Ophthalmic Devices Market
Ophthalmic Devices Market Forecasts to 2030 - Global Analysis By Product (Diagnostic and Monitoring Devices, Surgical Devices, Vision Care Products and Other Products), Application (Cataract, Glaucoma, Refractive Disorders, Diabetic Retinopathy and Other Applications), 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
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o 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
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Ophthalmic Devices Market, By Product
5.1 Introduction
5.2 Diagnostic and Monitoring Devices
5.2.1 Optical Coherence Tomography Scanners
5.2.2 Fundus Cameras
5.2.3 Perimeters/Visual Field Analysers
5.2.4 Autorefractors and Keratometers
5.2.5 Tonometers
5.2.6 Slit Lamps
5.2.7 Phoropters
5.2.8 Wavefront Aberrometers
5.2.9 Optical Biometry Systems
5.2.10 Ophthalmoscopes
5.2.11 Lensmeters
5.2.12 Corneal Topography Systems
5.2.13 Specular Microscopes
5.2.14 Retinoscopes
5.3 Surgical Devices
5.3.1 Cataract Surgery Devices
5.3.2 Glaucoma Surgery Devices
5.3.3 Refractive Surgery Devices
5.3.4 Vitreoretinal Surgery Devices
5.4 Vision Care Products
5.4.1 Contact Lenses
5.4.2 Spectacle Lenses
5.5 Ophthalmic Ultrasound Imaging Systems
5.5.1 Ophthalmic A-Scan Ultrasound
5.5.2 Ophthalmic B-Scan Ultrasound
5.5.3 Ophthalmic Ultrasound Biomicroscopes
5.5.4 Ophthalmic Pachymeters
5.6 Other Products
6 Global Ophthalmic Devices Market, By Application
6.1 Introduction
6.2 Cataract
6.3 Glaucoma
6.4 Refractive Disorders
6.5 Diabetic Retinopathy
6.6 Age-Related Macular Degeneration (AMD)
6.7 Dry Eye
6.8 Other Applications
7 Global Ophthalmic Devices Market, By End User
7.1 Introduction
7.2 Hospitals and Clinics
7.3 Ambulatory Surgery Centers (ASCs)
7.4 Ophthalmic Practices
7.5 Research Institutes
8 Global Ophthalmic Devices Market, By Geography
8.1 Introduction
8.2 North America
8.2.1 US
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 Italy
8.3.4 France
8.3.5 Spain
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 Japan
8.4.2 China
8.4.3 India
8.4.4 Australia
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.1 Argentina
8.5.2 Brazil
8.5.3 Chile
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.2 UAE
8.6.3 Qatar
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.4 Expansions
9.5 Other Key Strategies
10 Company Profiling
10.1 Alcon Inc.
10.2 Johnson & Johnson Vision Care
10.3 Bausch Health Companies Inc
10.4 Carl Zeiss Meditec AG
10.5 EssilorLuxottica SA
10.6 Hoya Corporation
10.7 Nidek Co. Ltd
10.8 Topcon Corporation
10.9 Ziemer Ophthalmic Systems AG
10.10 Haag-Streit Group
10.11 Volk Optical Inc
10.12 Optovue Inc
10.13 Glaukos Corporation
10.14 STAAR Surgical Co
10.15 Canon Inc
10.16 Novartis AG
10.17 Cooper Companies, Inc
10.18 Iridex Corporation
List of Tables
1 Global Ophthalmic Devices Market Outlook, By Region (2022-2030) ($MN)
2 Global Ophthalmic Devices Market Outlook, By Product (2022-2030) ($MN)
3 Global Ophthalmic Devices Market Outlook, By Diagnostic and Monitoring Devices (2022-2030) ($MN)
4 Global Ophthalmic Devices Market Outlook, By Optical Coherence Tomography Scanners (2022-2030) ($MN)
5 Global Ophthalmic Devices Market Outlook, By Fundus Cameras (2022-2030) ($MN)
6 Global Ophthalmic Devices Market Outlook, By Perimeters/Visual Field Analysers (2022-2030) ($MN)
7 Global Ophthalmic Devices Market Outlook, By Autorefractors and Keratometers (2022-2030) ($MN)
8 Global Ophthalmic Devices Market Outlook, By Tonometers (2022-2030) ($MN)
9 Global Ophthalmic Devices Market Outlook, By Slit Lamps (2022-2030) ($MN)
10 Global Ophthalmic Devices Market Outlook, By Phoropters (2022-2030) ($MN)
11 Global Ophthalmic Devices Market Outlook, By Wavefront Aberrometers (2022-2030) ($MN)
12 Global Ophthalmic Devices Market Outlook, By Optical Biometry Systems (2022-2030) ($MN)
13 Global Ophthalmic Devices Market Outlook, By Ophthalmoscopes (2022-2030) ($MN)
14 Global Ophthalmic Devices Market Outlook, By Lensmeters (2022-2030) ($MN)
15 Global Ophthalmic Devices Market Outlook, By Corneal Topography Systems (2022-2030) ($MN)
16 Global Ophthalmic Devices Market Outlook, By Specular Microscopes (2022-2030) ($MN)
17 Global Ophthalmic Devices Market Outlook, By Retinoscopes (2022-2030) ($MN)
18 Global Ophthalmic Devices Market Outlook, By Surgical Devices (2022-2030) ($MN)
19 Global Ophthalmic Devices Market Outlook, By Cataract Surgery Devices (2022-2030) ($MN)
20 Global Ophthalmic Devices Market Outlook, By Glaucoma Surgery Devices (2022-2030) ($MN)
21 Global Ophthalmic Devices Market Outlook, By Refractive Surgery Devices (2022-2030) ($MN)
22 Global Ophthalmic Devices Market Outlook, By Vitreoretinal Surgery Devices (2022-2030) ($MN)
23 Global Ophthalmic Devices Market Outlook, By Vision Care Products (2022-2030) ($MN)
24 Global Ophthalmic Devices Market Outlook, By Contact Lenses (2022-2030) ($MN)
25 Global Ophthalmic Devices Market Outlook, By Spectacle Lenses (2022-2030) ($MN)
26 Global Ophthalmic Devices Market Outlook, By Ophthalmic Ultrasound Imaging Systems (2022-2030) ($MN)
27 Global Ophthalmic Devices Market Outlook, By Ophthalmic A-Scan Ultrasound (2022-2030) ($MN)
28 Global Ophthalmic Devices Market Outlook, By Ophthalmic B-Scan Ultrasound (2022-2030) ($MN)
29 Global Ophthalmic Devices Market Outlook, By Ophthalmic Ultrasound Biomicroscopes (2022-2030) ($MN)
30 Global Ophthalmic Devices Market Outlook, By Ophthalmic Pachymeters (2022-2030) ($MN)
31 Global Ophthalmic Devices Market Outlook, By Other Products (2022-2030) ($MN)
32 Global Ophthalmic Devices Market Outlook, By Application (2022-2030) ($MN)
33 Global Ophthalmic Devices Market Outlook, By Cataract (2022-2030) ($MN)
34 Global Ophthalmic Devices Market Outlook, By Glaucoma (2022-2030) ($MN)
35 Global Ophthalmic Devices Market Outlook, By Refractive Disorders (2022-2030) ($MN)
36 Global Ophthalmic Devices Market Outlook, By Diabetic Retinopathy (2022-2030) ($MN)
37 Global Ophthalmic Devices Market Outlook, By Age-Related Macular Degeneration (AMD) (2022-2030) ($MN)
38 Global Ophthalmic Devices Market Outlook, By Dry Eye (2022-2030) ($MN)
39 Global Ophthalmic Devices Market Outlook, By Other Applications (2022-2030) ($MN)
40 Global Ophthalmic Devices Market Outlook, By End User (2022-2030) ($MN)
41 Global Ophthalmic Devices Market Outlook, By Hospitals and Clinics (2022-2030) ($MN)
42 Global Ophthalmic Devices Market Outlook, By Ambulatory Surgery Centers (ASCs) (2022-2030) ($MN)
43 Global Ophthalmic Devices Market Outlook, By Ophthalmic Practices (2022-2030) ($MN)
44 Global Ophthalmic Devices Market Outlook, By Research Institutes (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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