Press Release

Amid Ukraine-Russia crisis, our analysts and industry experts are closely monitoring the markets and working hard to identify, gather and timely deliver analysis of the impact of the situation and the impact that it has on various markets. All our reports are updated with the latest impact on the market before being sent out to our customers.

Global Ophthalmic Devices Market to Grow at a CAGR of 4.20% During 2022-2027, Driven by the Increasing Prevalence of Eye Disorders and the Growing Geriatric Population

According to a new report by EMR titled, ‘Global Ophthalmic Devices Market Report and Forecast 2022-2027’, the market attained a value of around USD 57.96 billion in 2021. The industry is further expected to grow in the forecast period of 2022-2027 at a CAGR of 4.20% to reach nearly USD 73.97 billion by 2027.

The global ophthalmic devices industry is being driven by the increasing ageing population, rising ophthalmic diseases, large investments in R&D, supportive government policies, and increasing awareness of vision impairment and related treatments.  The ophthalmic devices industry is divided into surgical devices, diagnostic devices, and vision care devices based on their function. Among these, the surgical devices segment is expected to hold a significant share during the forecast period owing to an increase in the number of surgeries to treat cataract, glaucoma, detached retinas, retinal tears, diabetic retinopathy, and other eye-related problems. On the basis of region, North America is expected to significantly contribute to the growth of the industry with increased investments  in ophthalmic devices by people to treat their eyes. Meanwhile, the Asia Pacific is anticipated to witness a healthy growth during the forecast period owing to a growing population and the improving healthcare sector in the region’s developing countries like India and China.

The market participants are adopting strategies to dominate the market and increase their customer base. For instance, in August 2020, Bausch Health Companies Inc. (NYSE: BHC) announced its plan to spin off its eye health business into an independent publicly traded entity named Bausch + Lomb – NewCo. The aim of the spin-off is to increase strategic focus and financial transparency. Such investments by the key market players are expected to aid the market growth in the forecast period.

Market Analysis by Product Function and Region:

  • The market on the basis of product function can be divided into surgical devices, diagnostic devices, and vision care devices.
  • The regional markets for ophthalmic devices include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for ophthalmic devices is being driven by the growing geriatric population across the globe and the rising number of age-related ophthalmic ailments.
  • An increase in government initiatives to reduce eye related diseases is further contributing to the market expansion.
  • The industry is receiving a further impetus with the rising awareness of vision-related disorders and their treatments.
  • The growing R&D activities and investments in developing cost effective ophthalmic devices are expected to further propel the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for ophthalmic devices for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecast (2022-2027) markets for the product functions and regions of ophthalmic devices.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global ophthalmic devices market are Carl Zeiss Meditec AG, Essilor International S.A., Haag-Streit Holding, Hoya Corporation, NIDEK CO., LTD., and Bausch Health Companies Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

Contact Us:

Expert Market Research
US & Canada Phone no: +1-415-325-5166
UK Phone no: +44-702-402-5790

*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

Why Expert Market Research?

Right People

We are technically excellent, strategic, practical, experienced and efficient; our analysts are hand-picked based on having the right attributes to work successfully and execute projects based on your expectations.

Right Methodology

We leverage our cutting-edge technology, our access to trusted databases, and our knowledge of the current models used in the market to deliver you research solutions that are tailored to your needs and put you ahead of the curve.

Right Price

We deliver in-depth and superior quality research in prices that are reasonable, unmatchable, and shows our understanding of your resource structure. We, additionally, offer attractive discounts on our upcoming reports.

Right Support

Our team of expert analysts are at your beck and call to deliver you optimum results that are customised to meet your precise needs within the specified timeframe and help you form a better understanding of the industry.