Market Overview
The Global
Ophthalmic Devices Market size is projected to reach
USD 76.9 billion by 2024 and grow steadily at an average compound annual
growth rate of 5.1% until reaching a total
value of USD 120.3 billion in 2033.
Ophthalmic devices are medical devices specifically designed for the diagnosis and treatment of eye disorders and the global ophthalmic devices market includes its widespread assortment of products to diagnose, treat, and observe various eye diseases. The tendencies described in the current literature show that there is a rising rate of cataracts, glaucoma, and retinal diseases and technology. Such a scenario has been on the rise thanks to the existing improvement in eye care inventions.
The main trends in this market are concentrated on the higher popularity of minimally invasive surgical designs, devices, and AI diagnosis tools to extend a helping hand in the sphere of eye treatment. Services with higher accuracy and speed lead to the growth of the market and its expansion. The world population is gradually rising with an added aged population for whom treatment is often a concern. Indication of eye diseases, when diabetes is viewed as demographic and has also been on the rise, has created a need for ophthalmic devices as well. Diagnostic and besides, monitoring devices, surgical instruments, and vision care products are all-encompassed. Below this type of product, they also employed various strategies for this category of products.
OCT scanners and such are diagnostic structures that can be utilized by patients at home. Fundus cameras’ popularity is attributed to the early detection that comes with the models. It also consists of management tools related to several diseases and is greater in the aspect of cost. Bausch Health Companies and Ziemer Ophthalmic Systems AG mainly focus on research and development to be able to provide the latest technology in ophthalmic equipment that maintains their top spot.
The US Ophthalmic Devices Market
The US Ophthalmic Devices market is projected to be valued at USD 25.4 billion in 2024. It is expected to witness subsequent growth in the upcoming period as it holds USD 38.6 billion in 2033 at a CAGR of 4.8%.
![The US Ophthalmic Devices Market Growth Analysis](https://dimensionmarketresearch.com/reportimage/The-US-Ophthalmic-Devices-Market-Growth-Analysis.jpg)
The US ophthalmic device market is one of the largest and fastest-growing globally, driven by rising healthcare expenditure, expanding medical infrastructure development, an aging population, as well as technological advancement, and patient preference for minimally invasive surgery procedures such as cataracts or refractive procedures.
This represents an enormous opportunity for the US market, especially given AI-integrated diagnostic tools and personalized treatment options. Furthermore, chronic diseases like diabetes that pose risk factors for various eye disorders will present numerous growth prospects.
Recent developments in this market include collaborations and partnerships among major market
players and institutions to come up with innovations and launch new products, strengthening competition in the market. Firms have invested in expanding their product portfolio while making eyewear more accessible and cost-effective for customers.
Key Takeaways
- Market Value: The Global Ophthalmic Devices Market size is estimated to have a value of USD 76.9 billion in 2024 which is further expected to reach USD 120.3 billion in 2033.
- Global Growth Rate: The market is growing at a CAGR of 5.1 percent over the forecasted period.
- The US Market Value: The US Ophthalmic Devices market is projected to be valued at USD 38.6 billion in 2033 from a base value of USD 25.4 billion in 2024 at a CAGR of 4.8%.
- By Product Segment Insights: Diagnostic and monitoring devices are projected to dominate the global ophthalmology market as they hold 43.7% of the market share in 2024.
- By Application Segment Insights: Cataracts are anticipated to dominate the application segment as they hold 36.0% of the market share in 2024.
- Regional Analysis: North America is expected to have the largest market share in the global ophthalmic devices Market with a share of about 39.2% in 2024.
Use Cases
- Cataract Surgery: Utilizing cutting-edge intraocular lenses (IOLs) and phacoemulsification equipment, cataract surgery can safely and efficiently improve vision while shortening recovery times for patients.
- Glaucoma Management: Utilizing tonometers and optical coherence tomography (OCT) scanners to monitor intraocular pressure and optic nerve health in allowing real-time early intervention and the prevention of vision loss.
- Refractive Surgery: Refractive surgery utilizes excimer and femtosecond lasers to correct refractive errors such as myopia, hyperopia, and astigmatism - providing patients with an alternative solution to wearing glasses or contact lenses.
- Diabetic Retinopathy Screening: Employing fundus cameras and retinal imaging systems, this screening can detect early symptoms of diabetic retinopathy to provide timely treatment and avoid severe vision impairment.
Market Dynamic
Trends
Incorporation of AI into DiagnosticsArtificial intelligence has transformed eye diagnosis. Tools have been created to aid ophthalmologists in early and accurate diagnoses of diseases including diabetic retinopathy and macular degeneration. AI systems can process large volumes of data quickly and proficiently allowing ophthalmologists to make better diagnoses earlier than before, while individual patient treatment programs are designed using these systems, thus providing patients with superior patient care.
Increase in Minimally Invasive Surgeries
Ophthalmic practices around the world have increasingly adopted minimally invasive surgeries as part of their practice strategies, particularly laser cataract surgery and MIGS procedures which are minimally invasive, require shorter recovery times, cause less trauma to patients' bodies, and ultimately provide greater comfort to them. Such growth drivers include laser cataract surgery and MIGS.
Growth Drivers
Aging Population
An ever-increasing aging population worldwide is driving the global ophthalmic devices market forward. The elderly are more likely to develop age-related eye diseases such as cataracts, glaucoma, and macular degeneration - risk factors that translate to greater demand for diagnostic and surgical instruments from an ophthalmologist - such as cataract surgery, glaucoma treatment, or macular degeneration treatments; consequently resulting in higher demand for eye diagnostic and surgical instruments as a shift in demographics means higher needs for diagnostic and surgical instruments as demand from older individuals looking to preserve their sight while living an enhanced quality of life.
Increased Incidence of Diabetes
A significant factor fueling the expansion of the ophthalmic devices market is an increasing global incidence of diabetes, which is on an upward trend globally. Diabetes is widely acknowledged to contribute to various eye diseases including diabetic retinopathy, cataracts, and glaucoma - thus necessitating more eye checkups and treatment to ensure disordered pathologies don't develop further; high-tech equipment like fundus cameras and OCT scanners must also be included when testing these diseases for proper examination.
Growth Opportunities
Emerging Markets
Emerging markets in regions such as Asia-Pacific, Latin America, and the Middle East present significant growth opportunities for the ophthalmic devices market. These regions are experiencing improvements in healthcare infrastructure, increased healthcare spending, and a growing awareness of eye health. Companies are expanding their presence in these markets to capitalize on the rising demand for ophthalmic devices. Additionally, governments in these regions are implementing initiatives to improve access to eye care services, further driving market growth.
Technological Advancements
Continuous technological developments in ophthalmic devices create substantial growth opportunities. Technologies like optical coherence tomography (OCT) angiography, AI-powered diagnostic systems, and advanced surgical lasers are expanding eye care professionals' abilities by offering more precise diagnoses, better surgical outcomes, and enhanced patient care services. Companies investing in R&D for such advanced technologies stand to capture market share and drive industry development.
Restraints
High Cost of Advanced Devices
The high costs associated with advanced ophthalmic devices are an obstacle in developing regions. Many patients and healthcare providers struggle to afford them, which in turn limits adoption. Such costs can impede market expansion especially where budgets for healthcare services are stretched thin necessitating cost-efficient innovations and affordable pricing strategies to address this barrier to growth. Companies must prioritize cost-cutting innovations over high prices to effectively face this obstacle and overcome this challenge.
Stringent Regulatory Requirements
The ophthalmic devices market is subject to rigorous regulatory requirements and approval processes, making navigating them both time-consuming and costly for manufacturers. Authorities such as FDA in the United States and EMA in Europe impose stringent standards of safety and efficacy which can delay product launches while increasing development costs significantly. Compliance with such regulations is necessary to gain market access; however, compliance can present many difficulties for smaller firms with limited resources.
Research Scope and Analysis
By Product
Diagnostic and monitoring devices are projected to dominate the global ophthalmology market as they hold 43.7% of the market share in 2024. Diagnostic and monitoring devices are important in the global ophthalmic devices market because of their critical use in the early diagnosis and management of eye disease. These devices include OCT scanners, fundus cameras, and ophthalmic ultrasound imaging systems and are critical for the proper diagnosis and monitoring of glaucoma, cataracts, and retinal disorders.
![Ophthalmic Devices Market Product Share Analysis](https://dimensionmarketresearch.com/reportimage/Global-Ophthalmic-Devices-Market-Product-Share-Analysis.jpg)
The increasing incidence of eye diseases and the rising awareness regarding the need for early diagnosis are some of the factors projected to boost the overall demand for these devices. Advanced diagnostic tools enable them to catch the disease at its first stage, leading to timely intervention and better patient outcomes. For instance, OCT scanners are used to provide the imaging of the retina in high resolution with which any subtle changes could be identified, which may reflect the onset of diseases like macular degeneration and diabetic retinopathy.
In addition, advancements in technology toward advanced diagnostic devices that are user-friendly push up the demand for these devices. Artificial intelligence integrated into diagnostic tools provides more accurate and efficient ophthalmic practice, hence making the practice next to indispensable in modern practice. Leading market players are aimed at constant innovation and hence stay at the top in competitiveness, which drives through the market for diagnostic and monitoring devices.
By Application
Cataracts are anticipated to dominate the application segment as they hold 36.0% of the market share in 2024. The cataracts application segment occupies a strong majority of the global ophthalmic devices market because this disease is highly prevalent, particularly among the elderly population. Cataracts are the most common cause of vision loss and are associated with blindness worldwide. Their incidence is increasing owing to an increase in the world population's median age. This major demographic shift has driven massive demand for cataract surgery devices, including intraocular lenses, ophthalmic viscoelastic devices, and phacoemulsification devices.
Further, in cataracts, technological advances have helped surgical techniques and technologies innovate towards higher efficiency and greater access for the general populace. Technological advancements in surgery, including the work of a femtosecond laser in cataract surgery, along with premium intraocular lenses to correct a spectrum of vision problems other than cataracts, have been important determinants in improving surgical results and patient satisfaction. Apart from technology, other demographic factors also acted as a catalyst in soaring the prevalence of cataract surgeries, which continue to head the ophthalmic devices market.
Furthermore, the cataract operation procedure has to be a recognized procedure in ophthalmology, and that is the reason it also has a high acceptance and demand level. Other than this, governments and health organizations around the globe have also started a range of programs to reduce the burden of blindness induced by cataracts, in return making cataract surgery services more accessible to the population. This focus on the curative procedures for treating cataracts makes a share of cataract-based ophthalmic devices in an overall more significant segment of ophthalmic devices and helps in driving growth continuously.
By End User
From the point of view of end-users, hospitals, and eye clinics define the central role in the global ophthalmic devices market and, as such serve the purpose of providing total eye care services. Furnished with the latest diagnostic and surgical equipment, these facilities provide patients with different-related services: from common eye checkups to highly sophisticated surgery. The presence of specialized ophthalmologists coupled with advanced technology is making an increased afflux of patients toward hospitals and eye clinics for getting specialized eye care.
The rising prevalence of eye disorders, including cataracts, glaucoma, and retinal diseases, is pulling more and more patients toward treatment at eye establishments across the world. Hospitals and eye clinics are mostly the first to conduct check-ups for patients who visit with vision problems and are also the first places other patients go to, further driving diagnostic and treatment procedures to these locations. Most importantly, it greatly onsets the patient load and demand for ophthalmic devices at both hospitals and eye clinics.
Furthermore, hospitals and other eye clinics have relatively better funding and resourcing bases than research and academic laboratories and have therefore been able to invest in available on the market as the most advanced technologies of ophthalmology and to update them regularly. The focus on providing a holistic approach to eye care services further cements the ophthalmic devices market for hospitals and eye clinics.
The Ophthalmic Devices Market Report is segmented on the basis of the following
By Product
- Diagnostic and Monitoring Devices
- Optical Coherence Tomography Scanners
- Ophthalmic Ultrasound Imaging Systems
- Ophthalmic A-Scan Ultrasound
- Ophthalmic B-Scan Ultrasound
- Ophthalmic Ultrasound Biomicroscopes
- Ophthalmic Pachymeters
- Fundus Camera
- Ophthalmoscopes
- Retinoscope
- Wavefront Aberrometer
- Corneal Topography Systems
- Autorefractors And Keratometers
- Phoropters
- Specular Microscope
- Perimeters/Visual Field Analysers
- Tonometers
- Slit Lamps
- Lensmeter
- Optical Biometry Systems
- Chart Projectors
- Surgical Devices
- Cataract Surgery Devices
- Intraocular Lens (IOLs)
- Ophthalmic Viscoelastic Devices (OVDs)
- Phacoemulsification Devices
- Cataract Surgery Lasers
- IOL Injectors
- Vitreoretinal Surgery Devices
- Vitrectomy Machines
- Vitreoretinal Packs
- Photocoagulation Lasers
- Illumination Devices
- Vitrectomy Probes
- Backflush
- Chandelier
- Refractive Surgery Devices
- Excimer Lasers
- Femtosecond Lasers
- Other Lasers
- Glaucoma Surgery Devices
- Glaucoma Drainage Devices (GDDs)
- Microinvasive Glaucoma Surgery Devices
- Glaucoma Laser Systems
- Ophthalmic Microscopes
- Accessories
- Surgical Sets & Instruments
- Tips & Handles
- Scissors
- Forceps
- Spatulas
- Macular Lenses
- Cannulas
- Other Ophthalmic Surgical Accessories
- Vision Care
- Spectacles
- Contact Lenses
By Application
- Cataract
- Vitreo Retinal Disorders
- Glaucoma
- Refractor Disorders
By End-user
- Hospitals & Eye Clinics
- Academic & Research Laboratory
- Others
Regional Analysis
North America is projected to dominate the global ophthalmology market as it
hold 39.2% of the market share by the end of 2024. North America holds the largest share of the global ophthalmic devices market because of several factors. High healthcare practices, greater healthcare spending, and well-defined reimbursement systems in the region are other factors that help the growth of the market. Key market players and advances in technologies in ophthalmic devices add to the strength of North America’s position.
![Ophthalmic Devices Market Regional Analysis](https://dimensionmarketresearch.com/reportimage/Global-Ophthalmic-Devices-Market-Regional-Analysis.jpg)
A major factor that contributes to the need for ophthalmology in the region is that ophthalmic diseases are among the most rampant. The growing number of people in old age along with the growing prevalence of primary diseases like diabetes that is a significant risk for eye ailments also positively influence the requirement for enhanced diagnostic and surgical tools. There is also an endorsement from North America on frequent eye health checks and early formulations, which also creates the market need for such devices.
Moreover, North America is home to numerous research institutions and academic centers dedicated to ophthalmology, driving continuous advancements in ophthalmic technologies. The region's strong focus on research and development results in the frequent introduction of innovative products, enhancing the capabilities of eye care professionals.
The robust presence of key market players, including Bausch Health Companies and Alcon, ensures a steady supply of cutting-edge ophthalmic devices. These companies invest heavily in product development and strategic collaborations, maintaining North America's leadership in the global ophthalmic devices market.
Europe
- Germany
- The U.K.
- France
- Italy
- Russia
- Spain
- Benelux
- Nordic
- Rest of Europe
Asia-Pacific
- China
- Japan
- South Korea
- India
- ANZ
- ASEAN
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Egypt
- Rest of MEA
Competitive Landscape
The ophthalmic devices market around the world is more or less fragmented and very competitive, and several players tend to expand their market share through engagements in the development of new products and business strategies. Alcon, Bausch Health Companies, Carl Zeiss Meditec AG, and Johnson & Johnson Vision Control share a large market while providing sophisticated ophthalmic devices. Alcon a division of Novartis is a market leader that has a versatile range of products in surgical devices, diagnostic Instruments, and vision care products. The company has translated this ethos into the development of innovations which include AcrySof IQ PanOptix Trifocal IOL and the NGENUITY 3D Visualization System to increase surgical accuracy and the quality of care for patients.
In the same way, Johnson & Johnson Vision has established a corporate strategy of geographical growth and product accession to serve its consumers even better. Abbott’s buyout of AMO and its link with Google in creating smart contact lenses established more on the company’s concern in ophthalmic
innovation.
These leading players remain involved in research and development activities, mergers and acquisitions, and strategic alliances to sustain their competitiveness and also to cope with the increasing demand for well-developed ophthalmic devices.
Some of the prominent players in the Global Ophthalmic Devices Market are
- 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
2024
- July: Alcon announced the launch of the Vivity IOL, a groundbreaking intraocular lens designed to offer an extended depth of focus for cataract patients. This lens aims to provide a continuous range of vision, reducing the need for glasses post-surgery.
- June: Johnson & Johnson Vision received FDA approval for the TECNIS Synergy IOL, a multifocal intraocular lens designed to provide continuous high-contrast vision at all distances. This innovative lens addresses the limitations of traditional multifocal lenses by combining diffractive technologies.
- May: Bausch Health Companies completed the acquisition of an innovative retinal imaging technology company, expanding its diagnostic product portfolio. This acquisition includes cutting-edge imaging systems that provide ultra-high-resolution images of the retina.
2023
- December: Carl Zeiss Meditec AG introduced the VISULAS Green, an advanced photocoagulation laser for treating retinal disorders. The VISULAS Green offers enhanced precision and efficiency in laser photocoagulation, making it an essential tool for the treatment of diabetic retinopathy and retinal vein occlusions.
- November: Alcon completed the acquisition of a leading provider of ophthalmic surgical instruments, significantly expanding its surgical device offerings. This strategic acquisition enhances Alcon's portfolio with high-quality surgical tools that complement its existing cataract and vitreoretinal surgery products.
- October: Johnson & Johnson Vision launched the ACUVUE OASYS with Transitions, a first-of-its-kind contact lens that adapts to changing light conditions. These lenses use Transitions Light Intelligent Technology to automatically darken in bright light and clear up indoors, providing wearers with superior comfort and vision clarity throughout the day.
2022
- September: Bausch Health Companies unveiled the Stellaris Elite Vision Enhancement System, a state-of-the-art platform for cataract and retinal surgeries. This system features advanced fluidics, precise cutting technology, and customizable settings, allowing surgeons to perform complex procedures with greater control and efficiency.
- August: Carl Zeiss Meditec AG launched the CLARUS 700, a high-definition, ultra-widefield imaging system for comprehensive retinal examinations. The CLARUS 700 captures true-color, high-resolution images of the retina, providing unparalleled detail and clarity.
- July: Alcon introduced the ARGOS Biometer with Image Guidance, a next-generation biometer that enhances precision in cataract surgery planning. The ARGOS Biometer uses swept-source optical coherence tomography (SS-OCT) to provide accurate measurements of the eye's axial length.
Report Details
Report Characteristics |
Market Size (2024) |
USD 76.9 Bn |
Forecast Value (2033) |
USD 120.3 Bn |
CAGR (2024-2033) |
5.1% |
Historical Data |
2018 – 2023 |
The US Market Size (2024) |
USD 25.4 Bn |
Forecast Data |
2025 – 2033 |
Base Year |
2023 |
Estimate Year |
2024 |
Report Coverage |
Market Revenue Estimation, Market Dynamics, Competitive Landscape, Growth Factors and etc. |
Segments Covered |
By Product (Diagnostic and Monitoring Devices, Surgical Devices, and Vision Care), By Application (Cataract, Vitreo Retinal Disorders, Glaucoma, and Refractor Disorders), By End-user (Hospitals & Eye Clinics, Academic & Research Laboratory, and Others) |
Regional Coverage |
North America – The US and Canada; Europe – Germany, The UK, France, Russia, Spain, Italy, Benelux, Nordic, & Rest of Europe; Asia- Pacific– China, Japan, South Korea, India, ANZ, ASEAN, Rest of APAC; Latin America – Brazil, Mexico, Argentina, Colombia, Rest of Latin America; Middle East & Africa – Saudi Arabia, UAE, South Africa, Turkey, Egypt, Israel, & Rest of MEA
|
Prominent 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, and Other Key Players |
Purchase Options |
HVMN Inc., Thync Global Inc., Apple Inc., Fitbit Inc., TrackmyStack, OsteoStrong, The ODIN, Thriveport LLC, Muse, Moodmetric, and Other Key Players |
Frequently Asked Questions
The Global Ophthalmic Devices Market size is estimated to have a value of USD 76.9 billion in 2024 and is expected to reach USD 120.3 billion by the end of 2033.
The US Ophthalmic Devices market is projected to be valued at USD 25.4 billion in 2024. It is expected to witness subsequent growth in the upcoming period as it holds USD 38.6 billion in 2033 at a CAGR of 4.8%.
North America is expected to have the largest market share in the Global Ophthalmic Devices Market with a share of about 39.2% in 2024.
Some of the major key players in the Global Ophthalmic Devices Market are Alcon Vision LLC, Essilor International S.A, Johnson & Johnson Vision Care, Carl Zeiss Meditec AG, Bausch & Lomb Incorporated, and many others.
The market is growing at a CAGR of 5.1 percent over the forecasted period.