24/7 Customer Support
Global ophthalmic devices market is forecast to reach USD 69.2 billion by 2031 from 44.3 billion in 2022, with growth at CAGR of 6.9% during the forecast period 2023-2031.
The rising incidences of vision-related diseases and growing demand for technologically advanced ophthalmic devices are some of the factors driving the market. Additionally, high disposable incomes and increasing healthcare spending have further boosted the growth of this market.
Moreover, technological advancements such as mobile OCTs, telemedicine, and automated retinal imagers that make it easier to diagnose eye conditions are also driving the growth of this segment. The therapeutic device segment is expected to witness the fastest growth over the forecast period due to the rising demand for minimally invasive glaucoma treatments, cataract surgeries, and other eye surgeries. In addition, the increasing demand for laser-based products and drug delivery devices is likely to propel the growth of this segment.
In terms of regional presence, North America led the ophthalmic devices market in 2022 and is expected to retain its dominant position throughout the forecast period. Factors such as the availability of advanced technologies, rising geriatric population, and increasing healthcare expenditure are driving the growth of this market in the region.
Increasing Prevalence of Eye Disorders to Drive Demand for Ophthalmic Devices Market
The rising prevalence of eye disorders is a significant driver for the ophthalmic devices market . This is due to the fact that eye disorders can cause visual impairment and even blindness if left untreated, making it important to diagnose and treat them in a timely manner. According to the World Health Organization (WHO), around 253 million people are visually impaired globally, with around 80% of all visual impairment cases considered avoidable with proper diagnosis and treatment.
Factors such as lifestyle changes, genetic predisposition, and increasing prevalence of chronic diseases like diabetes are some of the key factors contributing to the rising prevalence of eye disorders. For instance, cataracts, one of the most common eye disorders, affect around 50% of people over the age of 75 globally, and their prevalence is expected to rise due to the growing aging population. Other eye disorders, such as age-related macular degeneration, diabetic retinopathy, and glaucoma, are also on the rise due to the aging population and lifestyle changes.
The increasing prevalence of eye disorders is likely to drive the demand for ophthalmic devices such as diagnostic instruments, surgical devices, and vision care products like eyeglasses and contact lenses. As a result, the ophthalmic devices market is expected to experience significant growth in the coming years.
Growing Geriatric Population to Drive Market Growth
The increasing aging population is a major driver for the growth of the ophthalmic devices market . As people age, they become more susceptible to eye disorders such as cataracts, glaucoma, and age-related macular degeneration. According to the United Nations, the global aging population is projected to reach 1.5 billion by 2050, which is expected to fuel the demand for ophthalmic devices.
Additionally, the aging population is also driving demand for advanced surgical procedures, which require advanced ophthalmic devices for diagnosis and treatment. As a result, the ophthalmic devices market is expected to experience significant growth in the coming years.
Moreover, the growing awareness about eye health and the availability of cost-effective treatment options are also expected to contribute to the growth of the ophthalmic devices market . These factors are likely to drive the demand for ophthalmic devices across different end-users such as hospitals, specialty clinics, ambulatory centers, and consumers.
High Cost Associated with Advanced Ophthalmic Devices and Procedures
One restraint of the ophthalmic devices market is the high cost associated with advanced ophthalmic devices and procedures. These devices and procedures require advanced technology and specialized expertise, which makes them more expensive than traditional methods. As a result, many patients may not be able to afford the cost of these devices and procedures, which can limit the growth of the market.
Moreover, the lack of adequate healthcare infrastructure and trained professionals in some regions can also act as a restraint for the ophthalmic devices market . In some developing countries, there is a shortage of ophthalmologists and specialized eye care facilities, which can limit access to advanced ophthalmic devices and procedures.
Another potential restraint for the market is the stringent regulatory environment governing the approval and commercialization of new ophthalmic devices. The regulatory approval process for new medical devices can be time-consuming and expensive, which can limit the entry of new players into the market. Additionally, regulatory changes or delays in approvals can affect the growth of the market.
By product, the global ophthalmic devices market is segmented into vision care products, surgical devices, diagnostics & monitoring devices.
The Vision care segment is dominating the global market as it includes eyeglasses, contact lenses, and other products that are used for vision correction or vision enhancement. The segment is likely to hold a dominant position in the global ophthalmic devices market in the years to come. This is because vision care products, such as eyeglasses and contact lenses, are widely used by a large population around the world to correct or enhance their vision. Additionally, the demand for vision care products is likely to increase in the coming years due to various factors, such as increasing prevalence of eye disorders, growing awareness about eye health, and technological advancements in the field of vision care.
By End Users
By end users, the market is segmented into consumers, hospitals, and specialty clinics and Ambulatory centers. Wherein, the consumers segment is projected to hold more than 56% market share in the years to come.
This dominance of the consumers segment can be attributed to several factors such as increasing awareness among individuals about eye health, the availability of a wide range of vision care products, and the growing trend of self-diagnosis and self-treatment. Additionally, the rising prevalence of vision disorders and the availability of cost-effective treatment options further fuel the demand for ophthalmic devices among consumers.
It is projected that North America will hold a dominant position in the global ophthalmic devices market . This can be attributed to several factors such as the presence of well-established healthcare infrastructure, high healthcare expenditure, and favorable reimbursement policies. Additionally, the increasing prevalence of eye disorders, the growing geriatric population, and the rising demand for advanced surgical procedures are likely to drive the growth of the market in this region.
The United States is expected to be a major contributor to the growth of the ophthalmic devices market in North America due to factors such as high adoption of advanced ophthalmic technologies, increasing investments in research and development, and the presence of major market players in the region. Moreover, the increasing awareness about eye health and the availability of cost-effective treatment options are also expected to fuel the demand for ophthalmic devices in North America.
List of Key Companies Profiled:
Segmentation Overview of the Global Ophthalmic Devices Market
By Vision Care
By Surgical Devices
By Diagnostic & Monitoring Devices
By End Users
|Market Size Value in 2022||US$ 44.3 Bn|
|Expected Revenue in 2031||US$ 69.2 Bn|
|Unit||Value (USD Bn)|
|Segments covered||By Product, By Vision Care, By Surgical Devices, By Diagnostic & Monitoring Devices, By End Users, By Region|
|Key Companies||Alcon, Bausch + Lomb, Canon Inc., Carl Zeiss Meditec AG, Clearlab SG PTE, Ltd., EssilorLuxottica SA, Glaukos Corporation, Haag-Streit Holding, HEINE Optotechnik, Hoya Corporation, Johnson & Johnson Vision, Lumenis, Luneau Technology Group, Neo Vision, Nidek Co. Ltd., OcuLentis, STAAR Surgical Company, Topcon Corporation, Ziemer Ophthalmic Systems AG, Marco, Kowa Optimed. Inc., Oculus Inc., Reichert, Inc., Beye, LLC(Keeler), CSO srl, Takagi, Rexxam, Inami, Welch Allyn, Huvitz, Plusoptix, Tomey, Volk, Ellex Medical Laser Limited, Iridex Corp., Other Prominent players|
|Customization Scope||Get your customized report as per your preference. Ask for customization|
The Global Ophthalmic Devices Market is expected to reach USD 69.2 Billion by 2031.
Advanced surgical procedures such as multi-wavelength diabetic retinopathy treatment, ultrasound phacoemulsification, and femtosecond laser surgery are expected to increase the usage rate of this equipment.
The dawn of technological advanced minimally invasive surgical treatments, such as LASIK surgery, is presumed to accelerate the demand for ophthalmic devices in future.
Lack of ophthalmic practitioners and high cost of the ophthalmic surgery procedures are some major factors hindering the growth of the ophthalmic devices market.
Some of the latest surgical devices available in the market are Cataract Surgical Devices, Ophthalmic Viscoelastic Devices, Vitreoretinal Surgical Devices, Refractive Surgical Devices, Glaucoma Surgical Devices, Ophthalmic Microscopes, Ophthalmic Surgical and Accessories.
The market is expected to grow at a CAGR of 6.9% in terms of revenue in the forecasted period 2023-2031.
Due to high stress and unhealthy lifestyles, the rapidly growing base of the elderly population and increasing prevalence of chronic eye diseases have led to diabetic retinopathy which have acted as a major driver to the market.
North America is the largest shareholder in the market.
Asia Pacific is expected to grow at the highest of 7.9% during the forecasted period.
Ophthalmology services were severely impacted negatively. Many of the operations are optional, and routine healthcare consultations were avoided to prevent individuals especially elderly at risk of developing Covid-19 symptoms.
Key players in the ophthalmic devices market are Alcon, Bausch + Lomb, Carl Zeiss, Clearlab SG PTE, Ltd., Glaukos Corporation, Haag-Streit Holding, HEINE Optotechnik, Hoya Corporation, Johnson & Johnson Vision, Lumenis, and others.
The report provides market size estimates for period of 2018-2031. Wherein, 2018-2021 is the historic period. 2022 is the base year, and 2023-2031 is the forecast period.
The report provides detailed segment level market size forecast and analysis based on multiple parameters. These include By Product (3 subsegments), By Vision Care (2 subsegments), By Surgical Devices (7 Sub Segments), B Diagnostic and Monitoring Devices (17 sub segments), By End Users (4 sub segments).