Ophthalmic Devices Market Size

Ophthalmic Devices Market Size

Ophthalmic Devices Market size was valued at around USD 39.4 billion in 2020 and is expected to grow at a CAGR of over 3.3% between 2021 and 2027. Ongoing innovations in ophthalmic devices to offer permanent solutions to eye disorders are anticipated to spur the market growth. Rising government initiatives in North America to increase awareness among patients and provide financial assistance are poised to play a significant role in the market expansion. Ophthalmic procedures are widely performed due to the extensive benefits such as vision enhancement, quick recovery, faster results, long-lasting visual results, among others.

Ophthalmic devices are the tools that are used for treatment of different eye disorders & infections such as refractive error, cataract, glaucoma, etc. Ophthalmic devices are primarily designed for diagnosis, vision correction, and surgery among others. These devices provide quality eye care to patients, help in reducing the treatment time, and make the eye-treatment procedure more suitable for patients & ophthalmologists.
 

However, the risk factors associated with eye surgeries may adversely affect the ophthalmic devices market progression. The risk factors related to ophthalmic procedures may increase owing to the lack of skilled surgeons. The possible complications involved in these procedures are inflammation inside the eye, retinal detachment, infection, and bleeding among others. In addition, high costs associated with the ophthalmic devices and rising adoption of refurbished ophthalmic devices are set to restrict the industry growth.
 

The emergence of COVID-19 pandemic is an unprecedented health concern across the globe and has negatively impacted the market. Initially, the outbreak of SARS-CoV-2 disrupted the supply chain and put restrictions on trade and movement of goods, thereby impacting the market. For instance, the U.S. declared a national emergency and ban all elective surgical and diagnostic procedures in outpatient and inpatient settings. As a result, the pandemic had a substantial negative impact on the industry expansion.