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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.

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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.

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