Ophthalmic Devices Market Growth & Trends
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
Approximately 10% of the people suffering from eye disorders are expected to experience loss of vision in spite of the proper treatment as per the statistics of the WHO, driving the clinical urgency to incorporate highly advanced ophthalmic devices. Furthermore, the rising demand for minimally invasive and complication-free operative surgeries is expected to upsurge the demand for ophthalmic devices. Due to the Covid 19 pandemic, the majority of the population’s screen time has increased, resulting in a variety of eye issues, is projected to boost the market’s growth. However, reduction in elective surgeries, closure of eye clinics, and the fear of viral spread, led to the reduction in the adoption of ophthalmic devices, declining the market growth.
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Ophthalmic Devices Market Report
Ophthalmic Devices Market Report Highlights
- The optical coherence tomography (OCT) scanners segment dominated the product segment of the overall market in terms of revenue share at over 23% in 2021, owing to its wide range of applications.
- The Ophthalmoscopes segment is expected to witness significant growth during the forecast period, owing to technological advancements
- Based on application, the cataract segment accounted for the largest revenue share in 2021 and is further expected to continue its dominance over the forecast period, owing to the increasing number of patients suffering from cataracts and the high adoption of ophthalmic devices for cataract surgeries
