Ophthalmology Devices Market

Ophthalmology Devices Market Size (2023 to 2028)

The global ophthalmology devices market is estimated to be worth USD 55.85 billion by 2028 from USD 42.73 billion in 2023, growing at a CAGR of 5.5% during the forecast period.

Ophthalmology Devices Market Share Insights:

• Based on the type of disorder, the cataract segment held 38.7% of the global market share in 2022.
• Based on region, the North American region occupied 46.2% of the global market share in 2022. 
• Europe had a substantial share of the global market in 2022.

An ophthalmology device is used to diagnose and treat various eye diseases. Ophthalmologists and optometrists use various ophthalmology equipment during treatment procedures. Slit-lamp microscope, fundus camera, tonometer, retinal scanner, and ocular coherence tomography are some ophthalmology devices. Considering the growing population suffering from various eye diseases worldwide, the need for ophthalmology devices is expected to grow in the coming years. These devices provide high accuracy, personalized medicine, and patient comfort, so the adoption of these is growing in all parts of the world.

Impact of COVID-19 on the global ophthalmology devices market:

An international public health challenge has arisen due to the outbreak of SARS-CoV-2, a novel coronavirus. The decisions that various governments have taken to curb the virus spread, such as lockdowns, travel bans, and social distancing, have resulted in the postponement of elective surgeries, including ophthalmology surgeries, and reduced demand for ophthalmology devices. In addition, supply chains have been disrupted, and the shortage of supplies has affected all sectors. Furthermore, the ophthalmologist is at high risk for infection due to the proximity of ophthalmologists to patients when diagnosing patients. Therefore, in practices such as teleophthalmology, guidelines have been imposed by the government. However, considering the reduced impact of the COVID-19 pandemic, the ophthalmology devices market is anticipated to showcase a healthy CAGR during the forecast period.

MARKET DRIVERS:

The growing aging population worldwide is expected to drive the ophthalmology devices market growth.

With growing age, people are much more likely to face vision problems and eye-related diseases. This increasing incidence of eye diseases among the aging population promotes the demand for ophthalmology devices. In addition, in some situations, the aged population undergoes surgeries to correct vision issues. The growing number of ophthalmology surgeries being performed worldwide is fuelling the need for the ophthalmology devices market. According to the statistics published by WHO, 1.4 billion people are expected to be 60 or more by 2030. 

The growing patient count suffering from various eye diseases propels the ophthalmology devices market.

Eye disease prevalence is increasing worldwide. Age-related macular degeneration, cataracts, and diabetic retinopathy are some of the common eye diseases. As the World Health Organization (WHO) mentioned, around 196 million people suffer from age-related macular degeneration, which is expected to reach 288 million by 2040. In addition, the rising prevalence of diabetes is expected to contribute to the ophthalmology devices market growth. IDF Diabetes Atlas says an estimated 463 million adults had diabetes in 2019, and it is predicted to reach 783 million by 2045.

In addition, the increasing adoption of technological advancements in ophthalmology treatments contributes to the growth of the global ophthalmology devices market. Recent years have seen ophthalmology devices as one of the fastest-growing medical device markets. Ophthalmology has benefited in recent years from increased spending on healthcare, government investments, and the continual advancement of medicine. As the medical world's most rapidly growing sector, the ophthalmology devices market is increasing demand for solutions to improve the lives of millions. There is a tremendous opportunity in the global ophthalmic devices market due to the increasing prevalence of aging and ocular disease, which includes cataracts, and refractive and glaucoma surgeries, among other things. Growing awareness among individuals and rapid approvals will likely sustain the growth soon. Furthermore, the shortage of ophthalmology device providers in existing economies and the rise in age-related eye diseases create more opportunities for the industry to grow significantly in the coming years.

MARKET RESTRAINTS:

High costs of ophthalmology devices are one of the key factors hampering the market growth. In addition, some countries lack reimbursement policies and stringent regulatory requirements, and competition from alternative treatments is expected to hinder market growth. Furthermore, factors such as the lack of healthcare insurance in emerging countries, a lack of awareness among individuals about diseases such as glaucoma, and poor healthcare infrastructure are anticipated to impede market growth.

REPORT COVERAGE:

This research report on the global ophthalmology devices market has been segmented & sub-segmented into the following categories.

Ophthalmology Devices Market - By Type of Disorder:

• Cataract
• Glaucoma
• Refractor Disorders
• Vitreo Retinal Disorder

The cataract segment held the most significant share of the global ophthalmology devices market in 2022, and the domination of the segment is expected to continue during the forecast period. The increasing employment of ophthalmology devices for cataract surgeries primarily drives the segment's growth. For instance, an estimated 20.5 million cataract surgeries were recorded in 2019, estimated to reach 24.4 million by 2040.

On the other hand, the refractor disorders segment is anticipated to occupy a significant share of the global ophthalmology devices market during the forecast period. The increasing patient population suffering from myopia, hyperopia, and astigmatism drives the segment's growth rate. In addition, the growing adoption of technological developments in manufacturing ophthalmology devices for refractor disorders and the growing focus of manufacturers to manufacture cost-effective ophthalmology devices are further propelling the segment's growth rate.

Ophthalmology Devices Market - By Device:

• Canaloplasty Devices
• Computerized Field Analyser

Ophthalmology Devices Market - By Application:

• Diagnostics & Monitoring Devices
• Surgery Devices
• Vision Care Devices

The vision care devices segment is expected to dominate the global ophthalmology devices market based on the application. The growing adoption of vision care devices and the increasing aging population drive segmental growth.

Ophthalmology Devices Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Geographically, the North American ophthalmology devices market held the most outstanding share of the global market in 2022, while Asia-Pacific is expected to develop at the fastest rate. In the United States, diabetic retinopathy is expected to be the leading cause of blindness. During the forecast period, the region's dominance is predicted to continue and is considered one of the most significant regional segments. Factors such as the growing aging population across North American countries, increasing patient count suffering from eye diseases, and rising demand for advanced ophthalmic devices are fuelling the market growth in North America. The population of more than 65 in the North American region is expected to reach 98 million by 2060. In addition, an estimated 20 million Americans above 40 years are suffering from age-related macular degeneration, says National Eye Institute. Favorable reimbursement policies in the North American region are anticipated to favor regional market growth.

During the forecast period, the European ophthalmology devices market is predicted to showcase promising growth owing to favorable government initiatives and increasing R&D efforts by the key market participants to bring advanced ophthalmology devices to the market. The growing aging population is expected to boost the European ophthalmology devices market. According to the statistics published by United Nations, 17% of the European population aged above 67 years in 2020 is expected to reach 30% by 2050. In addition, the growing patient population suffering from diabetes in Europe is expected to boost the market growth. A considerable amount of the European population suffers from various eye diseases such as age-related macular degeneration, cataracts, glaucoma, diabetic retinopathy, and dry eye syndrome. Europe has a 3% to 4% prevalence of visual impairment.

The Asia-Pacific ophthalmology devices market is estimated to progress at the fastest CAGR in the coming years. The increasing incidence of eye diseases due to the growing aging population, increasing exposure to blue light, and rising prevalence of chronic diseases among the APAC countries are expected to promote the ophthalmology devices market growth in APAC. The prevalence of eye diseases is growing significantly in APAC countries such as China, India, and Japan.

The Latin American ophthalmology devices market is estimated to hold a considerable share of the worldwide market during the forecast period.

The MEA ophthalmology devices market is predicted to witness a moderate CAGR in the coming years.

KEY MARKET PLAYERS:

Some key market participants leading the global ophthalmology device market include Alcon Inc., Abbott Medical Optics Inc., Johnson & Johnson, Essilor International, Bausch and Lomb Inc., Topcon Corporation, Nidek Co Ltd., HAAG-Streit Group, Carl Zeiss Meditec, Hoya Corporation, and Ziemer Ophthalmic System.

RECENT MARKET HAPPENINGS:

• In January 2023, Radiance Therapeutics Inc., a U.S.-based biotechnology company, announced to showcase their work and research at the Glaucoma Research Foundation headline event, Glaucoma 360 New Horizons 2023.
• In July 2022, Carl Zeiss Meditec and Precise Bio partnered to develop and commercialize tissue-based implants for ophthalmology.
• In January 2020, Bausch + Lomb, a leading eye health business of Bausch Health Companies, announced the U.S. launch of expanded parameters for BiotrueOneday for Astigmatism daily disposable contact lenses.
• In November 2019, Baring Private Equity announced that its affiliated private equity funds agreed to acquire Lumenis, a leading provider of energy-based medical devices across the fields of ophthalmology, ENT, and gynecology.
• In May 2019, Novuson Surgical, a medical device company, secured funding from HOYA Corporation to finalize the UltraStat 3mmVessel/Divider development using Direct Therapeutic UltraSound (DTU).
• In October 2016, HOYA Corporation announced an agreement to acquire Performance Optics, LLC, a global ophthalmic lens manufacturer. This acquisition will strengthen HOYA's ability to provide customers with a broad portfolio.