Global Ophthalmic Device Market is Projected to Reach More Than US$ 67 Billion by 2026
01 Jul, 2020

Renub Research report titled "Ophthalmic Devices Market Global Forecast by Application, Products, Region, Companies" provides a complete study of the Global Ophthalmic Devices Market

Ophthalmology is a specialized branch of medical science for the study of structure, function, and various eye diseases. The ophthalmic devices are medical equipment used for diagnosis, vision correction, and surgical purposes. Due to the high prevalence of eye disease like cataracts, glaucoma, and other vision-related diseases, the demand for ophthalmic devices has grown significantly.

According to Our Research analysis Ophthalmic Device Market is expected to be US$ 67 Billion by the end of the year 2026. This growth is due to rise in the adoption of digital devices such as laptops, smartphones, tablets, computers, game consoles, television, and e-reader as well as rapid urbanization. Another factor is growing geriatric population globally and a rise in the incidence of chronic eye conditions as a consequence of unhealthy lifestyle results in diabetic retinopathy. Moreover, high stress is also an added reason for the growth in the ophthalmic device market.

 

Advancement in technology, like improvement in laser technology as well as, initiatives of governments by increasing healthcare expenditure to provide medical facilities to needy patients and acceptance of surgical procedures by patients besides the governments of developed nations have state-of-the-art healthcare infrastructure and multiple healthcare centers dedicated to ophthalmic patients. The growing incident rate of eye disorder in children will also drive the market. An increase in disposable income worldwide and a growing number of eye care patients in developing and emerging nations are boosting the ophthalmic device market.

Most of the professionals and video games sit long hours in front of the screen, which results in various eye-related issues like eye strain, headache, itchy eyes, blurred vision as well as neck pain. The emission of artificial light coming from digital devices is also harmful to the human eye. Adoption of Contact Lens and Spectacles and increasing demand and preference for non-invasive treatment by patients around the globe are pushing the global ophthalmic device market.

The high cost of ophthalmic devices due to advance technology and utilization of quality material and shortage of skilled human resources, lack of awareness among individuals about eye disorder, and risk associated with eye surgery as well as poor healthcare infrastructure in underdeveloped countries are the restraints for this market.

The Impact of COVID-19 on Ophthalmic Device Market

Global healthcare systems are affected due to COVID-19 Outbreak in recent times. Most of the countries have forced lockdown to prevent the spread of this deadly disease and hospitals are reserving resources for the treatment of Corona Virus patients and evading all other healthcare activities, eye care treatment is one of them. But the market of ophthalmic devices will grow once the vaccine or any other treatment of this pandemic is found, and hospitals and healthcare centre will come to their conventional procedure of other diseases.

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Market Summary:

By Application:  This research report has covered the market and market share of Diagnostics & Monitoring Devices, Surgical Instrument Devices Market, and Vision Care. According to Renub Research analysis, the market of Vision Care products will lead the market.

By Products:  The market and market share of Fundus Camera, Optical Coherence Tomography Scanner, Refractive Error Surgery, Glaucoma Surgery, Cataract Surgery, Retinal Surgery, Contact Lenses, and Others are provided in the research report.

By Region:  The global ophthalmic device market research report provides insights into North America, Asia-Pacific, Europe, and the Rest of the World. According to the report, North America will have a significant market share.

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