The ophthalmic devices market is expected to gain considerably during the forecast period of 2020-2030. The rising need for diagnosis of eye diseases, surgery, and correction of vision is the prominent growth factor that helps in propelling the growth rate of the ophthalmic devices market. Technological advancement has become an essential aspect of every sector, and the eye care industry is no exception. Upgrades such as intraocular lenses (IOLs) are helping the eye care industry flourish and grow exceptionally. Various eye diseases and disorders can be treated effectively and efficiently with the help of new innovative technologies, which further may propel the growth of the ophthalmic devices market.
Transparency Market Research (TMR) has presented a systematic analysis of the ophthalmic devices market through various tools and techniques. The three-factor approach (Analyze. Research. Compile) offers a different perspective that proves beneficial to the stakeholders and CXOs. In terms of analysis, the ophthalmic devices market report includes various factors influencing the growth rate of the ophthalmic devices market. These factors include the key trends, competitive landscape, and regional analysis of the ophthalmic devices market. Market stakeholders can immensely benefit from this thoroughly researched report. Furthermore, this report also provides insights regarding the effect of the COVID-19 outbreak on the ophthalmic devices market.
In the current scenario, device-based therapeutics are crucial in diagnosing eye diseases. The rising trend of using technologically advanced devices for eye treatment and care may fuel the growth of the ophthalmic devices market.
Eye surgeries have become less invasive due to the innovations such as incision options in cataracts and vitrectomy. Furthermore, the use of laser-based machines is increasing owing to the invention of a Femtosecond laser, which can be used in surgeries like Femto-LASIK and smile. In addition, it is used in cataract surgery and procedures such as transplants, inlays, and rings. These developments are likely to create multiple opportunities for the growth of the ophthalmic devices market.
The innovations such as nerve transplant procedures, superior quality bioengineered Corneas, artificial Corneas, and retinal Implants (Bionic Eye the Crispr Technology in genetic diseases of the eye are gaining traction, which ultimately may promote the growth of the ophthalmic devices market.
New stents and valves that control eye pressure in Glaucoma patients, 27G Vitrectomy Cutters, lasers, and anti-VEGF Injections used to prevent diabetic eye disease and age-related bleeding have emerged as growth boosters for the ophthalmic devices market.
The players in the ophthalmic devices market are also focusing on making a mark across the eye treatment sector. The key players are investing in Research and Development activities to formulate advanced approaches and devices to provide the latest and improved treatment to the patients. These methodologies are helping the new players to secure primary assets that can bolster them with the benefits of a maintainable future in the global ophthalmic devices market. These advanced approaches and devices are used to deal with complex eye injuries. Electronic devices such as low vision aids, intraocular telescopes, and artificial eyes and lenses for cosmetic improvement are gaining huge attention. These developments are likely to act as growth generators for the ophthalmic devices market. Strategic collaborations are also essential for the growth of the ophthalmic devices market. The players indulge in mergers, acquisitions, joint ventures, and partnerships
The key players operating in the global ophthalmic devices market are Johnson & Johnson, Essilor International S.A., Valeant Pharmaceuticals International, Inc., HOYA Corporation, Topcon Corporation, Ziemer Ophthalmic Systems AG, HAAG-Streit Holding AG, Ltd., and others.
On a regional basis, the ophthalmic devices market can be classified into Asia Pacific, North America, the Middle East and Africa, Central and South America, and Europe. North America may serve as a growth contributor to the ophthalmic devices market as it has a significant demand for eye care devices across the region. Asia Pacific is also gaining feet in terms of growth due to the increasing population affected with eye-related disorders.