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The ophthalmology devices market size is estimated to grow by USD 19.1 billion at a CAGR of 4.31% between 2023 and 2028. The market is experiencing significant growth, driven by the increasing prevalence of ophthalmic diseases and the rising demand for advanced diagnostic and therapeutic devices. The market is also influenced by the trend of medical tourism, which offers low-cost ophthalmology surgeries in countries with lower labor and operational costs. However, the high cost of these devices and limited reimbursement policies pose challenges to market growth. Despite these challenges, the market is expected to expand due to the development of innovative technologies, increasing awareness about eye health, and the growing aging population. The market is further expected to be driven by the increasing incidence of refractive errors, cataracts, and glaucoma, which require advanced diagnostic and therapeutic interventions. Overall, the market is poised for robust growth in the coming years.
Moreover, to raise awareness among the public, optometrists, and ophthalmologists about eye health and vision care options for the treatment of vision disorders, many private and public organizations and ophthalmic lens manufacturers are taking initiatives such as conducting awareness programs, advertising campaigns, and workshops. For instance, in October 2021, Alcon celebrated World Sight Day in communities worldwide with programs to provide access to eye care. To improve access to quality eye care, the company raised funds to support organizations. By creating awareness, Alcon supports patients and eye care professionals by providing onsite vision screenings and Alcon's sight-enhancing surgical equipment and vision care products. Also, Alcon runs the project presbyopia as a part of the presbyopia awareness in April every year to educate consumers about the signs and symptoms of vision changes and available treatment options. Therefore rising number of initiatives to increase awareness and customer training is the major factor driving the market growth during the forecast period.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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