Global Ophthalmic Device Market will be US$ 67 Billion by 2026
Renub Research report titled "Ophthalmic Devices Market Global Forecast by Application, Products, Region, Companies" The field of ophthalmology includes medical devices for different purposes, including diagnosis, vision treatment, and surgery. Developing groundbreaking technologies and growing technology implementation in ophthalmology has paved the way for customers to provide functional and affordable solutions for various eye-related disorders such as vitreoretinal disorders, refractory disorders and cataract disorders. Vision treatment services contribute to the most important portion of the overall demand for ophthalmic devices. These products include contact lenses, spectacles, and methods for lens cleaning and disinfecting both eyewear and surgical instruments.
Worldwide growth in the geriatric population is one of the prime factors for the upward trend in the ophthalmic devices industry. It is known that the aged are more likely to develop eye-related conditions, such as glaucoma and dry eye, and are the main customers of manufacturers of ophthalmic instruments. Besides, many emerging economies in the Asia Pacific are rapidly investing in health-care infrastructure and fostering understanding of these common disorders, which in turn benefits the regional ophthalmic devices market. According to Renub Research analysis, the Global Ophthalmic Device Market is expected to be more than US$ 67 Billion by 2026.
Market growth is also driven by continuous developments in medical technology to produce more reliable and effective novel products. One of the primary constraints in the growth of the global ophthalmic device market is the high cost of some devices, particularly those which are exported to other countries. Additionally, the lack of skilled professionals is another primary concern for manufacturers, particularly in the rural regions of the emerging economies.
In the forecast era, emerging economies such as China, India, Japan, Brazil, and Mexico are expected to experience a higher growth rate, the global rate on the ophthalmic device market.
This change is the result of investments in these emerging markets by several influential manufacturers to gain early impetus. Also, the global ophthalmic market was evaluated on various parameters such as condition, disease, and form of system. Multiple ophthalmic products are available on the market, from high-end to low-end. Types of ophthalmic producrs available in the market are phoropters, refractors, contact lenses, tools for lens cleaning and disinfecting, spectacles, laser polarimetry scanning systems, retinscopes, and ophthalmoscopes.
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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