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Ophthalmic Instrumentation Market Report
Ophthalmic Instrumentation Market Trends, Dynamics & Market Insights
Ophthalmic Instrumentation Market, By Type (Cataracts, Refractive Glaucoma, Vitreoretinal Surgical Microscope), Application (Hospital, Specialty Clinic), and Region - COVID-19 Impact Analysis and Forecast to 2026.
This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global Ophthalmic Instrumentation market. The historic years considered for the study are 2016-2019, the base year is 2020, and the forecast period is 2021-2026.
The Ophthalmic Instrumentation market is projected to grow from USD 7.1 billion in 2020 to USD 8.8 billion by 2026 at a CAGR of around 3.6% during the forecast period.
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Ophthalmic instruments are defined as instruments that are designed to prevent potential eye damage, disease, or injuries. The different types of ophthalmic instruments available in the global market include cataracts, refractive glaucoma, and vitreoretinal surgical microscope.
Key players operating in the Ophthalmic Instrumentation market are-
The growth of the ophthalmic instrumentation market is primarily driven by increasing incidences of eye disorders and allergies due to factors such as prolonged use of devices such as smartphones and laptops, pollution, insomnia, and changing lifestyles. Expanding the geriatric population across geographies is expected to propel market growth at a significant rate during the review period. Additionally, surging demand for more advanced and high-quality products is likely to create lucrative opportunities for the market players during the review period.
By type, the ophthalmic instrumentation market has been bifurcated into hospital and specialty clinics. Under these, the hospital segment accounted for the largest market share in 2020 and is projected to register significant growth during the review period. The segment growth can be attributed to the presence of established healthcare infrastructure and professional staff.
By region, the market in North America accounted for the largest market share in 2020 and is projected to grow at a significant CAGR during the assessment period. The segment growth is primarily attributed to the expanding geriatric populace and the presence of key market players such as Abbott Medical Optics, Inc. (US) and Bausch & Lomb, Inc. (US). The market growth in the Asia-Pacific region is expected to be driven by the rising number of people suffering from eye disorders.
The outbreak of the COVID-19 virus has affected the growth of the healthcare industry significantly. Stringent lockdown measures and restricted movement of people affected the product supply for a short period.
Here is the list of the group of customers that the ophthalmic instrumentation market hopes to have the greatest opportunity to convert-
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The ophthalmic instrumentation market is expected to witness an impressive growth of 3.6% CAGR in the coming years.
Abbott Medical Optics, Inc. (US), Alcon, Inc. (Switzerland), Bausch & Lomb, Inc. (US), Carl Zeiss Meditec AG (Germany), Ellex Medical Laser Limited (Australia), Huvitz Co., Ltd. (South Korea), Iridex Corp. (US), Lumenis Ltd. (Israel), Nidek Co. Ltd (Japan), Topcon Corporation (Japan), Top-con Medical Systems, Inc. (US) and Visionix Ltd. (Israel) are among the key players in the ophthalmic instrumentation market.
The ophthalmic instrumentation market size is expected to reach USD 8.8 billion in the foreseeable future.
The hospital segment accounted for the largest share in the ophthalmic instrumentation market in 2020.
North America is expected to grow at a significant CAGR in the ophthalmic instrumentation market in the next five years.
Ophthalmic instrumentation distributors, Ophthalmic instrumentation suppliers, Ophthalmic instrumentation manufacturers, Logistics organizations, Government bodies are among the target audience in the ophthalmic instrumentation market.
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