Ophthalmic Devices Market: Optical Coherence Tomography (OCT) Segment Is Anticipated To Exhibit A Lucrative CAGR Of 5.4%

 Ophthalmic Devices Industry Overview

The global ophthalmic devices market size is expected to reach USD 9.8 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.0% from 2022 to 2030.

The rising geriatric population is presumed to propel the need for ophthalmic devices as this age group is more prone to the development of chronic eye disorders. According to the National Institute on Aging (NIA), the geriatric population would be about 72 million individuals by 2030. The rising prevalence of eye disorders such as macular degeneration, cataract, diabetic retinopathy, and glaucoma is also boosting the growth of ophthalmic devices.

 

As per WHO, glaucoma accounts for 4.5 million cases of blindness globally. In the United States, glaucoma is termed as the "Silent Thief of Sight," which is the second-leading cause of blindness. The market growth can also be attributed to technological advancements such as the development of intraocular lenses, fundus cameras, and OCT devices. Furthermore, the increasing involvement of market players in expanding treatment solutions through strategic alliances is expected to present this market with a potential growth platform

 

Ophthalmic Devices Market Segmentation

Grand View Research has segmented the global ophthalmic devices market based on product, application, end use and region

Based on the Product Insights, the market is segmented into Ophthalmic A-Scan Ultrasound, Ophthalmic B-Scan Ultrasound, Ophthalmic Ultrasound Biomicroscopes, Ophthalmic Pachymeters Tonometers, Slit Lamps, Phoropters, Wavefront Aberrometers, Optical Biometry Systems, Ophthalmoscopes, Lensometers, Corneal Topography Systems, Specular Microscopes, and Retinoscopes.

• The optical coherence tomography(OCT) segment dominated the market and accounted for the largest revenue share of more than 20% in 2021 and is also anticipated to exhibit a lucrative CAGR of 5.4% during the forecast period.
• The ophthalmoscopes segment is anticipated to witness the fastest growth rate of 5.3% over the forecast period. Ophthalmoscopes are used in the diagnosis of diseases such as CMV retinitis, papilledema, glaucoma, AMD, and diabetic retinopathy. In August 2019, Nidek launched Mirante Scanning Laser Ophthalmoscope.
• Technological advancements such as the integration of OCT with artificial intelligence(AI) is expected to boost the adoption rate of this device amongst healthcare providers. For instance, in August 2021, Abbott's latest OCT imaging platform, driven by the Ultreon Software, has been approved by the US Food and Drug Administration (FDA).

 

Based on the Application Insights, the market is segmented into Cataract, Vitreo retinal disorders, Glaucoma, and Refractor Disorders.

• The cataract segment dominated the market for ophthalmic devices and accounted for the largest revenue share of 41.6% in 2021 and is expected to witness significant growth during the forecast period. This can be attributed to the high adoption of ophthalmic devices for cataract surgeries.
• The refractor disorders segment is anticipated to witness the fastest growth rate over the forecast period. According to the WHO, there are about 2.2 billion people globally, who have near or far-distance vision impairment. To treat such disorders and correct refractive errors, ophthalmic devices such as phoropters and retinoscopes are highly preferred.

 

Based on the End-use Insights, the market is segmented into Hospitals and Eye Clinics, Academic and Research Laboratory, and Others.

• The hospitals & eye clinics segment held the largest share of 76.9% in the ophthalmic devices market and is expected to continue its dominance over the forecast period. This can be attributed to the increasing adoption of ophthalmic devices in hospitals and low-cost & effective treatment provided in clinics.
• The market for academic & research laboratories is expected to grow at a significant rate during the forecast period. Academic & research laboratories receive funding for ophthalmic care. For instance, John Hopkins Wilmer Eye Institute, U.S., receives large funding from National Eye Institute to boost ophthalmic research.

 

Ophthalmic Devices Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

The key players are indulging in strategies, such as entering into mergers & acquisitions, product launch, and geographical expansions, to capture a larger share of the industry. For instance, in January 2022, Alcon acquired Ivantis, a company that manufactures Hydrus Microstent, Glaucoma Surgery (MIGS) device designed to lower eye pressure for open-angle glaucoma patients in connection with cataract surgery. This acquisition has led to the strengthening of Alcon’s market presence. It also aimed to allow Alcon to expand Hydrus Microstent into the international market and prioritize evidence-based research. Some of the prominent players in the global ophthalmic devices market include:

• Johnson & Johnson Vision Care
• Alcon Vision LLC
• Carl Zeiss Meditec AG
• Bausch & Lomb Incorporated
• Essilor International S.A
• Ziemer Ophthalmic Systems Ltd
• Nidek Co. Ltd
• TOPCON Corporation
• Haag-Streit Group

 

Order a free sample PDF of the Ophthalmic Devices Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

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