Global Ophthalmic Devices Market Trends And Strategies Of Major Players In The Ophthalmic Devices Market 2020
15 Dec, 2020
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The global ophthalmic devices market is expected to decline from $36 billion in 2019 to $28.3 billion in 2020 at a compound annual growth rate (CAGR) of -21.6%. The decline is mainly due to the COVID-19 outbreak and the measures to contain it. The restrictions on non-essential medical services including ophthalmology services coupled with slowed production of ophthalmic devices used for treating eye conditions, due to extended factory closures in various countries together have contributed to the decline in the growth rate. The market is then expected to recover and grow at a CAGR of 7% from 2021 and reach $46.4 billion in 2023.
The ophthalmic devices (or) equipment supplies market consists of sales of ophthalmic devices and related services by entities (organizations, sole traders and partnerships) that produce ophthalmic devices used in the diagnosis and treatment of eye related diseases. This industry includes establishments that produce vision care devices, cataract surgery devices, refractive surgery devices, diagnostic and monitoring ophthalmic devices used in conditions such as eye infections, cataract, glaucoma, retinal detachment and other medical conditions.
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The global ophthalmic devices market is further segmented based on type, end-user, type of expenditure, product and geography.
By Type: Vision Care Devices And Equipment, Cataract Surgery Devices And Equipment, Refractive Surgery Devices And Equipment, Diagnostic And Monitoring Ophthalmic Devices And Equipment.
By End User: Hospitals And Clinics, Diagnostic Laboratories, Others.
By Type of Expenditure: Public, Private.
By Product: Instruments/Equipment, Disposables.
By Geography: The global ophthalmic devices market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American ophthalmic devices market accounts for the largest share of 43% in the global ophthalmic devices market 2019.
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Trends In The Ophthalmic Devices Market
The use of robotic systems in the field of ophthalmology is increasing. Conventional ophthalmic surgeries are generally performed with a high magnification with a three-dimensional view through a surgical microscope and precise manipulations are made using delicate handheld instruments to minimize collateral damages. Robot-assisted surgeries are attractive in these cases and allow surgeons to perform complex eye operations with improved precision, amplified scale of motion, reduced tremor, task automation and flexibility.
Ophthalmic Devices Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides ophthalmic devices market overviews, analyzes and forecasts market size and growth for the global ophthalmic devices market, ophthalmic devices market share, ophthalmic devices market players, ophthalmic devices market segments and geographies, ophthalmic devices market’s leading competitors’ revenues, profiles and market shares. The ophthalmic devices market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.