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Report Overview

2023

Base Year

2017-2023

Historical Year

2024-2032

Forecast Year

Global Ophthalmic Devices Market Outlook

The global ophthalmic devices market size attained a value of USD 52.98 billion in 2023. The market is further expected to grow at a CAGR of 4.5% during the forecast period of 2024-2032, likely to attain a value of USD 78.74 billion by 2032.

Global Ophthalmic Devices Market

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Increasing Demand for Surgical Devices to Augment the Ophthalmic Devices Industry Growth

Based on product function, the surgical devices segment accounts for a significant share in the ophthalmic devices industry. This can be attributed to an increase in the number of chronic diseases and an exponentially growing geriatric population.

The healthcare segment has witnessed a rise in surgeries to treat diseases such as cataract, glaucoma, detached retinas, retinal tears, near-sightedness, far-sightedness, and diabetic retinopathy, which is enhancing the demand for surgical devices, and, in turn, providing a boost to the market.

North America Expected to Witness a Significant Growth Owing to Rising Chronic Eye Diseases Among the Geriatric Population

Region-wise, North America is expected to witness a robust growth over the forecast period owing to a growing geriatric population and rising vision-related diseases such as cataract, glaucoma, and age-related macular degeneration. The elderly population is constantly investing in vision care devices to treat eye disorders, which is expected to provide a boost to the market. Moreover, the region has a well-developed healthcare sector and a high awareness related to ophthalmic diseases and devices, which is further expected to propel the market growth in North America.

Ophthalmic Devices: Market Segmentation

Ophthalmic devices refer to medical equipment used for diagnosis, surgery, and vision correction. The rising number of chronic eye diseases and other vision-related issues such as glaucoma, detached retinas, retinal tears, diabetic retinopathy, and cataract among the growing population worldwide is enhancing the adoption of these devices.

Global Ophthalmic Devices Market by Segment

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By product function, the market is divided into:

  • Surgical Devices 
    • Refractive Error Surgical Devices
    • Glaucoma Surgical Devices
    • Cataract Surgical Devices
    • Vitreoretinal Surgical Devices
  • Diagnostic Devices 
    • Refractors
    • Corneal Topography Systems
    • Retinal Ultrasound Systems
    • Fundus Camera
    • Ophthalmoscopes
    • Optical Coherence Tomography Systems
    • Perimeters
    • Slit lamps
    • Tonometer
  • Vision Care Devices
    • Contact Lenses
    • Spectacle Lenses

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Global Ophthalmic Devices Market by Region

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Rising Chronic Eye Diseases and the Growing Geriatric Population to Bolster the Growth of the Ophthalmic Devices Industry

In recent years, the world has witnessed a rise in number of chronic eye diseases owing to changing lifestyle patterns and diseases related to diabetes and hypertension such as diabetic retinopathy and ocular hypertension. The growing number of diseases is compelling patients to adopt ophthalmic devices, such as vision care devices, to improve their vision. Moreover, the rising vision related disorders are also pressurising healthcare officials to spread awareness regarding these diseases and their treatment, which is providing a further boost to the market.  However, rural populations cannot easily access such devices due to their lack of awareness and price factors, which is may hamper the market growth.

Over the forecast period, the major market players are expected to invest in research and development activities to develop cost-effective and innovative devices for accurate eye treatment, which is expected to favour the industry growth. Further, various government programmes such as the FDA’s Research on Ophthalmology Medical Devices and the Indian Government’s National Programme for Control of Blindness in India is expected to assist the market growth.

Key Industry Players in the Global Ophthalmic Devices Market

The report gives a detailed analysis of the following key players in the global ophthalmic devices market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

  • Carl Zeiss Meditec AG   
  • Essilor International S.A.
  • Haag-Streit Holding
  • Hoya Corporation 
  • NIDEK CO., LTD.
  • Bausch Health Companies Inc. 
  • Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2017-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Product Type
  • Applications
  • End User
  • Region
Breakup by Product Type
  • Ophthalmic Surgical Devices
  • Ophthalmic Diagnostic and Monitoring Devices 
  • Ophthalmic Vision Care Devices
Breakup by Applications
  • Cataract
  • Vitreo retinal disorders
  • Glaucoma
  • Refractor Disorders
  • Others
Breakup by End User
  • Hospitals and Eye Clinics
  • Academic and Research Centres
  • Others
Breakup by Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa
Market Dynamics
  • Market Drivers and Constraints
  • SWOT Analysis
  • Porter’s Five Forces Model 
  • Key Demand Indicators
  • Key Price Indicators
  • Industry Events, Initiatives, and Trends 
  • Value Chain Analysis
Supplier Landscape
  • Market Structure
  • Company Profiles
    • Financial Analysis
    • Product Portfolio
    • Demographic Reach and Achievements
    • Mergers and Acquisitions
    • Certifications
Companies Covered
  • Essilor International
  • Alcon Inc.
  • Johnson & Johnson
  • HOYA Corporation
  • Bausch & Lomb Incorporated
  • Carl Zeiss Meditec AG
  • Neo Vision Foundation
  • Lumenis BE Ltd.
  • ClearLab
  • OPHTEC BV
  • HEINE Optotechnik GmbH & Co. KG
  • Topcon Corporation
  • Glaukos Corporation
  • Haag-Streit Group
  • NIDEK Co. Ltd.
  • STAAR Surgical
  • Ziemer Ophthalmic Systems AG
  • Heidelberg Engineering GmbH
  • Canon
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

The ophthalmic devices market was valued at USD 52.98 billion in 2023.

The market is expected to grow at a CAGR of 4.5% from 2024 to 2032 to reach a value of USD 78.74 billion by 2032.

The major drivers of the industry, such as the growing geriatric population, rising vision-related chronic diseases, investments in research and development (R&D) activities, and rising awareness of eye-related diseases and their treatments, are expected to aid the market growth.

The key market trends guiding the growth of the industry include the growing technological advancements in the ophthalmic devices sector and the rising government initiatives to tackle eye related disorders.

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

The major segments based on product function in the industry include surgical devices, diagnostic devices, and vision care devices.

The major players in the industry are Carl Zeiss Meditec AG, Essilor International S.A., Haag-Streit Holding, Hoya Corporation, NIDEK CO., LTD., Bausch Health Companies Inc., and others.

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63 Fiona Drive, Tamworth, NSW

+61 448 06 17 27

C130 Sector 2 Noida, Uttar Pradesh 201301

+91-858-608-1494

40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.

+63 287899028, +63 967 048 3306

6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London

+44-753-713-2163

193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City

+84865399124