Global Ophthalmic Devices Market to Reach US$ 38.5 Billion by 2032, Impelled by Increasing Prevalence of Vision Disorders

According to the latest report by IMARC Group, titled "Ophthalmic Devices Market Report by Product Type (Surgical, Vision Care), Application (Cataract, Vitreo Retinal Disorders, Glaucoma, Refractor Disorders), End Use (Hospitals and Eye Clinics, Academic and Research Laboratory, and Others), and Region 2024-2032," the global ophthalmic devices market reached a value of US$ 27.6 Billion in 2023. Ophthalmic devices are medical devices that are utilized for vision correction and surgical diagnosis, ranging from invasive devices, such as contact lenses, implantable devices, like intraocular lenses and glaucoma stents, to non-invasive devices and instruments. Surgical systems, including lasers, phacoemulsification machines, and surgical instruments, are also utilized by medical professionals for diagnosis, surgery, and vision correction. They have gained relevance across the globe due to the increasing prevalence of ophthalmic diseases and ocular abnormalities, such as cataracts, glaucoma, and other vision-related conditions.

Global Ophthalmic Devices Market Trends:

The global market is primarily driven by the increasing prevalence of vision disorders. In line with this, rapid technological advancements in these devices, such as intraocular lenses, are creating a positive outlook for the market. Furthermore, the rising number of eye surgeries worldwide is significantly contributing to the market growth. The leading market players are focusing on strengthening their research and development (R&D) domain for developing novel devices to treat vision errors, which is expected to positively influence the market expansion. Apart from this, the introduction of innovative equipment, consumables, and contact lenses offer numerous growth opportunities in the market. Various market players focus on producing novel micro-invasive glaucoma surgical implants that is expected to catalyze the uptake of ophthalmic devices. Moreover, the growing prevalence of ophthalmic disorders, including cataracts, diabetic retinopathy, myopia, and age-related macular degeneration, is propelling the product demand. Besides, favorable reimbursement policies for ophthalmic procedures, the escalating number of ophthalmic surgeries, and the inflating healthcare expenditure are favoring the market. In addition, the increasing government initiatives to spread awareness related to visual impairment are projected to create a positive outlook for the market. On account of the factors above, the market is anticipated to reach a value of US$ 38.5 Billion by 2032, exhibiting a CAGR of 3.7% during 2024-2032. 

Market Summary:

• On the basis of the product type, the market has been categorized into surgical (implants, consumables, and equipment) and vision care (contact lens and ocular health).
• Based on the application, the market has been classified into cataract, vitreo retinal disorders, glaucoma, and refractor disorders.
• Based on the end use, the market has been segmented into hospitals and eye clinics, academic and research laboratory, and others.
• On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) and the Middle East and Africa.
• The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market. Some of the key players include Bausch & Lomb Incorporated (Bausch Health Companies Inc.), Carl Zeiss Meditec AG, EssilorLuxottica SA, Haag-Streit Group, HOYA Surgical Optics GmbH (Hoya Corporation), Leica Microsystems GmbH (Danaher Corporation), Nidek Co Ltd., Topcon Corporation, Volk Optical Inc. and Ziemer Ophthalmic Systems AG.

Report Scope:

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