DUBLIN – (BUSINESS WIRE) – May 26, 2022–
The “Global Vision Care Devices And Equipment Market Report 2022” report has been added to ResearchAndMarkets.com’s offering.
The global vision care devices and equipment market is expected to grow from $ 24.47 billion in 2021 to $ 27 billion in 2022 at a compound annual growth rate (CAGR) of 10.3%. The market is expected to grow to $ 37.79 billion in 2026 at a compound annual growth rate (CAGR) of 8.8%.
Major players in the vision care devices and equipment market are Essilor, Johnson & Johnson, ZEISS, The Cooper Companies, Novartis, Bausch & Lomb, Nidek Co Ltd, Valeant Pharmaceuticals, Luxottica GROUP, and Escalon.
The main types of vision care devices and equipment are intraocular lenses, ophthalmic lasers, glaucoma drainage devices, contact lenses, and others. An intraocular lens is an artificial replacement for the lens of the eye. The various application of vision care devices and equipment are vision care, diagnosis, and surgery that are used by various end-users such as Hospitals, ambulatory surgery centers, optical centers, and others.
North America was the largest region in the vision care devices and equipment market in 2021. Asia Pacific was the second-largest region in the vision care devices and equipment market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The rising use of electronic devices is a continuous driver for the growth of the vision care devices and equipment market. Usage of laptops, mobiles, PCs, and other electronic devices has increased in day-to-day life, which is the major factor responsible for eye-related problems. According to a survey by Deloitte, Americans collectively check their phones over 8 billion times a day. On average, every person spends about five hours daily browsing the internet and using apps.
Lack of awareness among people regarding eye diseases including glaucoma, macular degeneration, and others affects the market growth of the vision care devices and equipment market. According to a study in the USA, around one-third of survey respondents are not aware of glaucoma, more than half were unaware of macular degeneration, and one-fourth of survey respondents were not aware of any eye conditions.
Technological advancement in vision care devices has transformed eye care. Vision technology has witnessed some great scientific breakthroughs and innovations in the past few years and these Advances are rapidly changing the future of those with chronic eye conditions.
The innovation includes DriveSafe lenses with anti-glare coating to help with poor driving conditions, photochromic contact lenses that block the sun’s harmful UV rays, and blue light blocking glasses among others. Major companies such as Johnson & Johnson Vision have invested in Adaptive Lenses.
In the United States, eyeglass frames and prescription lenses are regulated by the FDA. These are classified as class 1 medical devices. These devices are exempt from filing a premarket notification application, and FDA clearance before marketing a Class 1 device in the United States. Due to this prescription eyeglasses sold via the internet are still considered an FDA-regulated product.
In European Union (EU) medical devices including contact lenses are regulated by the European Commission (EC). The EC works in close conjunction with each country (‘Member State) respected Health Authorities to integrate the various national requirements into a single law that could be rolled out and applied across the EU.
The EU region is set to roll out new medical device regulations (MDR) in 2020, under which the contact lenses are included. These new regulations shed light on the importance of prioritizing safety and efficacy before achieving marketing approval, and on transparency of device information. These new EU regulations will have an impact on contact lens approvals in Europe.
Key Topics Covered:
1. Executive Summary
2. Vision Care Devices And Equipment Market Characteristics
3. Vision Care Devices And Equipment Market Trends And Strategies
4. Impact Of COVID-19 On Vision Care Devices And Equipment
5. Vision Care Devices And Equipment Market Size And Growth
5.1. Global Vision Care Devices And Equipment Historic Market, 2016-2021, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Vision Care Devices And Equipment Forecast Market, 2021-2026F, 2031F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Vision Care Devices And Equipment Market Segmentation
6.1. Global Vision Care Devices And Equipment Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Intraocular Lens
- Ophthalmic Lasers
- Glaucoma Drainage Devices
- Contact Lenses
- Other Types
6.2. Global Vision Care Devices And Equipment Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Vision Care
6.3. Global Vision Care Devices And Equipment Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Ambulatory Surgery Centers
- Optical Centers
- Other End users
7. Vision Care Devices And Equipment Market Regional And Country Analysis
7.1. Global Vision Care Devices And Equipment Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7.2. Global Vision Care Devices And Equipment Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Johnson & Johnson
- The Cooper Companies
- Bausch & Lomb
- Nidek Co. ltd.
- Valeant Pharmaceuticals
- LUXURY GROUP
- Tomey Corporation
- CIBA Vision Corporation
- Heine Optotechnik
- Luneau Technology
- Heidelberg Engineering GmBH
- STAAR Surgical Company
- Swiss Advanced Vision
- Visioning Technologies
- Rayner Intraocular Lenses
- JiangSu HongChen Optical
For more information about this report visit https://www.researchandmarkets.com/r/w4ljvw
View source version on businesswire.com:https://www.businesswire.com/news/home/20220526005369/en/
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INDUSTRY KEYWORD: HEALTH OPTICAL
SOURCE: Research and Markets
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PUB: 05/26/2022 05:18 AM / DISC: 05/26/2022 05:18 AM