The global ophthalmic devices market size was estimated at USD 42.22 billion in 2022 and it is expected to hit around USD 67.15 billion by 2032, growing at a compound annual growth rate (CAGR) of 4.8% from 2023 to 2032.
Increasing demand for quality eye care and increasing demand for surgeries for vision disorders will help in the growth of the global ophthalmic devices market. Ophthalmic devices are devices that are used in improving vision disorders or which can help in aiding vision. Various market players are focusing on strengthening their research and development teams for the development of devices in the treatment of vision errors developments in this field would provide a huge opportunity to capture a large cost customer base and accelerate the growth of the ophthalmic devices market.
The pandemic had a negative impact on the ophthalmic devices market due to an increase in the dry eye diseases the eye drops were sold mold during the pandemic but major surgeries or sales of contact lenses had come down drastically.
Due to an increase in cataract surgeries and implants the surgical segment is expected to grow and increasing demand for eye surgeries is expected to help in the growth of the market. As there is an increase in the demand for contact lenses and innovative equipments these devices shall lead the market. Micro invasive glaucoma surgical implants are the fastest growing market treatment. Due to many disorders related to the eyes like the diabetic retinopathy, cataracts, age related degeneration and all the other prevailing ophthalmic disorders shall lead to a growth of the market.
Rapid increase in the eye disease is due to many lifestyle changes is expected to fuel the demand for surgical and vision care devices increased per capita income and high disposable income, favorable reimbursement policies, easily available ophthalmic procedures are increasing the surgical procedures and therefore the demand for ophthalmic devices market is growing.
Increased screen time during the lockdowns in pandemic are associated with the various eye disorders and it shall drive the demand for eye examinations. Increased initiatives by the government to create an awareness regarding the visual disorders or impairments shall further drive the market.
Report Scope of the Ophthalmic Devices Market
|Market Size in 2023||
USD 44.03 Billion
|Market Size by 2032||
USD 67.15 Billion
|Growth Rate from 2023 to 2032||CAGR of 4.8%|
|Forecast Period||2023 to 2032|
|Segments Covered||Product, End User, and Geography|
|Companies Mentioned||Novartis AG, Carl Zeiss Meditec AG, Essilor International S.A., Nidek Co., Ltd., Topcon Corporation, Valeant Pharmaceuticals International, Inc., Ziemer Ophthalmic Systems AG, Hoya Corporation, HAAG-Streit Holding AG, Johnson & Johnson and Others|
Ophthalmic devices are segmented into vision care and surgical devices. The vision care segment has the largest market share and is expected to grow well in the forthcoming years as many patients with the eye disorders using eyeglasses are shifting to contact lenses. Advances in the contact lenses are anticipated to create a more demand for the product in the market. About 45 million people in US use contact lenses and this shall increase in the coming years leading to a growth in the market. An increase in intraocular lens and the number of cataract and retinal surgeries the ophthalmic devices market shall see a growth in the forecast.
The cataract segment dominated the market in the recent years and it is expected to see a significant growth during the forecast. Due to higher adoption of these devices and increasing cataract surgeries is driving the market. The leading cause of blindness is scattered has a demand for cataract surgeries. 51% of blindness cases across the world are due to cataract the other segment that will show fast growth during the forecast period is the refractor disorder segment. About 2 billion people have near or far-distance vision impairment in order to treat all of these disorders which are related to the eyes and correct the refractive errors ophthalmic devices has a great demand across the globe. As an increasing population major market players are focusing on meeting the requirements of the rising patient demands. Major players are also introducing advanced ophthalmic diagnosis and treatment devices across the globe.
End User Insights
On the basis of the end user, the hospital and eye clinic segment had the largest market share in the ophthalmic devices market and it is expected to grow during the forecast period. There is an increasing adoption of ophthalmic devices in the hospitals which provide effective and low-cost treatment. The adoption of ophthalmic devices in the clinic is also growing as an increasing number of mergers and acquisitions in major and minor ophthalmic clinics and hospitals is there. An increasing number of mergers and acquisitions in various ophthalmic clinics and hospital the demand for ophthalmic devices is expected to grow during the forecast.
Many eye clinics are coming up with separate diagnostic departments which help in boosting the market of ophthalmic devices. The cost-effective eye treatment across the developing and the developed nations is expected to drive the market growth during the forecast period. The demand for ophthalmic devices is expected to grow in the academic and research laboratories segment.
North America had the largest market share till the last year as an increasing geriatric population and prevailing eye conditions in the North American region the market for ophthalmic devices is expected you grow during the forecast period. Unhealthy lifestyles are resulting in diabetic retinopathy and other stress related complaints these are the reasons why the industry for ophthalmic devices is growing. The demand for ophthalmic devices is expected to grow in the North American region due to the various reimbursement models incorporated by the insurance providers and the regulatory framework aimed at the patient safety.
The Asia Pacific market is also expected to have a good growth during the forecast. As an increasing demand for eye care and health care infrastructure is improving in this region prevailing eye disorders like glaucoma and the awareness of patient towards the surgeries related to it are helping in the growth of the market. The availability and the increased awareness regarding the advanced corrective vision treatments in the developing nations shall be a major driving factor during the forecast.
Key Market Players Include:
Key Market Developments:
Segments Covered in the Report
By End User
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