Ophthalmic Devices Global Market Report 2024

The ophthalmic devices market size has grown rapidly in recent years. It will grow from $41.18 billion in 2023 to $45.6 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth observed during the historical period can be attributed to several factors, including the aging population, the increasing prevalence of eye diseases and vision problems, regulatory changes affecting the healthcare industry, and the expansion and enhancement of healthcare infrastructure. These factors have collectively contributed to the growth and development of ophthalmic devices and their use in diagnosing and treating eye-related conditions.

The ophthalmic devices market size is expected to see strong growth in the next few years. It will grow to $66.1 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The projected growth in the forecast period can be attributed to various factors, including the rising rates of diabetes and related eye conditions, the increased adoption of telemedicine and remote monitoring in eye care, the growth of emerging markets, the expansion of minimally invasive surgical techniques, and advancements in genetics and personalized medicine in ophthalmology. Notable trends in the forecast period encompass the integration of artificial intelligence (AI) and machine learning in diagnostics and treatment, the use of wearable technology in vision care, the emergence of teleophthalmology, the development of sustainable and eco-friendly ophthalmic devices, and the continued emphasis on patient-centric care in the field of ophthalmology.

The ophthalmic device market is poised for growth, primarily due to the increasing incidence and prevalence of eye diseases. Eye conditions such as age-related macular degeneration (AMD), glaucoma, and cataracts are becoming significant contributors to visual impairment and blindness on a global scale. Ophthalmic devices are indispensable in the diagnosis, treatment, and management of various eye disorders. For instance, in June 2022, data from the National Institute of Eye, a part of the U.S. Department of Health and Human Services, projected that the number of individuals with visual impairment or blindness is expected to double by 2050. In the United States alone, approximately 12 million individuals aged 40 and above experience vision impairment, with roughly a million facing blindness. The growing incidence and prevalence of eye-related disorders are expected to propel the use of ophthalmic devices in the diagnosis and treatment of these conditions.

The primary categories within the field of ophthalmic devices include vision care devices and equipment, cataract surgery devices and equipment, refractive surgery devices and equipment, and diagnostic and monitoring ophthalmic devices and equipment. Cataract surgery devices and equipment, for example, involve the use of devices that emit ultrasound waves to soften and break up the lens, making it easier to remove through suction. Expenditure in this domain can come from both public and private sources, and the products used encompass instruments/equipment and disposables. Ophthalmic devices serve a wide range of end users, including hospitals and clinics, diagnostic laboratories, and other healthcare facilities.

The ophthalmic devices market research report is one of a series of new reports that provides ophthalmic devices market statistics, including ophthalmic devices industry global market size, regional shares, competitors with a ophthalmic devices market share, detailed ophthalmic devices market segments, market trends and opportunities, and any further data you may need to thrive in the ophthalmic devices industry. This ophthalmic devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The ophthalmic device market is also set to benefit from the increasing geriatric population. With geriatrics referring to the medical care of older individuals, this demographic is more susceptible to age-related eye conditions, driving the demand for ophthalmic devices. For example, data from the World Trade Organization in October 2022 revealed that from 2020 to 2021, the population aged 60 and above increased from 1 billion to 1.4 billion. By 2050, the global population of adults aged 60 and older is projected to double to 2.1 billion. The number of people aged 80 or older is anticipated to triple between 2020 and 2050, reaching 426 million. Hence, the expanding geriatric population is a key driver of the ophthalmic device market's growth.

Technological advancements represent a notable trend in the ophthalmic devices market. Leading companies in the sector are dedicated to introducing new technologies, including automated and advanced platforms that enhance diagnosis and treatment. For instance, in March 2022, Alcon, a Swiss-American pharmaceutical and medical device company, introduced its Clareon family of intraocular lenses (IOLs) in the U.S. These Clareon lenses feature glistening-free IOL material, offering sharp, crisp vision and proprietary enhancements that reduce glare and posterior capsular opacification.

Major companies in the ophthalmic devices market are focusing on developing innovative products to maintain their market standing. They invest in research and development to introduce inventive products and expand their market share. For example, in May 2023, Sight Sciences Inc., a U.S.-based eyecare technology company, announced the development of two innovative ophthalmic systems, both featuring proprietary glaucoma and dry eye technologies such as the OMNI Surgical System and the TearCare System. The OMNI Surgical System technology facilitates minimally invasive, implant-free glaucoma procedures for adults with primary open-angle glaucoma, while the TearCare System offers an interventional eyelid procedure for patients with evaporative dry eye disease due to meibomian gland dysfunction through localized heat therapy.

Major companies operating in the ophthalmic devices market include Luxottica Group S.p.A., Johnson & Johnson, Hoya Corporation, CooperVision AG, Bausch Health Companies Inc., Carl Zeiss AG, Flex Ltd., Nidek Co. Ltd., Topcon Corporation, Rostec State Corporation, Alcon Inc., EssilorLuxottica, Novartis AG, Pfizer Inc., Regeneron Pharmaceuticals Inc., Roche Holding AG, Takeda Pharmaceuticals, AbbVie Inc., Otsuka Pharmaceutical Co. Ltd., Edwards Lifesciences Corp., Santen Pharmaceutical Co. Ltd., Rohto Pharmaceutical Co. Ltd., Veeva System Inc., Recipharm AB, Menicon Co. Ltd., Chengdu Kanghong Pharmaceutical, Bangladesh Export Import Company Limited, Glaukos Corporation, STAAR Surgical Company, Omeros Corporation, Aerie Pharmaceuticals Inc., Alimera Sciences Inc., Bora Pharmaceuticals Co. Ltd., Iridex.

North America was the largest region in the global ophthalmic devices market in 2023. Asia-Pacific was the second largest region in the global ophthalmic devices market. Africa. was the smallest region in the global ophthalmic devices market. The regions covered in the ophthalmic devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the ophthalmic devices market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa

The ophthalmic devices consist of sales of instruments such as optical coherence tomography scanners, perimeters/visual field analyzers, ophthalmic pachymeters, wavefront aberrometers, and others. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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