The global ophthalmic devices market is projected to register a CAGR of 2.90% in terms of value, from 2023 to reach USD 67.24 Billion by 2032, according to a new report by Reports and Data. Shift from spectacles to contact lenses and the increasing use of minimally invasive surgeries are some of the major trends in the ophthalmology devices market. An increase in the aging population has propelled the prevalence of eye disorders across the globe. Shift from spectacles to contact lenses and the increasing use of minimally invasive surgeries are some of the major trends in the ophthalmology devices market.
The rapid urbanization has led to the quick adoption of digital devices such as smartphones, computers, tablets, television, laptops, e-reader, and game consoles. Long hours spent in front of the digital screens continuously results in eye-related issues such as itchy eyes, eye strain, blurred vision, headaches, or neck pain.
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Jules Stein Eye Institute and the Mechatronics and Control Laboratory collaboratively developed Intraocular Robotic Interventional and Surgical System (IRISS). This device has the ability to perform both anterior and posterior segment intraocular surgery. It consists of a master surgical manipulators and microscope mounted cameras for 3-D teleoperated surgical visualization.
As per the World Health Organization, 8 million people in India were blind, and 54 million were visually impaired, in 2017. The rising case of people suffering from eye problems in India and China are propelling market demand. An increase in funding by the government and establishment of clinics and centers across the countries are also encouraging growth of the market product.
Key Coverage of the Report
- Estimation of the market size along with historical and forecasted trend analysis.
- Various technologies available for the market have been analyzed. Statistical analysis has been conducted on obtaining the individual share of these segments.
- Share of end-users, including Hospitals, Consumers, Specialty Clinics, and Ambulatory Surgical Centers, have been estimated.
- Regional up-coming research and application outlook.
- Regional prevalence of Ophthalmic Devices has been mapped.
- Demand and Supply GAP Analysis
- Regional Competitors Pricing Strategy
- Market share analysis of the top industry players
- Strategic recommendations for the new entrants
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments.
Salient Trends of the Ophthalmic Devices Market
- Rapid growth in the geriatric population has led to an increase in the incidence of eye-related problems, which in turn drives the market for ophthalmic devices.
- Advancements in technology in ophthalmic lasers, such as the development of femtosecond lasers, have reduced the times of surgeries and has improved procedural outcomes. However, the high cost of these instruments is expected to hinder the growth of the market. According to the Singapore Eye Research Institute (SERI), the price of a femtosecond laser was USD 400,000–USD 550,000, which limits its adoption among end-users.
- According to the World Health Organization (WHO), in 2023, Diabetes is the leading cause of blindness and is responsible for an estimated 1.6 million deaths in 2023.Thus, this increase in prevalence of various chronic ophthalmic diseases linked with diabetes fuels the demand for ophthalmic devices market.
- According to the American Academy of Ophthalmology, glaucoma affects more than 2.7 million Americans age 40 and older, leading to the rise in demand of the ophthalmic procedure and medication.
- In December 2017, the Pascal laser has received FDA clearance to offer pattern scanning laser trabeculoplasty, which provides minimally traumatic computer-guided laser treatment for reducing IOP in open-angle glaucoma.
- The market for ophthalmic devices in Europe is expected to grow because of the presence of a large geriatric base, introduction of advanced technologies, and high instances of eye diseases
Companies considered and profiled in this market study
Bausch + Lomb, Johnson & Johnson, Alcon, Topcon, Carl Zeiss Meditec, Essilor, Nidek, Haag-Streit, Ziemer Ophthalmic Systems, and Staar Surgical, among others.
- The valuation for the Ophthalmic Devices Market was USD 49.53 Billion in 2023, and it is expected to reach USD 65.60 Billion by 2032.
- Corneal topography, under diagnostic and monitoring device, is a non-invasive medical imaging technique for mapping the outer structure of the eye, the surface curvature of the cornea. As the cornea is usually responsible for some 70% of the eye’s refractive power, its topography is of crucial importance in determining the quality of vision and corneal health.
- The number of people suffering from cataract increases globally with an increase in the population ages. Immediate rehabilitation of visual is possible after cataract surgery. Despite that cataract is easily treated and the surgery is one of the most cost-effective procedures, in many poor and remote areas of the developing world, people still remain blind from cataracts, primarily due to the lack of access to eye care.
- Specialty Clinics are emerging in urban and rural areas and consists of advanced technologies and skilled professional to help people suffering from eye problems. The demand of the ophthalmology devices from these end users are also significant.
- North America held the largest market share in the ophthalmology devices market, owing to the introduction of highly advanced devices and techniques, prevalence of eye defects due to lifestyle changes, and government’s supportive reimbursement policies. About 1.3 million Americans were blind, 2.9 million had low vision or eyesight, 24 million suffered from cataract in the year 2014, according to the National Eye Institute.
Segments covered in the report:
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the industry trends in each of the sub-segments from 2023 to 2032. For the purpose of this report, have segmented into the global Ophthalmic Devices Market on the basis of device, type of disorders, end-users, and region:
Device Outlook (Revenue, USD Billion; 2023-2032)
- Surgical Device
- Diagnostic and Monitoring Device
- Vision Care
Type of Disorders Outlook (Revenue, USD Billion; 2023-2032)
- Vitreo Retinal Disorder
- Refractor Disorders
End-Users Outlook (Revenue, USD Billion; 2023-2032)
- Specialty Clinics
- Ambulatory Surgical Centers
Regional Outlook (Revenue, USD Billion; 2023-2032)
- North America
- Asia Pacific
- Latin America
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