USD 28.33 Billion
Ophthalmology Devices Market Size, Share, Growth Analysis, By Product(Surgical & Vision Care), By Application(Cataract and Glaucoma), By End-user(Hospitals, Ophthalmic Clinics, Eye Clinics and Others), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG35A2872 |
Region:
Global |
Published Date: October, 2024
Pages:
190
|Tables:
86
|Figures:
74
Ophthalmology Devices Market Insights
Ophthalmology Devices Market size was valued at USD 29.52 Billion in 2023 and is poised to grow from USD 30.76 Billion in 2024 to USD 37.78 Billion by 2032, growing at a CAGR of 4.2% during the forecast period (2025-2032).
The growth of the market can be attributed to the rising prevalence of optical disorders, such as glaucoma, cataract, diabetic retinopathy, and vitreoretinal disorders, coupled with technological advancements in ophthalmic surgical as well as diagnostic instruments required for these target applications. Improved government initiatives to increase awareness related to visual impairment are further anticipated to widen the base for ophthalmology devices market growth.
Technological advancements have enabled accurate diagnosis and improved treatment of ophthalmic disorders. Advancements in medications, diagnostic devices, laser technology, and surgical techniques, have enabled improved handling of cataract & macular degeneration, glaucoma, and dry eye disease. Minimally invasive surgeries, such as LASIK (laser-assisted in situ keratomileusis) surgery, multi-wavelength diabetic retinopathy treatment, ultrasound phacoemulsification, and femtosecond laser surgery are expected to increase the demand for ophthalmic devices. These surgeries are accompanied by better outcomes for patients and faster recovery rates.
Many organizations have conducted campaigns and programs to raise awareness for eye health and vision care among the public, optometrists, and ophthalmologists for diagnosis and treatment of ophthalmic problems. In addition, several suppliers also offer hands-on training for ophthalmologists and technicians about how to use various ophthalmic equipment through courses, tutorials, and workshops.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Vision Care
Fastest Growth
Surgical Care
Growth Rate
4.2% CAGR
Global Ophthalmology Devices Market ($ Bn)
Country Share for North America Region (%)
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Ophthalmology Devices Market Segmental Analysis
Based on the product, the ophthalmology devices market is segmented into surgical & vision care. By application the ophthalmology devices market is segmented into cataract and glaucoma. Based on the end-user, the global market is segmented into hospitals, ophthalmic clinics, eye clinics and others. Geographically, the global ophthalmology devices market has been segmented into Asia-Pacific, North America, Europe, and the Middle East & Africa, and Latin America.
Analysis by Product
As per ophthalmology devices market outlook, the vision care segment holds a major share of the market and is anticipated to grow at a significant rate in the forthcoming years. This is due to the rising shift of patients from traditional eyeglasses to contact lenses. Additionally, the growing focus of players towards the launch of new contact lenses is anticipated to promote the usage of the product during the forecast period. According to the data published by the Centers for Disease Control and Prevention (CDC), an estimated 45 million people in the U.S. were using contact lenses. This is expected to contribute to the gradual rise of the vision care segment. The tremendous rise in the number of cataract and retinal surgeries, along with the introduction of new IOLs by the key players are leading to the increase in the adoption of IOLs, and other devices, further accelerating the growth of the segment.
The surgical segment is the fastest growing in the ophthalmology devices market. The growing demand for ophthalmic surgeries, coupled with technological advancements, is significantly contributing to the expansion of the surgical segment within the ophthalmology devices market. According to the analysis of an estimated 228 hospitals in the U.S. (which accounts for over 2 million patient visits annually), showed that there was a massive decline of around 81% patient visits for ophthalmology during March and April 2020, as compared to 2019. These statistics also suggested that during the same observation period, cataract surgical procedures registered a 97% decline, followed by an 88% decline in glaucoma procedures.
Analysis by End-User
As per ophthalmology devices market analysis, the eye clinics segment dominated the global market in 2022. Increasing awareness of the benefits offered by eye clinics, including reducing waiting times, is expected to fuel the growth of the segment. These advantages, coupled with the increased use of advanced equipment in clinics, are some of the factors expected to attract large groups of patients for treatment at these facilities. Moreover, several eye clinics are now coming up with separate diagnostic departments, which in turn, is boosting the demand for ophthalmic devices. Additionally, the growing number of eye clinics that offer cost-effective treatment is expected to drive the growth of the market from 2024 to 2031.
The hospitals segment is expected to witness strong growth in the coming years due to the influx of patients to ambulatory surgical centers (ASCs) and more specialty hospitals for cataract surgery and other accommodation programs. This could drive a huge demand for these devices from healthcare facilities, especially in the US and Europe. The increasing mergers and acquisitions between ophthalmic clinics and hospitals are likely to boost the demand for new installations in the upcoming years. In June 2023, Eye-Q announced the installation of a customized and advanced LASIK machine at its Rewari eye-care facility, in India. This machine changed laser vision correction and offered advanced treatment to patients.
Global Ophthalmology Devices Market By Product (%)
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Ophthalmology Devices Market Regional Insights
As per the ophthalmology devices market analysis, North America held the largest share in 2023. A high population of older adults and rising prevalence of chronic eye conditions resulting from factors, such as high stress and unhealthy lifestyles; ultimately leading to diabetic retinopathy, are considered high impact rendering drivers for the market. In addition, the incorporation of new reimbursement models for ophthalmologic treatment and a stringent regulatory framework aimed at patients’ safety, is expected to fuel product demand in this region. The U.S. possesses a well-developed healthcare system with leading academic institutions and research facilities. This encourages innovations in ophthalmic devices in terms of minimally invasive surgical techniques, advanced diagnostic instruments, and personalized medicine approaches, thereby propelling growth for the market. The U.S. spends significantly on healthcare compared to other developed countries, with total healthcare spending projected to reach $4.8 trillion by 2030. This translates into increased funding for specialized therapies and devices, including eye care.
As per the ophthalmology devices market outlook, Asia Pacific is anticipated to grow at the fastest CAGR from 2024 to 2031. Rising prevalence of eye disorders, such as glaucoma, and increasing awareness about these disorders due to the rapidly improving healthcare infrastructure. The growth can be attributed to the increasing outsourcing activities for ophthalmology devices by key industry players, such as Alcon, Inc. Moreover, the increasing awareness about advanced corrective vision treatments is a key growth-driving factor for emerging economies, such as China and India. The establishment of more ophthalmic centers, the availability of skilled professionals, and advancements in technologies like telemedicine across India create lucrative growth for several market players within India. The Indian government’s National Programme for Prevention and Control of Blindness (NPCB) and other initiatives raise awareness about eye health and prioritize access to essential eye care services. These programs drive demand for affordable and effective ophthalmic diagnostic devices.
Global Ophthalmology Devices Market By Geography
- Largest
- Fastest
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Ophthalmology Devices Market Dynamics
Ophthalmology Devices Market Drivers
Increasing Prevalence of Vision Disorders to Drive the Demand
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There has been a significant increase in the prevalence of ophthalmic disorders, including cataract, diabetic retinopathy, myopia, age-related macular degeneration, etc. The increasing prevalence of ophthalmic disorders, along with the increasing initiatives undertaken by national and regional agencies to promote eye health are responsible for higher diagnosis rates in developed and emerging countries. According to Centers for Disease Control and Prevention (CDC) the number of diabetic retinopathy cases in America is expected to rise from 7.7 million in 2010 to 14.6 million in 2050.
Increasing Eye Infection & Eye Pain
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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.
Ophthalmology Devices Market Restraints
Low Treatment Rate in Emerging Nations and High Cost of Devices
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Various factors including lower per capita healthcare expenditure, limited product accessibility, and lack of awareness about ophthalmic diseases, lead to a lower number of patients undergoing treatment in emerging nations. For instance, according to the article published in 2018 in The Ophthalmologist: Clinical and Therapeutic Journal, the cataract surgery rate in China was 2,450 per million inhabitants which were lower in comparison to cataract surgery rate in the U.S. that was around 11, 920 per million inhabitants.
Decline in Surgical Procedures amid COVID-19 to Affect Sales Revenue
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The COVID-19 outbreak has had a negative impact on the ophthalmology devices market. The significant decline in the number of ophthalmic procedures due to the COVID pandemic has led to a decline of revenues generated by market players from the sales of implants, consumable, and equipment. The surgical segment is projected to witness a higher decline in revenues including cataract surgeries, vitreoretinal surgeries, and other procedures, which has been responsible for lower sales of Implants, equipment, and consumables. According to the analysis of an estimated 228 hospitals in the U.S. (which accounts for over 2 million patient visits annually), showed that there was a massive decline of around 81% patient visits for ophthalmology during March and April 2020, as compared to 2019.
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Ophthalmology Devices Market Competitive Landscape
The ophthalmology devices market is highly competitive, with key players seeking to innovate and expand their offerings to meet the growing demand for access to advanced diagnostic, surgical, and vision care solutions. A notable example is the partnership between Carl Zeiss Meditech and Verana Health, which aims to advance data-driven solutions for ophthalmology. This collaboration uses Verana Health's clinical database and Carl Zeiss Meditech's diagnostic tools and surgical expertise to perform predictive analytics and improve patient outcomes.
Top Player’s Company Profiles
- 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.
Recent Developments
- In August 2023, Johnson & Johnson Vision presented its Elita laser correction device in the U.S. launch. This platform offers a revolutionary way to correct short-sightedness through a minimally invasive laser-assisted lens removal procedure.
- In July 2023, Alkem Laboratories announced its entry into the Ophthalmology field with the launch of a massive portfolio of quality and affordable eye care products. This launch of Alkem’s ophthalmic product confirms that patients in India have access to quality eye care formulations at an affordable price.
- In October 2022, Remidio launched Instaref R20, a lightweight and portable ophthalmic auto refractometer at the American Academy of Ophthalmology in Chicago.
Ophthalmology Devices Key Market Trends
- Growing Prevalence of Ophthalmic Disorders: The rise in the prevalence of glaucoma and age-related macular degeneration (AMD) is a significant driver for the ophthalmology devices market. Both conditions are becoming increasingly common due to the global aging population. Glaucoma, a group of eye conditions that damage the optic nerve and can lead to vision loss, is particularly prevalent among older adults. Similarly, age-related macular degeneration, a leading cause of vision loss in people over 50, affects the central part of the retina, causing severe impairment in vision. As these conditions become more widespread, there is a growing demand for advanced diagnostic and therapeutic devices. This ophthalmology devices market trend is driving innovation and investment in ophthalmology technologies, including imaging systems, laser devices, and surgical instruments.
- Innovative Micro-Invasive Surgical Implants: 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 ophthalmology devices market during the forecast period.
Ophthalmology Devices Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to SkyQuest analysis, the ophthalmology devices industry is experiencing significant growth driven by factors such as technological advancements, rising incidence of ophthalmic diseases and increasing demand for minimally invasive surgeries. This market includes ophthalmic diagnostic instruments, surgical instruments and implantable devices that manage various eye diseases such as glaucoma, glaucoma and glaucoma. Innovations in ophthalmic imaging, ophthalmic surgery, and implantable devices are improving diagnostic accuracy, surgical outcomes, and patient safety. Advanced technologies such as optical coherence tomography (OCT), femtosecond laser, and micro-invasive surgical implants are driving the market growth.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 28.33 Billion |
| Market size value in 2031 | USD 36.26 Billion |
| Growth Rate | 4.2% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Ophthalmology Devices Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Ophthalmology Devices Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Ophthalmology Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Ophthalmology Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Ophthalmology Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Ophthalmology Devices Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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