Ophthalmic Devices Market Forecasts to 2030 - Global Analysis By Product, Application, End User and By Geography

According to Stratistics MRC, the Global Ophthalmic Devices Market is accounted for $7.4 billion in 2024 and is expected to reach $10.3 billion by 2030, growing at a CAGR of 5.7% during the forecast period. Specialized instruments and tools known as ophthalmic devices are used to diagnose, track, and treat a variety of eye disorders. Products in this category include contact lenses, phacoemulsification equipment, intraocular lenses, slit lamps, and optical coherence tomography machines. These tools are essential for managing eye health, performing surgeries, and improving vision. Ophthalmic devices continue to evolve as a result of technological advancements, improving patient outcomes, accuracy, and efficiency in eye care procedures all over the world.

According to the World Health Organization (WHO), at least 2.2 billion people have a near or distance vision impairment. In at least 1 billion of these cases, vision impairment could have been prevented or is yet to be addressed. And of those with unaddressed vision impairment or blindness, 90% live in low- and middle-income countries (LMICs).

Market Dynamics:

Driver:

Increasing prevalence of optical disorders

The rising incidence of optical disorders such as glaucoma, cataracts, and diabetic retinopathy is a significant driver for the ophthalmic devices market. As the global population ages, the prevalence of age-related eye conditions increases, creating a growing demand for diagnostic and treatment devices. Additionally, lifestyle factors like increased screen time and poor nutrition contribute to the rise in refractive errors and other eye problems. This trend necessitates advanced ophthalmic devices for early detection, accurate diagnosis, and effective treatment, thereby fueling market growth.

Restraint:

High costs

Cutting-edge technologies like femtosecond lasers and AI-powered diagnostic tools come with substantial price tags, making them less accessible to healthcare providers in developing regions or smaller clinics. Moreover, the high cost of treatments using these devices can be prohibitive for patients, especially in areas with limited insurance coverage or reimbursement options. This cost barrier can slow down the adoption of new technologies and limit market expansion.

Opportunity:

Increase in ambulatory surgery centers

ASCs offer a more cost-effective and efficient alternative to traditional hospital settings for many ophthalmic procedures. This trend is driving demand for compact, portable, and user-friendly ophthalmic devices tailored to outpatient settings. The rise of ASCs also encourages manufacturers to develop innovative devices that enhance procedural efficiency and patient outcomes in these specialized facilities. As more patients opt for the convenience and reduced costs of ASCs, the market for ophthalmic devices adapted to these settings is expected to expand considerably.

Threat:

Risk associated with ophthalmic surgeries

Despite technological advancements, procedures like cataract surgery, LASIK, and retinal surgeries carry potential complications such as infection, vision loss, or the need for additional surgeries. These risks can lead to patient hesitation and increased scrutiny from regulatory bodies, potentially slowing down the adoption of new surgical techniques and devices. Additionally, any high-profile incidents or recalls related to ophthalmic devices can damage consumer confidence and impact market growth.

Covid-19 Impact:

The COVID-19 pandemic initially disrupted the ophthalmic devices market due to postponed elective surgeries and reduced patient visits. However, it also accelerated the adoption of telemedicine and remote diagnostic tools in ophthalmology. The pandemic highlighted the need for innovative, contactless examination devices and spurred the development of AI-powered diagnostic solutions, reshaping the market landscape and potentially driving long-term growth in digital ophthalmic technologies.

The hospitals and clinics segment is expected to be the largest during the forecast period

Over the forecasted timeframe, the hospitals and clinics segment is anticipated to dominate the market share. This dominance can be attributed to the comprehensive range of eye care services offered in these settings, from routine check-ups to complex surgical procedures. Hospitals and clinics typically have the financial resources to invest in advanced ophthalmic equipment and technologies, making them primary adopters of new devices. Additionally, the trend towards integrated eye care services in hospitals and specialized eye clinics further solidifies this segment's leading position in the market.

The refractive disorders segment is expected to have the highest CAGR during the forecast period

The refractive disorders segment is expected to register lucrative growth during the estimation period. This rapid growth can be attributed to the increasing prevalence of refractive errors worldwide, particularly myopia, hyperopia, and astigmatism. Factors such as increased screen time, urbanization, and changing lifestyles contribute to the rising incidence of these disorders. The segment's growth is further fueled by technological advancements in diagnostic and treatment devices, including advanced wavefront aberrometers and femtosecond lasers for refractive surgeries.

Region with largest share:

Over the forecast period, the North America region is anticipated to hold the largest market share. This dominance can be attributed to the region's advanced healthcare infrastructure, high healthcare expenditure, and early adoption of innovative medical technologies. The presence of major market players and research institutions in North America drives continuous innovation and product development in ophthalmic devices. Additionally, the region's aging population and high prevalence of eye disorders, coupled with favorable reimbursement policies and increased awareness of eye health, contribute to the strong demand for ophthalmic devices in the region.

Region with highest CAGR:

Over the forecasted timeframe, the Asia Pacific region is anticipated to exhibit the highest CAGR. This rapid growth can be attributed to the region's large and growing population, increasing prevalence of eye disorders, and improving healthcare infrastructure. Rising disposable incomes and growing awareness of eye health in countries like China and India are driving demand for advanced ophthalmic treatments. The region is also witnessing a surge in medical tourism for eye care, particularly in countries offering high-quality treatments at competitive prices. Moreover, government initiatives to improve healthcare access and the expansion of private eye care facilities are creating favorable conditions for market growth.

Key players in the market

Some of the key players in Ophthalmic Devices Market include Alcon Inc., Johnson & Johnson Vision Care, Bausch Health Companies Inc., Carl Zeiss Meditec AG, EssilorLuxottica SA, Hoya Corporation, Nidek Co. Ltd., Topcon Corporation, Ziemer Ophthalmic Systems AG, Haag-Streit Group, Volk Optical Inc., Optovue Inc., Glaukos Corporation, STAAR Surgical Co., Canon Inc., Novartis AG, Cooper Companies, Inc., and Iridex Corporation.

Key Developments:

In September 2024, Johnson & Johnson, a global leader in eye health, announced the expansion of its latest advancement in presbyopia-correcting intraocular lenses (PC-IOL), TECNIS Odyssey, in the U.S. The new full visual range IOL offers patients unmatched continuous full range of vision, allowing them to see clearly from far to near and in between, minimizing their need for glasses. The TECNIS Odyssey IOL is built on the TECNIS platform, providing twice the contrast in low lighting compared to PanOptix.

In July 2024, Alcon, the global leader in eye care dedicated to helping people see brilliantly, today announced the closing of its deal to acquire BELKIN Vision with a total upfront consideration of $81M, including a cash payment of approximately $65M.

In April 2024, Carl Zeiss Meditec AG announced that, after securing all required regulatory approvals, it has completed the acquisition of 100% of D.O.R.C. (Dutch Ophthalmic Research Center) from the investment firm Eurazeo SE, Paris, France. The acquisition enhances and complements ZEISS Medical Technology's broad ophthalmic portfolio and range of digitally connected workflow solutions for addressing a wide variety of eye conditions, spanning retina and cornea disorders, cataract, glaucoma, and refractive errors.

Products Covered:

• Diagnostic and Monitoring Devices
• Surgical Devices
• Vision Care Products
• Ophthalmic Ultrasound Imaging Systems
• Other Products

Applications Covered:

• Cataract
• Glaucoma
• Refractive Disorders
• Diabetic Retinopathy
• Age-Related Macular Degeneration (AMD)
• Dry Eye
• Other Applications

End Users Covered:

• Hospitals and Clinics
• Ambulatory Surgery Centers (ASCs)
• Ophthalmic Practices
• Research Institutes

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
• 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
• Supply chain trends mapping the latest technological advancements

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  • Comprehensive profiling of additional market players (up to 3)
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• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
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