Ophthalmic Devices Market Size to Surpass USD 78.4 Bn by 2030

According to Precedence Research, the global ophthalmic devices market size is predicted to surpass around USD 78.4 billion by 2030 and growing at a registered CAGR of 3.19% during the forecast period 2022 to 2030.

Pune, INDIA


Ottawa, Oct. 11, 2022 (GLOBE NEWSWIRE) -- The ophthalmic devices market size was valued at USD 59.1 billion in 2021. The ophthalmic devices market is a branch of medical science which functions with the various eye diseases and structure of the vision related products. These products gain a higher relevance in the current scenario due to the increasing number of vision related disorders. Due to the increase in the use of technological devices diseases such as cataract and glaucoma have increased among the recent population.

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Key Takeaway:

  • By product, the OCT segment has held 21% revenue share in 2021.
  • The ophthalmoscopes segment is poised to grow at a CAGR of 5.4% from 2022 to 2030.
  • By application, the cataract segment has held 41.9% revenue share in 2021.
  • By end use, the hospitals & eye clinics segment has held 77% revenue share in 2021.
  • The North America has held 44% revenue share in 2021.
  • The Asia Pacific market is expected to grow at a CAGR of around 5.9% in 2021.

Regional Snapshots

The ophthalmic devices market seen to grow along the regions of Europe, Asia Pacific, North America and LAMEA. The North America ophthalmic devices market has shown the largest growth however the region of Asia Pacific has registered a CAGR of $4.8 million during the forecast. Diabetic retinopathy is also expected to show a significant growth in the market size of the ophthalmic devices market. Since this is a major cause of blindness in the US, the number of Americans suffering with this ailment is expected to be doubled in the near future. Asia Pacific is also foreseen to show a significant progress during the forecast. The developing countries provide a great opportunity for this market.

Report Highlights

  • The vision care segment has the largest market share and is expected to grow well in the during the forecast period. Increase in the patients with the eye disorders using eyeglasses are shifting to contact lenses. Advances in the contact lenses is anticipated to create a more demand.
  • The cataract segment dominated the market in the past and it is expected to witness a significant growth during the forecast period. There is a higher adoption of these devices and increasing cataract surgeries is driving the market.

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Scope of the Report

Report AttributesDetails
Market Size in 2021USD 59.1 Billion
Revenue Forecast by 2030USD 78.4 Billion
North America Market Share in 202144% 
Asia Pacific Market Share in 202121.50% 
CAGR3.19% from 2022 to 2030
Base Year2021 
Forecast Year2022 to 2030
Key PlayersNovartis AG, Essilor International S.A., Nidek Co., Ltd., Carl Zeiss Meditec AG, Valeant Pharmaceuticals International, Inc., Topcon Corporation, Hoya Corporation, HAAG-Streit Holding AG, Ziemer Ophthalmic Systems AG, Johnson & Johnson and Others.

Market Dynamics

Drivers

The increase in the number of individuals suffering with diseases such as diabetic retinopathy, myopia, macular degeneration, cataract and other varieties of ophthalmic disorders has led to the growth of the market of ophthalmic devices. The regional and national initiatives have led to the increase in the market to a great extent. The higher number of accurate diagnoses made by these ophthalmic devices helps in increasing the demand for these products in the market. The increasing awareness among people regarding vision care has also led to increase in the demand for such products. Cosmetic and aesthetic factors also have contributed largely to the growth of the ophthalmic devices market.

Restraints

The number of individuals opting for vision related surgeries is very low in the developing and underdeveloped nations which leads to or decline in the current market. Individuals who are not able to afford search products avoid routine checkups pertaining to the higher rate. Limited product accessibility also leads to a decline in the market of the ophthalmic devices. Lack of awareness regarding health care facilities also leads to a decline in the number of people opting for such services. Moreover, the high cost of the instruments also increases the cost of the treatment which is unaffordable to many. Such high-cost limitations caused leads to the decline ophthalmic devices market worldwide.

Opportunities

The increase in the number of ophthalmic clinics and frequent medical checkups conducted has provided a great opportunity to the Ophthalmic devices market. Also, the increase in the awareness about the benefits of these examinations conducted leads to a decrease in the number of people suffering with these diseases hence increase in the use of ophthalmic devices which helps this market to grow to a great extent. The other factors contributing to the growth of the market are the increase in the number of ambulatory surgical center, super-specialty hospitals and other centers that help in increasing the use of these ophthalmic devices. All these factors help to provide a great opportunity to the devices market during the forecast.

Challenges

Lack of awareness among the people regarding ophthalmic services provided by the hospitals leads to negligence of the vision related disorders. Use of highly developed ophthalmic devices increases the total cost of the vision examinations conducted; thus, they are avoided by the people of medium to lower socioeconomic background. The countries belonging to the developing and underdeveloped category have a lack of facilities which provide ophthalmic examinations and services, hence a decline in the market is seen in this region.

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Recent Developments

  • The increasing health care awareness among the people in Mexico is helping the ophthalmic devices market to show a better growth. At the same time and increase in medical tourism is also helping the market to grow. Companies such as Alcon Inc., Hoya corporation, Johnson and Johnson are the key players in the ophthalmic devices market. Convenient clinical equipment is increasingly used for clinical assessment of various vision related disorders.

Market Segmentation

By Product

  • Vision Care Products
    • Spectacles
    • Contact lenses
      • Soft contact lenses
      • Rigid gas permeable lenses
      • Hybrid contact lenses
  • Surgical devices
    • Cataract surgical devices
      • Intraocular lenses
      • Ophthalmic Viscoelastic devices
      • Phacoemulsification devices
      • Cataract surgical lasers
      • IOL Injectors
  • Vitreoretinal surgical devices
    • Vitrectomy machines
    • Vitreoretinal packs
    • Photocoagulation lasers
    • Illumination devices
    • Vitrectomy probes
  • Refractive surgical devices
    • Femtosecond lasers
    • Excimer lasers
    • Others
  • Glaucoma surgical devices
    • Glaucoma drainage devices
    • Microinvasive glaucoma surgery devices
    • Glaucoma laser systems
  • Ophthalmic microscopes
  • Ophthalmic surgical accessories
    • Surgical instruments & kits
    • Ophthalmic forceps
    • Ophthalmic spatulas
    • Ophthalmic tips & handles
    • Ophthalmic scissors
    • Macular lenses
    • Ophthalmic cannulas
    • Others
  • Diagnostic and monitoring devices
    • Optical Coherence Tomography Scanners
    • Fundus Cameras
    • Perimeters/Visual Field Analyzers
    • Autorefractors & Keratometers
    • Ophthalmic Ultrasound Imaging Systems
      • A-scan ultrasound imaging systems
      • B-scan ultrasound imaging systems
      • Ultrasound microscopes
      • Pachymeters
    • Tonometers
    • Slit Lamps
    • Phoropters
    • Wavefront Abberometers
    • Optical Biometry Systems
    • Ophthalmoscopes
    • Lensmeters
    • Corneal Topography Systems
    • Chart Projectors
    • Specular Microscopes
    • Retinoscopes

By End User

  • Hospitals & Eye Clinics
  • Academic & Research Laboratories
  • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

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