The global ophthalmology devices market is estimated to grow at a CAGR of 4.91% during the forecast period from 2024 to 2030. The demand for Ophthalmology Devices is primarily being boosted by the increasing prevalence of eye disorders such as cataracts, glaucoma, and refractive disorders among others. Additionally, growing technological advancement in the domain of ophthalmology, increasing ocular injuries due to trauma, and growing geriatric population are some of the contributing factors to the growth of the Ophthalmology Devices market during the forecast period from 2024-2030.
Moreover, the World Health Organization's latest study highlights corneal blindness as the third-leading cause of blindness globally, following glaucoma and cataracts, impacting around 10 million people. The International Myopia Institute's 2023 report indicates that 30% of the global population currently suffers from myopia, with estimates suggesting a surge to 50% by 2050, affecting approximately five billion individuals. Notably, myopia is particularly prevalent in East and Southeast Asia, with countries like South Korea, China, and Japan experiencing rates as high as 80 to 90%.
With the escalating prevalence of various eye disorders, there arises an increasing need for the diagnosis, treatment, and management of such conditions, thereby driving growth in the ophthalmology devices market.
Furthermore, a 2022 study titled "Traumatic Blindness - A Clinical Study" estimates that around 3 million ocular injuries occur annually in the United States, with approximately 20,000 to 68,000 of these injuries being vision-threatening and 40,000 resulting in significant vision loss.
As incidents of ocular trauma rise, there is a growing demand for effective solutions to manage such disorders, fueling positive growth in the ophthalmology devices market.
However, the high cost of ophthalmology devices and stringent regulatory requirements can be a significant challenge to the growth of the ophthalmology devices market.
In the product type segment of the ophthalmology devices market, vision correction devices are projected to dominate revenue share in 2023. This surge can be attributed to the increasing prevalence of refractive errors such as myopia and hyperopia. Additionally, there's a rising demand for vision correction devices not only for functional purposes but also for aesthetic enhancements. Many individuals seek options like contact lenses or refractive surgery to improve their appearance.
Technological advancements have notably improved the comfort and efficacy of vision correction devices. For instance, innovations in contact lens materials and designs have resulted in more comfortable options for users.
Moreover, as the demand for this segment grows, industry players are introducing novel products. For instance, in September 2022, Johnson & Johnson Vision Care launched its latest innovation, ACUVUE® OASYS MAX 1-DAY contact lenses and ACUVUE® OASYS MAX 1-Day MULTIFOCAL contact lenses for presbyopia.
These factors are expected to propel significant growth in the Vision Correction devices category, consequently driving overall expansion in the Ophthalmology Devices market during the forecast period.
According to data published by the Centers for Disease Control and Prevention (CDC) in 2023, it was estimated that approximately 20.5 million people in the United States, which accounted for 17.2% were suffering from cataracts in one or both eyes in the year 2020. Thus, the increasing burden of ocular disorders in the United States will eventually create a need for the diagnosis, management, and treatment of such ophthalmic disorders, which will further propel the market for Ophthalmology Devices market in North America.
Further, various key product launches and product approvals in the region are some of the other factors that are influencing the positive growth of the market in North America. For Example in April 2023, Johnson & Johnson Vision received FDA 510(k) clearance from the US FDA for its new ELITA Femtosecond Laser for the creation of LASIK flaps.
Therefore, the factors mentioned above, and the increasing product launches and product approvals in the region are some of the important factors which are thereby responsible for driving the overall market for Ophthalmology Devices in North America during the forecast period.
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Ophthalmology Devices Market Dynamics:
According to data from the BrightFocus Foundation in 2022, approximately 80 million individuals worldwide are afflicted with glaucoma, with projections indicating a rise to over 111 million by 2040. Additionally, blindness or low vision affects 3.3 million Americans aged 40 and above, as per the same source.Moreover, the World Health Organization's latest study highlights corneal blindness as the third-leading cause of blindness globally, following glaucoma and cataracts, impacting around 10 million people. The International Myopia Institute's 2023 report indicates that 30% of the global population currently suffers from myopia, with estimates suggesting a surge to 50% by 2050, affecting approximately five billion individuals. Notably, myopia is particularly prevalent in East and Southeast Asia, with countries like South Korea, China, and Japan experiencing rates as high as 80 to 90%.
With the escalating prevalence of various eye disorders, there arises an increasing need for the diagnosis, treatment, and management of such conditions, thereby driving growth in the ophthalmology devices market.
Furthermore, a 2022 study titled "Traumatic Blindness - A Clinical Study" estimates that around 3 million ocular injuries occur annually in the United States, with approximately 20,000 to 68,000 of these injuries being vision-threatening and 40,000 resulting in significant vision loss.
As incidents of ocular trauma rise, there is a growing demand for effective solutions to manage such disorders, fueling positive growth in the ophthalmology devices market.
However, the high cost of ophthalmology devices and stringent regulatory requirements can be a significant challenge to the growth of the ophthalmology devices market.
Ophthalmology Devices Market Segment Analysis:
Ophthalmology Devices Market by Product Type (Diagnostic Devices {Corneal Topography Systems, Optical Coherence Tomography Scanners, Ophthalmoscopes, Autorefractors and Keratometers, Tonometers, and others}, Surgical Devices {Ophthalmological Lasers, Intraocular Lenses, Glaucoma Drainage Devices, and Others surgical devices}, and Vision Correction Devices {Contact Lens and Spectacles}), Application (Glaucoma, Cataract, Refractive Disorders, Retinal Disorders, and Others), End-User (Hospitals, Eye Clinics, Ambulatory Surgical Centers, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)In the product type segment of the ophthalmology devices market, vision correction devices are projected to dominate revenue share in 2023. This surge can be attributed to the increasing prevalence of refractive errors such as myopia and hyperopia. Additionally, there's a rising demand for vision correction devices not only for functional purposes but also for aesthetic enhancements. Many individuals seek options like contact lenses or refractive surgery to improve their appearance.
Technological advancements have notably improved the comfort and efficacy of vision correction devices. For instance, innovations in contact lens materials and designs have resulted in more comfortable options for users.
Moreover, as the demand for this segment grows, industry players are introducing novel products. For instance, in September 2022, Johnson & Johnson Vision Care launched its latest innovation, ACUVUE® OASYS MAX 1-DAY contact lenses and ACUVUE® OASYS MAX 1-Day MULTIFOCAL contact lenses for presbyopia.
These factors are expected to propel significant growth in the Vision Correction devices category, consequently driving overall expansion in the Ophthalmology Devices market during the forecast period.
North America Is Expected To Dominate The Overall Ophthalmology Devices Market:
North America is expected to account for the highest proportion of the ophthalmology devices market in 2023, out of all regions. This is due to the high prevalence of ophthalmological disorders in the region. Additionally, the presence of advanced healthcare infrastructure, robust research and development initiatives, and a highly potent market in terms of product development, and launches are some of the key factors driving the growth of the ophthalmology devices market in North America.According to data published by the Centers for Disease Control and Prevention (CDC) in 2023, it was estimated that approximately 20.5 million people in the United States, which accounted for 17.2% were suffering from cataracts in one or both eyes in the year 2020. Thus, the increasing burden of ocular disorders in the United States will eventually create a need for the diagnosis, management, and treatment of such ophthalmic disorders, which will further propel the market for Ophthalmology Devices market in North America.
Further, various key product launches and product approvals in the region are some of the other factors that are influencing the positive growth of the market in North America. For Example in April 2023, Johnson & Johnson Vision received FDA 510(k) clearance from the US FDA for its new ELITA Femtosecond Laser for the creation of LASIK flaps.
Therefore, the factors mentioned above, and the increasing product launches and product approvals in the region are some of the important factors which are thereby responsible for driving the overall market for Ophthalmology Devices in North America during the forecast period.
Ophthalmology Devices Market Key Players:
Some of the key market players operating in the Ophthalmology Devices market include Bausch + Lomb., Carl Zeiss Meditec AG, Johnson & Johnson, Alcon Inc., HAAG-STREIT AG, Topcon Corporation, Tomey USA, Cooper Vision Inc., Orion Vision Group, Volk Optical, Inc., Ziemer Ophthalmic Systems AG, Optos, Canon Medical Systems, USA., BVI, NIDEK CO., LTD., Visionix, OCULUS, Inc., Brighten Optix Corporation, Optotech Medical, Kowa Company Ltd., and others.Recent Developmental Activities In The Ophthalmology Devices Market:
- In June 2023, Bausch + Lomb Corporation launched INFUSE Multifocal silicone hydrogel (SiHy) daily disposable contact lenses in the United States. These new daily disposable lenses keep patient’s eyes comfortable and dry-free.
- In July 2021, Topcon Corporation acquired VISIA Imaging S.r.l. The main objective of the acquisition is to reinforce Topcon’s position as a leading ophthalmic diagnostic device manufacturer.
Key Takeaways From The Ophthalmology Devices Market Report Study
- Market size analysis for current Ophthalmology Devices Market size (2023), and market forecast for 6 years (2024-2030)
- Top key product/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years
- Key companies dominating the Ophthalmology Devices market.
- Various opportunities available for the other competitors in the Ophthalmology Devices Market space.
- What are the top-performing segments in 2023? How these segments will perform in 2030?
- Which are the top-performing regions and countries in the current Ophthalmology Devices market scenario?
- Which are the regions and countries where companies should have concentrated on opportunities for Ophthalmology Devices market growth in the coming future?
Target Audience Who Can Be Benefited From This Ophthalmology Devices Market Report Study
- Ophthalmology Devices product providers
- Research organizations and consulting companies
- Ophthalmology devices-related organizations, associations, forums, and other alliances
- Government and corporate offices
- Start-up companies, venture capitalists, and private equity firms
- Distributors and Traders dealing in Ophthalmology Devices
- Various End-users who want to know more about the Ophthalmology Devices Market and the latest technological developments in the Ophthalmology Devices market.
Frequently Asked Questions For The Ophthalmology Devices Market:
1. What is meant by Ophthalmology Devices market?
Ophthalmology devices are instruments or tools used by eye care professionals, such as ophthalmologists and optometrists, to diagnose, treat, and manage various eye conditions and diseases.2. What is the market for Ophthalmology Devices?
The global ophthalmology devices market is estimated to grow at a CAGR of 4.91% during the forecast period from 2024 to 2030.3. What are the drivers for the global Ophthalmology Devices market?
The Ophthalmology Devices market is slated to witness prosperity owing to factors such as the prevalence of eye disorders such as cataracts, glaucoma, and refractive disorders. Additionally, growing technological advancement in the domain of ophthalmology, increasing ocular injuries due to trauma, and growing geriatric population are some of the contributing factors to the growth of the Ophthalmology Devices market during the forecast period from 2024-2030.4. Who are the key players operating in the global Ophthalmology Devices market?
Some of the key market players operating in the Ophthalmology Devices market include Bausch + Lomb., Carl Zeiss Meditec AG, Johnson & Johnson, Alcon Inc., HAAG-STREIT AG, Topcon Corporation, Tomey USA, Cooper Vision Inc., Orion Vision Group, Volk Optical, Inc., Ziemer Ophthalmic Systems AG, Optos, Canon Medical Systems, USA., BVI, NIDEK CO., LTD., Visionix, OCULUS, Inc., Brighten Optix Corporation, Optotech Medical, Kowa Company Ltd., and others.5. Which region has the highest share in the global Ophthalmology Devices market?
North America is expected to dominate the overall Ophthalmology Devices market during the forecast period, 2024 to 2030. This can be attributed high prevalence of eye disorders in the region. Additionally, the presence of advanced healthcare infrastructure, robust research and development initiatives, and a highly potent market in terms of product development, and launches are some of the key factors driving the growth of the Ophthalmology Devices market in North America.This product will be delivered within 2 business days.
Table of Contents
1. Ophthalmology Devices Market Report Introduction
2. Ophthalmology Devices Market Executive Summary
4. Regulatory Analysis
5. Ophthalmology Devices Market Key Factors Analysis
6. Ophthalmology Devices Market Porter’s Five Forces Analysis
7. Ophthalmology Devices Market Assessment
8. Ophthalmology Devices Market Company and Product Profiles
List of Tables
List of Figures
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Bausch + Lomb.
- Carl Zeiss Meditec AG
- Johnson & Johnson
- Alcon Inc.
- HAAG-STREIT AG
- Topcon Corporation
- Tomey USA
- Cooper Vision Inc.
- Orion Vision Group
- Volk Optical, Inc
- Ziemer Ophthalmic Systems AG
- Optos
- Canon Medical Systems, USA.
- BVI
- NIDEK CO., LTD.
- Visionix
- OCULUS, Inc.
- Brighten Optix Corporation
- Optotech Medical
- Kowa Company Ltd.
