Global Ophthalmic Devices Market, By Product (Vision Care Products, Surgical Devices, Diagnostics & Monitoring Devices), By End User (Hospital and Eye Clinics, Academic and Research Laboratory, Other End Users), By Application (Cataract, Glaucoma, Vitreo Retinal Disorders, Refractor Disorders, Other Applications), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2023-2032

Report Overview

The Global Ophthalmic Devices Market size is expected to be worth around USD 76.0 Billion by 2032 from USD 48 Billion in 2022, growing at a CAGR of 4.8% during the forecast period from 2023 to 2032.

The market growth can be driven by the increasing prevalence of optical disorders like glaucoma, diabetic retinopathy, cataract, and vitreoretinal disorders, technical advancements in ophthalmic surgery, as well as diagnostic devices required for these target applications. As they are more likely to have age-related ophthalmic problems, the aging population is driving up demand for ophthalmic devices. The base for market expansion is also expected to be expanded by improved government measures to raise awareness of visual impairment.

The COVID-19 pandemic’s lockdown measures have led to increased screen time, which has been linked to the beginning and spread of a number of eye disorders. Accurate ocular disease diagnosis and treatment have been made possible by technological advancements. A better understanding of cataracts and macular degeneration and dry eye disease is now possible because of improvements in medication, laser technology, and surgical methods. Ophthalmic devices are likely to be used more often as a result of minimally invasive procedures including multi-wavelength diabetic retinopathy treatment, ultrasonic phacoemulsification, and femtosecond laser surgery. These procedures result in better clinical outcomes and shorter recovery periods.

Key Takeaways

• Market Growth: The market is set to grow from USD 48 Bn in 2022 to a projected USD 76 Bn by 2032 at a CAGR of 4.8%.
• Drivers: Increasing optical disorders and an aging population are driving demand for ophthalmic devices.
• Challenges: Limited access and high healthcare costs hinder market expansion.
• Opportunities: A rise in ophthalmology clinics and awareness presents growth prospects.
• Trends: Innovative tools, such as micro-invasive glaucoma surgical implants, are gaining popularity.
• Product Dominance: Vision care products, including eyeglasses and contact lenses, lead the market.
• Application Focus: Cataract treatments and refractive error correction are significant market segments.
• End-User Insights: Hospitals and clinics are dominant with a 77% market share; academic and research labs show potential growth.
• North America held a 43% market share in 2022, driven by the prevalence of diabetic retinopathy and chronic eye disorders.
• Asia-Pacific is expected to experience significant growth, driven by rising awareness and outsourcing activities.

Driving Factors

The market for ophthalmic devices has expanded as a result of the rise in the number of people suffering from diseases such as diabetic retinopathy, myopia, macular degeneration, cataract, and other types of ocular disorders. The market has grown significantly as a result of regional and national initiatives. The greater number of precise diagnoses generated by these ophthalmic devices contributes to rising market demand for these goods. The demand for such items has grown as a result of people’s growing knowledge of the importance of eye health. The market for ophthalmic equipment has expanded significantly in part due to cosmetic and aesthetic concerns as well.

Restraining Factors

There are fewer patients receiving treatment in emerging nations due to a number of problems, such as reduced per capita healthcare spending, restricted product accessibility, and a lack of knowledge regarding ocular illnesses. The increased cost of routine checks discourages those who cannot afford them from getting them. The market decline for ophthalmic devices is also a result of limited product accessibility. The number of people choosing such services is declining, in part because fewer people are aware of healthcare facilities. Also, many people cannot afford the treatment because of how expensive the tools are. The global ophthalmic devices market is shrinking as a result of these high-cost restrictions.

Growth Opportunities

The Ophthalmic devices industry has profited greatly from the increase in ophthalmology clinics and routine medical checkups. Also, as individuals become more aware of the advantages of having these tests done, there are fewer people who have these conditions, which results in a greater demand for ophthalmic devices, which in turn supports the substantial growth of this market. Other factors influencing the market’s expansion include the rise in ambulatory surgery centers, super-specialty hospitals, and other facilities that aid in boosting the utilization of these ophthalmic devices. All of these elements work together to create a significant opportunity for the device industry throughout the projection.

Trending Factors

Innovative tools, consumables, contact lenses, and other products have increased the demand for these tools among both patients and healthcare providers. One of the technologies with the quickest pace of growth for the treatment of mild to moderate glaucoma is the new micro-invasive glaucoma surgical implants. These ground-breaking implants are very effective and are probably going to close the glaucoma treatment gap. Market participants are concentrating on releasing cutting-edge micro-invasive glaucoma surgical implants that will fuel the expansion of the global ophthalmic devices market throughout the forecasted period.

Product Analysis

The surgical, diagnostics & monitoring, and vision care product segments make up the global market for ophthalmic devices. As it includes eyeglasses, contact lenses, and other items used for vision correction or improvement. The global market is dominated by the segment of vision care. In the upcoming years, the category is projected to maintain its leading position in the market for ophthalmic devices on a global scale. This is because of the reality that a sizable population uses vision care devices like eyeglasses and contact lenses to correct or improve their vision. Also, due to a number of variables, including an increase in the frequency of eye illnesses, greater public awareness of eye health, and technical developments in the field of vision care, the demand for goods for vision care is projected to rise in the future years.

Application Analysis

The market for ophthalmic devices was dominated by the cataract segment in 2022, which also held the biggest revenue share. Throughout the forecast period, this segment is anticipated to experience considerable expansion. This is explained by the widespread use of ophthalmic tools in cataract surgeries. This is due to the widespread use of ophthalmic devices in cataract operations.

Over the projected period, it is anticipated that the refractor disorders category will increase at the fastest rate. Ophthalmic instruments like phoropters and retinoscopes are highly favored for treating such illnesses and correcting refractive errors. Major market participants are focusing on introducing innovative ophthalmic diagnosis and treatment equipment in order to suit the needs of the expanding patient population.

End-User Analysis

The sector of hospitals and eye clinics, which had the largest market share of 77% for ophthalmic devices, is anticipated to remain dominant over the projection period. This can be attributable to the growing use of ophthalmic technology in hospitals and the low-cost, high-quality care offered in clinics. The need for new installations is projected to increase in the coming years as a result of the rising mergers and acquisitions between ophthalmic clinics and hospitals.

Also, many eye clinics are now establishing independent diagnostic divisions, which is encouraging the use of ophthalmic gadgets. Throughout the forecast period, the market is anticipated to rise as a result of the rising number of eye clinics that provide affordable treatment. During the projected period, there is expected to be significant growth in the market for academic and research laboratories. Ophthalmic care is supported by funding for academic and research labs.

Key Market Segments

Based on Product

• Vision Care Products
• Surgical Devices
• Diagnostics & Monitoring Devices

Based on Application

• Cataract
• Glaucoma
• Vitreo Retinal Disorders
• Refractor Disorders
• Other Applications

Based on End-User

• Hospital and Eye Clinics
• Academic and Research Laboratory
• Other End Users

Regional Analysis

In 2022, North America held a 43% share of the market. Due to the prevalence of diabetic retinopathy, vision loss, and blindness in the region, North America dominates the market for ophthalmology devices. High-impact contributing drivers for the sector are the rapidly aging population and the increased prevalence of chronic eye disorders brought on by poor lifestyles and high levels of stress, such as diabetic retinopathy.

The demand for ophthalmic devices in this region is also anticipated to increase as a result of the adoption of new reimbursement models for ophthalmologic therapy and a strict regulatory environment designed to ensure patient safety. During the projection period, Asia-Pacific is expected to have significant growth. The expansion might be attributable to the rising outsourcing activities for ophthalmology devices by significant market participants, like Alcon, Inc. Furthermore, one of the main growth-stimulating factors for developing nations like China and India is the rising awareness of modern corrective eyesight procedures.

Key Regions

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Key Players Analysis

Esillor and Alcon make up more than 30% of the top players in the global ophthalmic device market in terms of market revenue. Due to the relatively fragmented nature of the ophthalmic equipment market, these two companies enjoy a significant competitive advantage in terms of size and market share. A wide variety of ocular instruments, including surgical and corrective tools as well as therapeutic and diagnostic tools, are offered by Esillor and Alcon. Together with their product lines, these companies also offer services like training and education. Both organizations have put a lot of effort into developing their technology in order to keep themselves at the forefront of innovation.

Market Key Players

• Alcon Vision LLC
• Essilor International S.A
• Johnson & Johnson Vision Care
• Carl Zeiss Meditec AG
• Bausch & Lomb Incorporated
• Essilor International S.A
• Ziemer Ophthalmic System Ltd
• Nidek Co. Ltd
• TOPCON Corporation
• Haag-Streit Group
• Hoya Corporation
• OPHTEC BV
• ClearLab
• Other key Players.

Recent Developments

• In October 2021, NIDEK Co Ltd. announced Retina Scan Duo 2, a fundus camera and OCT system combo, Together with the user-friendly elements that were incorporated from the previous model, the system also has new and sophisticated functions that are designed to boost clinical efficiency and screening.
• In October 2021, The EIDON Ultra-Widefield Lens Module from iCare USA received 510K certification from the US FDA. This module can take single-shot retinal images up to 120 degrees or mosaic images up to 200 degrees.
• On May 20, 2021, Essilor Stellest received FDA approval in the United States. It is a type of eyeglass lens made to treat myopia and prevent it from worsening in children. This tactical choice will help the business broaden its product line and enter the ophthalmic devices market.
• In January 2022, Alcon acquired Ivantis, a business that creates the Hydrus microstent Glaucoma Surgery (MIGS) device, which is used to lower ocular pressure in open-angle glaucoma patients having cataract surgery. Due to this acquisition, Alcon now has a stronger market position. Together with highlighting its evidence-based research, it allowed Alcon to launch the Hydrus microstent on the global market.

Report Scope