IMARC Group, a leading market research company, has recently releases report titled “Ophthalmic Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global ophthalmic devices market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How Big is the Ophthalmic Devices Market?

The global ophthalmic devices market size reached US$ 26.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 34.1 Billion by 2028, exhibiting a growth rate (CAGR) of 4.2% during 2023-2028.

What are Ophthalmic Devices?

Ophthalmic devices are medical equipment used in surgery to diagnose and correct eyesight problems. They include surgical instruments, implants, intraocular lenses (IOLs), lasers, phacoemulsification systems, contact lenses, contact lens care products, artificial tears, and diagnostics. They assist in diagnosing and treating different eye disorders and ocular abnormalities or deficiencies. They help make the eye-treatment process more convenient for patients and ophthalmologists by delivering high-quality eye care and reducing treatment time. As a result, ophthalmic devices find extensive applications across the globe for treating various eye diseases.

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What are the growth prospects and trends in the ophthalmic devices industry?

The global ophthalmic devices market is primarily driven by the rising incidences of ophthalmic diseases, including cataracts and glaucoma, due to growing reliance on digital devices such as laptops, computers, smartphones, and e-readers. Moreover, the increasing customer training and education among eye care professionals to treat eye diseases and associated complications is positively influencing the market growth.

Additionally, there is a rise in the use of IOLs to replace the natural lens of eyes to restore both near and distant vision. In line with this, the expanding healthcare industry has catalyzed market growth. Besides this, several key players are investing in research and development (RD) activities for the introduction of novel devices to treat vision errors.

Furthermore, the increasing use of micro-invasive glaucoma (MIGs) surgical implants to treat mild to moderate glaucoma is contributing to market growth. Other factors, including the surging awareness about ophthalmic devices among individuals, favorable government policies, and the rising geriatric population, are also anticipated to drive the market further.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Product Type:

Surgical
Implants
Consumables
Equipment
Vision Care
Contact Lens
Ocular Health

Breakup by Application:

Cataract
Vitreo Retinal Disorders
Glaucoma
Refractor Disorders

Breakup by End Use:

Hospitals and Eye Clinics
Academic and Research Laboratory
Others

Breakup by Region:

North America: (United States, Canada)
Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including: 

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.

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