suffer from complete blindness.
However, only a very small fraction associated with eye care is covered by insurance coverage due to the high cost of ocular surgery and other related procedures. This appears to be potential wrath in order to the ophthalmic devices market in the particular coming years.
Advanced Technologies to expedite the growth
The market is growing profitably as a result of the ophthalmic devices’ integration associated with cutting-edge technology and the particular rise in vision illnesses.
Numerous cutting-edge surgical techniques have been introduced to the market as an outcome of the particular advancement inside ophthalmology technologies in order to facilitate quicker and more accurate surgeries. For instance, Bausch + Lomb Corporation, a prominent industry giant dealing in the eye-care sector, pulled the particular veil off its Revive custom soft contact lenses regarding the U. S. market. The new customizable smooth disposable lenses offered by the company are available in various options such as spherical, toric, multifocal, and multifocal toric, etc.
Patients will also benefit from a range of diagnostic exams after eye surgical treatment, as well as biosensors for the detection of eye problems. Another factor boosting the particular growth associated with the ophthalmic device market is the accessibility of portable healthcare equipment intended for at-home treatment and testing.
In addition, various government bodies are establishing helpful regulations for the global avoidance associated with eye issues, which is further promoting marketplace expansion.
North America’s Ophthalmic Devices Industry to stay within the lead due to the highly progressive healthcare industry
Of all the regions, North America garnered the largest portion of the global ophthalmic device market in 2020 and is predicted in order to expand at a CAGR of 6. 2% over the particular projected period. The Asia Pacific ophthalmic device marketplace is anticipated to witness tremendous acceleration in the growth graph with a CAGR of 7. 9%. Within Asia-Pacific, China and Japan are forecasted to have a major contribution associated with more than 55% of the total market share in the APAC region.
Some major players covered in the report are Oculus Inc., Topcon Corporation, Lumenis, Carl Zeiss Meditec AG, Alcon, Canon Inc., Glaukos Corporation, Bausch + Lomb, Clearlab SG PTE, Ltd., Johnson & Johnson Vision, Haag-Streit Holding, EssilorLuxottica SA, Luneau Technology Group, Neo Vision, Iridex Corp, Ziemer Ophthalmic Systems AG, and others.
The growing involvement associated with industry giants in the particular form of partnerships, product launches, acquisitions, etc ., are expected to seize splendid growth opportunities in the coming many years.
For instance, AbbVie, a company known for its scientific breakthrough in Medical, and iSTAR Medical SOCIAL FEAR, a firm recognized to get its robust eye care solutions, inked a strategic partnership within July 2022. The partnership between these prominent firms aims at developing and commercializing iSTAR Medical’s MINIject gadget. iSTAR Medical’s MINIject device is an advanced minimally invasive glaucoma medical (MIGS) device developed in order to treat patients suffering through glaucoma.
According to the income generated plus the volume distribution across several categories, market segments detailed within the study include market size analysis. For example, the market for vision care goods, which has a market value of about US$ 21, 513. 2 million in 2020, has a market share of more than 50%. Surgical gadgets, however , have the greatest CAGR in 6. 9%.
There are usually various gadgets in each product category, and every category’s marketplace growth exhibits a different pattern. With US$ 13, 321. 9 Mn in revenue in 2020, the spectacles sector will rule the particular market pertaining to vision care products. It is because of the increase in preventive vision treatment procedures.
Marketplace segments described in the study consist of market dimension analysis based on income earned and volume distribution across several categories. For instance, the market for products used in attention care, with a projected market value of US$ 21, 513. 2 million in 2020, has a market share of greater than 50%. However , surgical devices have the particular highest CAGR at 6. 9%.
Each product group includes a variety of devices, and the market development of each category follows an unique trend. In terms of revenue, the eyewear industry will dominate the market for vision care products in 2020 with US$13, 321. 9 Mn, due to an increase in preventive vision care procedures.
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The report provides a thorough analysis of the Ophthalmic Device Market based on the following:
Vision Care Products
Diagnostic & Monitoring Devices
Simply by Vision Care
By Surgical Devices
Cataract Medical Devices
Ophthalmic Viscoelastic Devices
Vitreoretinal Operative Devices
Refractive Surgery Devices
Glaucoma Precise Devices
Ophthalmic Surgical Accessories
By Analysis & Supervising Devices
Corneal Topography Systems
Ophthalmic Ultrasound Imaging Techniques
Autorefractors & Keratometers
Optical Biometry Methods
Optic Coherence Tomography Scanners
Perimeters/Visual Field Analyzers
Indirect Ophthalmic Lens
By End Users
Specialty Clinics & Ambulatory Surgery Centers
o North America
The U. S.
• The UK
• Rest associated with Western European countries
• Rest regarding Eastern The european countries
o Asia Pacific
Australia & New Zealand
Rest of Asia Pacific
o Middle East & Africa
South The african continent
Rest of MEA
o South America
Rest involving South America
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