What is the global market size of Ophthalmic Devices Market?

Global Ophthalmic Devices Market size was valued at USD 28.33 Billion in 2022 and is poised to grow from USD 29.52 Billion in 2023 to USD 36.26 Billion by 2031, growing at a CAGR of 4.2% in the forecast period (2024-2031).

Who are the key vendors in the Global Ophthalmic Devices Market?

The competitive environment of the Global Ophthalmic Devices Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Detailed information includes jurisdiction over company design, company finances, earnings, market potential, investment in research and development, market innovation, global presence, manufacturing locations and manufacturing facilities, production capacity, company strengths and weaknesses, product launches, product expansion and expansion, and applications. The above data points provided only relate to the perspective of companies in the global market. Key companies operating in this market include Alcon, Regeneron Pharmaceuticals Inc., Johnson & Johnson, Inc., Novartis AG, Bausch & Lomb Incorporated, HOYA Corporation. 'Novartis AG', 'Carl Zeiss Meditec AG', 'Essilor International S.A.', 'HAAG-Streit Holding AG', 'Johnson & Johnson', 'Nidek Co., Ltd.', 'Topcon Corporation', 'Valeant Pharmaceuticals International, Inc.', 'Ziemer Ophthalmic Systems AG', 'Hoya Corporation', 'Alcon Vision LLC', 'Bausch & Lomb Incorporated', 'Alcon', 'Regeneron Pharmaceuticals Inc.', 'Bausch & Lomb Incorporated', 'HOYA Corporation', 'The Cooper Companies Inc.', 'Santen Pharmaceutical Co., Ltd.'.

What is the key driver of Global Ophthalmic Devices Market?

Eye infections are a major cause of severe eye pain. Eye pain is accompanied by symptoms such as dry eyes, burning and pain. This can be caused by many factors including foreign irritants, infection or trauma. Eyelashes or dirt particles, smoke, dust or some harsh makeup products are the most common causes of irritated, red and watery eyes. With increasing pharmaceutical industry and pollution worldwide, the prevalence of eye pain continues to show an increase. Chemical burns and flash burns cause severe eye pain and severity due to irritation of the cornea. Style and blepharitis are common causes of eye pain as they increase the sensitivity of the eye and oil glands surrounding the area.

What is the key market trend for Global Ophthalmic Devices Market?

The introduction of new equipment, accessories, contact lenses, etc. has increased the demand for these devices for healthcare professionals and patients. For example, micro-invasive glaucoma (MIGs) cosmetic surgery in new has been one of the fastest growing technologies for the treatment of mild to moderate glaucoma. Market players are focusing on the innovative micro-invasive cataract surgical implants that will drive the growth of the global ophthalmic devices market during the forecast period.

Which region accounted for the largest share in Global Ophthalmic Devices Market?

North America controlled 43% of the market by 2022. The major factors influencing the market were the continuous expansion of the aging population and chronic eye problems due to high stress and lifestyle. The negative course of diabetic retinopathy is common. The ophthalmic device market in this region is expected to be driven by additional reimbursements for Ophthalmic treatments and stringent regulations designed to ensure patient safety. North America, especially the United States, holds a dominant position in the global market. The industry benefits from well-established healthcare infrastructure, higher healthcare costs and a higher patient population with various eye diseases.

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

Report ID: SQSG35A2037 | Region: Global | Published Date: April, 2024
Pages: 260 | Tables: 61 | Figures: 75

Ophthalmic Devices Market Insights

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).

Ophthalmology is a field of medicine that focuses on the anatomy, physiology, and disorders of the eyes. Ophthalmic devices are pieces of medical gear made for surgery, examination, and vision correction. Owing to the increased frequency of numerous ophthalmic disorders like glaucoma, cataracts, and other vision-related problems, these devices are becoming more and more important and widely used.

The global market for ophthalmic devices is expanding significantly due in large part to the rising frequency of ocular illnesses like glaucoma and cataracts. Technical advances such as the emergence of intraocular lenses (IOLs)—and the increased emphasis on consumer education and training among many eye care professionals regarding eye diseases and related complications are other significant factors that contribute to the growth of the global market. Additionally, it is expected that an increase in R&D activities for novel devices related to vision error and a rise in consumer consciousness of devices used in ophthalmology will fuel market expansion.

US Ophthalmic Devices Market is poised to grow at a sustainable CAGR for the next forecast year.

Ophthalmic Devices Market Report Snapshots

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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 SAâ¯ ', '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.

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Ophthalmic Devices Market Insights

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What is the global market size of Ophthalmic Devices Market?

Who are the key vendors in the Ophthalmic Devices Market?

What is the key driver of Ophthalmic Devices Market?

What is the key market trend for Ophthalmic Devices Market?

Which region accounted for the largest share in Ophthalmic Devices Market?

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