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Ophthalmic Devices Market Analysis

The Ophthalmic Devices Market size is estimated at USD 52.73 billion in 2024, and is expected to reach USD 64.77 billion by 2029, at a CAGR of 4.20% during the forecast period (2024-2029).

The COVID-19 epidemic has resulted in considerable service reductions throughout the NHS, with ophthalmology being one of the most severely impacted specialties. According to a study published in March 2021 in the British and Irish Orthopaedic Journal, outpatient clinic appointments were reduced by 87.2%, ophthalmic surgery by 90.9%, outpatient referrals to ophthalmology by 50.2%, and ward reviews by 50% during the first peak of the pandemic. There were 1,377 canceled appointments, with 6.8% of them deemed appropriate for teleophthalmology. Another study published in BMC Ophthalmology in May 2022 found that during the COVID-19 health emergency, retina clinic volume fell by 62%. The average time from check-in to technician has decreased by 79%, total visit length has decreased by 46%, and time spent in the provider phase of care has decreased by 53%. Thus, the COVID-19 pandemic severely curtailed ophthalmology services initially, but currently, as the pandemic has subsided, the market has gained some traction, and thus the market is expected to have stable growth during the forecast period of the study.

Furthermore, ophthalmic devices are medical equipment designed for diagnosis, surgical, and vision correction purposes. These devices have gained substantial importance due to the high prevalence of various ophthalmic diseases such as glaucoma, cataracts, and other vision-related issues across the globe. According to the World Health Organisation's March 2022 update, trachoma is a public health problem in 44 countries and is responsible for the blindness or visual impairment of about 1.9 million people globally. Such a high burden of disease and the need for surgical treatment are thus driving the growth of the market.

Moreover, technological advancements in the ophthalmology field have boosted the adoption rate of these devices globally. Portable medical devices are increasingly being used for home-based diagnosis and treatment of eye disorders, allowing for the diagnosis and monitoring of eye illnesses. For instance, in August 2022, Swaraashi Netralya announced the debut of ophthalmic instruments, including an ophthalmoscope, to diagnose eye problems in adults and children in India. The Mirante SLO/OCT, a scanning laser ophthalmoscope used to acquire high-quality color pictures, was introduced in India. Similarly, in February 2023, NIDEK CO., LTD. Japan introduced the Cube Ophthalmic Surgical System, which includes revolutionary ultrasound technology to provide more powerful and effective phacoemulsification. Thus, the introduction of ophthalmic devices in the market may increase accessibility to the end user, likely boosting market growth.

Thus, the aforesaid factors are likely to have a positive impact on the growth of the market. However, poor primary healthcare infrastructure in developing and underdeveloped countries and the risk associated with ophthalmic procedures may hinder the market's growth.

Ophthalmic Devices Industry Segmentation

As per the scope of the report, ophthalmology is a branch of medical science that deals with structure, function, and various diseases related to the eye. Ophthalmic devices are medical equipment designed for diagnosis, surgical, and vision correction purposes. The Ophthalmic Devices Market is Segmented by Devices (Surgical Devices (Glaucoma Drainage Devices, Glaucoma Stents and Implants, Intraocular Lenses, Lasers, and Other Surgical Devices), Diagnostic and Monitoring Devices (Autorefractors and Keratometers, Corneal Topography Systems, Ophthalmic Ultrasound Imaging Systems, Ophthalmoscopes, Optical Coherence Tomography Scanners, Other Diagnostic and Monitoring Devices), Vision Correction Devices (Spectacles, Contact Lenses) and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD) for the above segments.