Overview and Scope
Ophthalmology is a branch of science that deals with the structure and function of the eyes. Ophthalmic devices are used in the diagnosis and treatment of eye-related diseases.
Sizing and Forecast
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 in the historic period can be attributed to aging population, increasing eye diseases, regulatory changes, the expansion and improvement of healthcare infrastructure
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 growth in the forecast period can be attributed to rising diabetes rates, telemedicine and remote monitoring, emerging markets growth, minimally invasive surgery, advancements in genetics and personalized medicine . Major trends in the forecast period include artificial intelligence (AI) and machine learning, wearable technology, teleophthalmology, sustainable and eco-friendly devices, patient-centric care.
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Segmentation & Regional Insights
The ophthalmic devices market covered in this report is segmented –
1) By Type: Vision Care Devices And Equipment, Cataract Surgery Devices And Equipment, Refractive Surgery Devices And Equipment, Diagnostic And Monitoring Ophthalmic Devices And Equipment
2) By Type of Expenditure: Public, Private
3) By Product: Instruments/Equipment, Disposables
4) By End User: Hospitals And Clinics, Diagnostic Laboratories, Other End Users
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.
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Major Driver Impacting Market Growth
The increasing incidence and prevalence of eye diseases are expected to contribute to the growth of the ophthalmic device market. Eye disorders such as age-related macular degeneration (AMD), glaucoma, and cataracts are becoming major causes of visual impairment and blindness globally. Ophthalmic devices play a crucial role in diagnosing, treating, and managing various eye disorders and conditions. For instance, in June 2022, according to the National Institute of Eye, an agency of the U.S. Department of Health and Human Services, the number of people with visual impairment or blindness is expected to double by 2050 and In the United States alone, by about 12 million people age 40 and older suffer from vision impairment, with about a million suffering from blindness. The increasing incidence and prevalence of eye-related disorders is expected to drive the use of ophthalmic devices in the diagnosis and treatment of eye-related diseases.
Key Industry Players
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.
The ophthalmic devices market report table of contents includes:
1. Executive Summary
2. Ophthalmic Devices Market Characteristics
3. Ophthalmic Devices Product/Service Analysis -Product/Service Examples
4. Ophthalmic Devices Market Trends And Strategies
5. Ophthalmic Devices Market – Macro Economic Scenario
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26. Germany Ophthalmic Devices Market
27. France Ophthalmic Devices Market
28. Italy Ophthalmic Devices Market
29. Spain Ophthalmic Devices Market
30. Austria Ophthalmic Devices Market
Top Major Players:
- Luxottica Group S.p.A
- Johnson & Johnson
- Hoya Corporation
- CooperVision AG
- Bausch Health Companies Inc
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