Ophthalmic Devices Market to Reach USD 32.36 Billion by 2027; Product Launches by Alcon and Bausch & Lomb to Boost Sales Revenue

The global ophthalmic devices market size is expected to gain momentum by reaching USD 32.36 billion by 2027 owing to the increasing prevalence of eye disease such as cataract and myopia that is propelling the demand for advanced ophthalmic devices across the globe. This information is published by Fortune Business Insights, in its latest report, titled, “Ophthalmic Devices Market Size, Share & COVID-19 Impact Analysis, By Surgical (Implants, Consumables, and Equipment) and Vision Care (Contact Lenses and Ocular Health) By End User (Hospitals, Ophthalmic Clinics and Others) Regional Forecast, 2020-2027.” The report mentions that the market stood at USD 25.04 billion in 2019 and is expected to exhibit a CAGR of 4.2% between 2020 and 2027.

Bausch & Lomb Launches New Presbyopia Correcting IOL

In May 2020, Bausch & Lomb, a leading global ophthalmic devices provider, announced the launch of its new intraocular lenses (IOL), LuxSmart and LuxGood for the European region. According to the company, the new IOL range consists of a hydrophobic material, along with its Pure Refractive Optics (PRO) technology. Additionally, these lenses include a UV absorber that protects the eyes against light, while preventing ocular damage.

Luc Bonnefoy, Vice President Surgical International at Bausch, said, “We are excited to enter the lucrative presbyopia market with the introduction of our innovative premium IOL ophthalmic devices that aid in preventing dysphotopsic phenomena, which can result in compromising vision of the patients suffering from diffractive optics.” The increasing focus on R&D activities to address vision care related issues by the companies are expected to favor the market growth in the forthcoming years.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/ophthalmic-devices-market-102187

Technological Advancement in Ophthalmic Devices to Surge Demand

The growing incidence of eye disorders such as cataract and myopia is driving the demand for the introduction of advanced devices across the globe. According to the World Health Organization (WHO), myopia is the most common ocular disorder that affects 1.89 billion people, and it is estimated that over 2.56 billion will suffer from this disorder by 2020 across the globe. The increasing prevalence of glaucoma is further propelling the companies to introduce advanced micro-invasive glaucoma (MIGs) surgical implants that are expected to boost the growth of the global ophthalmic devices market during the forecast period.

Product Launches by Major Companies to Boost Sales Revenue

The global market is consolidated by the presence of major companies such as Alcon, Bausch & Lomb, and Johnson & Johnson. The dominance of these companies is owing to the increasing focus on developing innovative ophthalmic devices that are expected to boost their sales revenue and consolidate their positions in the global marketplace. The other key players such as Carl Zeiss, BVI, and Essilor are adopting strategies such as merger and acquisition, collaboration, and partnership that will bode well for the market growth in the forthcoming years.

Industry Development:

• December 2019 – Johnson & Johnson Vision Care Inc. announced that it has received the U.S. Food and Drug Administration (FDA) approval for its TECNIS Toric II intraocular lens. According to the company, the novel type of these devices is a new monofocal IOL that efficiently treats cataract patients suffering from astigmatism.

List of the Companies Operating in the Global Market:

• Alcon  (Geneva, Switzerland)


• Carl Zeiss Meditec   (Oberkochen, Germany)


• Johnson & Johnson Vision Care, Inc.  (Jacksonville, U.S.)


• The Cooper Companies Inc.  (California, U.S.)


• BVI   (Waltham, U.S.)


• Bausch & Lomb Incorporated (Rochester, U.S.)


• Essilor (California, U.S.)


• Hoya Corporation (Tokyo, Japan)


• NIDEK CO., LTD  (Gamagori, Japan)

Further Report Findings:

• North America is expected to dominate and hold the highest position in the global market in the forthcoming years. This is attributable to the presence of established companies that are focusing on developing innovative devices in countries such as the U.S. The market stood at USD 10.54 billion in 2019.


• The market in Europe is anticipated to experience a significant growth owing to the increasing adoption of intraocular cataract lenses (IOLs) to treat people suffering from myopia and cataract in the region between 2020 and 2027.


• The vision care segment, based on product, is anticipated to showcase a considerable growth during the forecast period. This is ascribable to factors such as the increasing adoption of contact lenses to treat vision eye diseases across the globe.

Table of Segmentation: