At 9.0% CAGR, Asia Pacific Ophthalmology Devices Market is Projected to be Worth US$ 15,872.71 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the Asia Pacific ophthalmology devices market was valued at US$ 7,975.03 million in 2023 and is expected to reach US$ 15,872.71 million by 2031, registering a CAGR of 9.0% from 2023 to 2031. Technological advancements in ophthalmic devices and are among the critical factors attributed to the Asia Pacific ophthalmology devices market expansion.

Technological innovation has always been fundamental to any discipline of life sciences, including ophthalmology, as modern devices are key to accurate diagnosis and improved treatments. Advancements in medications, diagnostic devices, laser systems, and surgical techniques have enabled the improved diagnosis of glaucoma, cataracts and macular degeneration, and dry eye disease. Virtual reality, 3D imaging, and big data and artificial intelligence (AI) are being used for data analysis in ophthalmology. These tools have made it possible to gain accurate and reliable results. Tools such as AI are being used in the screening of diabetic retinopathy, detection of lesions, and monitoring of the progress of certain diseases such as age-related macular degeneration or macular edema. However, these tools are still under development as they are being evaluated for their suitability in diagnostic and prognostic applications in ocular pathologies. Minimally invasive surgeries such as LASIK (i.e., laser-assisted in situ keratomileusis) surgery, femtosecond laser surgery, multi-wavelength diabetic retinopathy treatment, and ultrasound phacoemulsification are likely to increase the demand for ophthalmology devices, in turn, propelling the overall market growth.

On the contrary, high cost of ophthalmic surgeries hampers the growth of Asia Pacific ophthalmology devices market.

Based on product, the Asia Pacific ophthalmology devices market is segmented into vision care products, surgical devices, and diagnostics and monitoring devices. The vision care products segment held 59.6% share of the Asia Pacific ophthalmology devices market in 2023, amassing US$ 4,755.39 million. It is projected to garner US$ 9,768.41 million by 2031 to expand at 9.4% CAGR during 2023-2031.

In terms of application, the Asia Pacific ophthalmology devices market is segmented into cataract, glaucoma, refractory disorders, vitreoretinal disorders, and other applications. The glaucoma segment held 44.7% share of the Asia Pacific ophthalmology devices market in 2023, amassing US$ 3,567.64 million. It is estimated to garner US$ 7,609.10 million by 2031 to expand at 9.9% CAGR during 2023-2031.

By end user, the Asia Pacific ophthalmology devices market is segmented into hospital and eye clinics, academic and research laboratories, and other end users. The hospital and eye clinics segment held 72.7% share of Asia Pacific ophthalmology devices market in 2023, amassing US$ 5,799.09 million. It is predicted to garner US$ 11,645.11 million by 2031 to expand at 9.1% CAGR during 2023-2031.

Based on country, the Asia Pacific ophthalmology devices market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China held 31.0% share of Asia Pacific ophthalmology devices market in 2023, amassing US$ 2,475.51 million. It is projected to garner US$ 5,270.33 million by 2031 to expand at 9.9% CAGR during 2023-2031.

Key players operating in the Asia Pacific ophthalmology devices market are Johnson & Johnson Vision Care Inc, Alcon AG, Carl Zeiss Meditec, Bausch & Lomb Inc, Essilor Intonational SAS, Nidek Co Ltd, Topcon Corp, Haag-Streit AG, Ziemer Ophthalmic Systems AG, and Hoya Corp., among others.

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