Ophthalmic Devices Market Size & Share Analysis - Growth Trends & Forecasts (2024–2029)

 The ophthalmic devices market is anticipated to grow at a 4.2% CAGR from 2022 to 2027. The initial phase of this period saw a substantial downturn due to the COVID-19 pandemic, significantly impacting ophthalmology services and, consequently, market growth. However, the market's trajectory is expected to pick up due to the high prevalence of various eye conditions globally, such as glaucoma and cataracts, driving the demand for ophthalmic devices.

Technological advancements in this field have propelled the adoption of these devices, especially with the emergence of portable devices enabling home-based diagnosis and treatment. For example, the Icare ic200 handheld tonometer released by Icare USA allows for intraocular pressure assessment without air puffs or specific expertise, enhancing ease of use and accessibility for patients.

Despite these positive trends, challenges such as inadequate primary healthcare infrastructure in certain regions and risks associated with ophthalmic procedures might impede market growth.

One significant trend in the market is the expected high growth rate of vision correction devices. These devices, addressing refractive errors like myopia and hypermetropia, are increasingly vital due to rising screen time, a growing elderly population, and other conditions leading to vision impairment. The WHO estimates that 2.2 billion people globally suffer from vision impairments, indicating a substantial need for vision correction devices. Moreover, pandemic-induced disruptions in ophthalmology services have underscored the importance of such devices, with canceled appointments potentially leading to lasting eyesight damage and psychosocial impacts on individuals with visual impairments.

The launch of innovative products like Bausch + Lomb Corporation's Revive custom soft contact lenses is contributing to the segment's growth, catering to specific vision needs, especially for patients with high or unique prescriptions.

Conclusively, the increasing prevalence of eye disorders is expected to drive the demand for advanced vision correction devices, stimulating market growth in this segment.

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