Ophthalmic Devices Market Size, Share, Growth Analysis, By Product(Optical Coherence Tomography Scanners, Fundus Cameras, Perimeters/Visual Field Analysers, Autorefractors and Keratometers), By Application(Cataract, Vitreo Retinal Disorders, Glaucoma, Refractive Disorders), By End Use(Hospitals & Eye Clinics, Academic & Research Laboratory, Others ), By Region - Industry Forecast 2024-2031

Global Ophthalmic Devices Market size was valued at USD 36.37 billion in 2022 and is poised to grow from USD 39.35 billion in 2023 to USD 71.01 billion by 2031, growing at a CAGR of 5.43% during the forecast period (2024-2031).

The ophthalmic devices market is extremely cutthroat. The major businesses are making investments in R&D efforts to create cutting-edge strategies and tools to give patients the most recent and enhanced treatments. These key market participants have implemented a variety of strategies, including M&A, partnerships, collaborations, regional business expansion, and new product launches. For example, In July 2021, Veritas Vision System by Johnson & Johnson Vision was Introduced with Features to Address Key Cataract Surgery Needs. the phacoemulsification (phaco) component of the VERITAS Vision System, was developed to address three crucial issues: patient safety, surgeon productivity, and surgeon comfort. 'Johnson & Johnson Vision Care, Inc. ', 'Alcon ', 'Carl Zeiss AG ', 'Bausch Health Companies Inc. ', 'EssilorLuxottica SA  ', 'Hoya Corporation ', 'Topcon Corporation ', 'Nidek Co. Ltd. ', 'Metall Zug AG ', 'Ziemer Group AG ', 'The Cooper Companies, Inc. ', 'STAAR Surgical Company ', 'Baring Private Equity Asia (Lumenis Ltd.) ', 'Lumibird Medical ', 'Glaukos Corporation ', 'Visionix ', 'Stryker Corporation ', 'Advancing Eyecare Holdings, Inc. ', 'Heidelberg Engineering GmbH ', 'Menicon Co. Ltd.'

The prevalence of serious eye conditions is rising worldwide, and vision loss is turning into a significant public health problem. The incidence of eye diseases including diabetic retinopathy and ocular hypertension has also increased as a result of the aging population's expansion and the rising rates of chronic conditions such as diabetes and hypertension. As a result, there will be a rise in demand for ophthalmic equipment worldwide.

Device-based therapies are essential in the current environment for identifying eye illnesses. The market for ophthalmic devices may expand as a result of the growing trend of adopting technically sophisticated equipment for eye treatment and care. Because of advancements like cataract surgery with many incision choices and vitrectomy, eye procedures are becoming less intrusive. The development of a Femtosecond laser, which can be used in procedures like Femto-LASIK and smiling, has also led to an increase in the utilization of laser-based equipment. Additionally, it is employed during cataract surgery as well as in transplant, inlay, and ring treatments. These innovations are probably going to open up a lot of potential for the market for ophthalmic devices to expand.

North America controlled a sizeable 43% of the market in 2021. Excessive impact key drivers for the market are likely to include the constantly expanding senior population and the increased prevalence of chronic eye issues as a result of strong stress and poor lifestyles leading to diabetic retinopathy. The market for ophthalmic devices in this area is also expected to be driven by the adoption of new reimbursement models for ophthalmologic therapy and a strict regulatory environment designed to ensure patient safety.