Global Ophthalmic Devices, Diagnostics, and Surgical Equipment Market Forecasted to Reach $44.0 Billion by 2028

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BOSTON, March 21, 2024 /PRNewswire/ — Ophthalmic Devices, Diagnostics, and Surgical Equipment drive global vision care, offering innovative solutions for diagnosis and treatment. BCC Research’s analysis provides key insights into market trends, technology advancements, and opportunities in this dynamic industry.

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Boston: “According to the latest BCC Research study, the demand for Ophthalmic Devices, Diagnostics and Surgical Equipment: Global Markets is estimated to increase from $32.5 billion in 2023 to reach $44.0 billion by 2028, at a compound annual growth rate (CAGR) of 6.3% from 2023 through 2028.”

This comprehensive report delves into the forecasted market size, growth trajectory, and revenue potential of ophthalmic devices, diagnostics, and surgical equipment. By identifying growth opportunities and areas ripe for innovation, it offers a thorough analysis of the current treatment landscape for optical diseases, encompassing diagnostics and various disorders. Market trends, drivers, and regional influences shaping product adoption and end-user preferences are explored in depth. Furthermore, the competitive landscape is meticulously assessed, with key players profiled alongside insights into market share, product portfolios, and strategic initiatives. Additionally, the report highlights a spectrum of available technologies. With a focus on technology, product, end-user, disease, and regional perspectives, this study aims to provide a holistic understanding of the global market for ophthalmic devices, diagnostics, and surgical equipment, enabling stakeholders to make informed decisions based on both current and historical market revenues.

The ophthalmic devices, diagnostics, and surgical equipment market stand at the forefront of rapid innovation and technological advancement, revolutionizing the diagnosis and treatment of eye disorders. With each passing year, breakthroughs in medical technology enable more precise and effective interventions, enhancing patient outcomes and quality of life. This market is poised for steady growth, fueled by the escalating prevalence of eye conditions worldwide, particularly with the aging demographic contributing to a surge in demand for eye care services. Within this dynamic landscape, a diverse array of devices plays pivotal roles, ranging from sophisticated diagnostic tools such as Phacoemulsification systems to state-of-the-art surgical equipment like Vitreoretinal Surgical Instruments. Moreover, ongoing research endeavors are dedicated to developing patient-centric solutions and personalized treatments, aiming to address the unique needs of individuals afflicted with various ocular ailments. Strategic collaborations among key industry players further propel advancements, fostering innovation and facilitating expansions into emerging markets. Emphasizing improved accessibility to eye care services globally, these partnerships drive initiatives to bridge healthcare disparities and ensure equitable distribution of essential resources, ultimately contributing to the enhancement of global vision health.

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Key Drivers of Ophthalmic Devices, Diagnostics and Surgical Equipment: Global Markets

The Increasing Number of Elderly Individuals Worldwide: The global population of individuals aged 65 and older is on a steady rise, from 703 million in 2019 to a projected 1.5 billion by 2050. This demographic shift significantly amplifies the demand for ophthalmic products as aging individuals are more prone to developing a spectrum of eye diseases and conditions, including cataracts, glaucoma, macular degeneration, and diabetic retinopathy. Consequently, there emerges a substantial market potential for ophthalmic devices and equipment to cater to the diagnosis and treatment needs of this aging population segment.

Rising Eye Disorders: In addition to the effects of aging, various factors contribute to the escalating prevalence of eye disorders globally. These factors encompass genetics, lifestyle choices, environmental exposures, and the presence of chronic diseases. Data from the World Health Organization (WHO) indicate that approximately 2.2 billion people worldwide suffer from vision impairment or blindness, with at least 1 billion individuals experiencing preventable or unaddressed vision impairments. This underscores a significant unmet need for ophthalmic diagnosis and treatment, emphasizing the critical role of ophthalmic devices and equipment in addressing these prevalent eye health concerns.

Digital Device Usage and Environmental Factors: The widespread adoption of digital devices, including smartphones, tablets, laptops, and TVs, has contributed to a surge in eye-related issues such as eye strain, dry eye, and computer vision syndrome. These conditions adversely affect visual quality and often necessitate corrective measures like specialized lenses or eye drops. Furthermore, environmental factors such as air pollution, ultraviolet radiation exposure, and the effects of climate change pose additional challenges to eye health, increasing the risk of eye infections and allergies. Consequently, there emerges a heightened demand for ophthalmic devices and equipment capable of safeguarding, enhancing, or restoring vision amidst these evolving digital and environmental landscapes.

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Report Synopsis

Report Metrics

Details

Base year considered

2022

Forecast Period considered

2023-2028

Base year market size

$30.6 billion

Market Size Forecast

$44.0 billion

Growth Rate

CAGR of 6.3% for the forecast period of 2023-2028

Segment Covered

By Product, End User, Disorder Type, and Region

Regions covered

North America, Europe, Asia-Pacific, and Rest of World

Countries covered

United States, Canada, Mexico, Germany, UK, France, Switzerland, Russia, China, India, Japan, Singapore, and Philippines

Key Market Drivers

 

 

 

Ophthalmic Devices, Diagnostics and Surgical Equipment: Global Markets Segmentation Analysis

By Product Segmentation

This segment delineates the market according to the various types of products or devices utilized for ophthalmic diagnosis, treatment, or vision care. Product categories encompass a broad spectrum, including vision care essentials such as contact lenses and spectacle lenses, surgical devices such as implants, consumables, and equipment tailored for procedures like cataract, glaucoma, refractive, and vitreoretinal surgeries, as well as specialized instruments like ophthalmic microscopes designed to magnify eye structures for examination or surgical interventions.

By End User Segmentation

This segment categorizes the market based on the diverse array of customers or users who procure or utilize ophthalmic products or devices. End-user classifications encompass hospitals, which are large medical facilities offering comprehensive eye care services, eye clinics, which may be smaller or specialized facilities providing outpatient eye care services, and academic and research laboratories, institutions engaged in research and development endeavors focused on advancing ophthalmic devices, diagnostics, and surgical equipment.

By Disorder Segmentation

This segment organizes the market according to the various eye diseases or conditions necessitating ophthalmic diagnosis, treatment, or vision care. Disorders span a wide spectrum, including cataract, characterized by the clouding of the lens impairing vision; retinal disorders, comprising a group of diseases affecting the retina, the eye’s light-sensitive layer; glaucoma, a condition damaging the optic nerve due to elevated eye pressure; refractive disorders, encompassing errors impacting the eye’s ability to focus light; and other conditions such as dry eye, eye infections, and eye injuries.

This report on the Ophthalmic Devices, Diagnostics, and Surgical Equipment: Global Markets provides comprehensive insights and analysis, addressing the following key questions:

  1. What is the projected market size and growth rate of the Ophthalmic devices diagnostics and surgical equipment market?
    The global ophthalmic devices diagnostics and surgical equipment market is projected to grow from $30.6 billion in 2022 to $44.0 billion in 2028 at a compound annual growth rate (CAGR) of 6.3% during the forecast period.

  2. What are the key factors driving the growth of the Ophthalmic devices diagnostics and surgical equipment market? 
    The growth of the ophthalmic devices, diagnostics, and surgical equipment market is propelled by factors such as the increasing incidence of eye disorders, technological advancements in imaging and surgical tools, the aging global population, expanding access to eye care services, and continuous research and development efforts enhancing diagnostic precision and treatment modalities. Additionally, increased screen time is prone to increased optical diseases.

  3. What segments are covered in the global ophthalmic devices diagnostics and surgical equipment market?
    The global ophthalmic devices diagnostics and surgical equipment market is segmented based on the product type, disorder, geographic region and end user.

  4. By Product Type, which segment will dominate the market by the end of 2028?
    The Vision Care segment will dominate the market by the end of 2028.

  5. Which region has the highest market share in the ophthalmic devices diagnostics and surgical equipment market?
    North America holds the highest share in the market.

Some of the Key Market Players Are:

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Ophthalmic Devices: Technologies and Global Markets: This report offers a comprehensive overview of the global ophthalmic devices market, detailing significant advancements in diagnosing and treating various ocular conditions such as glaucoma, macular degeneration, and retinal disorders. The market’s growth has been propelled by favorable reimbursement policies in the U.S. and improved healthcare coverage in Europe, driving demand for innovative ocular devices and surgical procedures. Notably, advancements in cataract and refractory surgery devices have led to safer and more effective procedures, resulting in better surgical outcomes and reduced perioperative complications. The report provides in-depth analysis, including market potential, drivers, challenges, and opportunities, with revenue breakdowns by region, type, and application. It covers data from 2019 to 2021 as the base years, with forecasts up to 2027, and discusses the impact of the COVID-19 pandemic on the market. Additionally, it highlights key market players, their business profiles, product portfolios, recent developments, and the emergence of new ophthalmic and surgical devices aimed at enhancing diagnosis and treatment efficacy for various ocular conditions.

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