The global ophthalmic devices market size exceeded USD 60.99 billion in 2022 and it is predicted to attain around USD 78.4 billion by 2030, expanding at a CAGR of 3.19% between 2022 to 2030.
Ophthalmic devices are tools used to diagnose and cure certain eye defects and ocular abnormalities. The rising prevalence of eye diseases such as glaucoma, diabetic retinopathy, macular degeneration, and cataract, among others, is fueling the market for ophthalmic equipment. For quicker healing times and increased safety, ophthalmic devices are also employed in various surgical procedures, including ultrasonic phacoemulsification. There are a variety of ophthalmic products on the market, from high-end items like contact lenses, eyeglasses, and lens cleaning and disinfecting solutions to low-end products like phoropters, ophthalmoscopes, retinoscopes, and scanning laser polarimetry devices. As a result, during the course of the projection period, there will be a considerable rise in demand for ophthalmic equipment.
Market Growth:
The global ophthalmic devices market will expand as there is a rising need for high-quality eye care and a rising need for procedures to treat visual issues. Ophthalmic gadgets are those that are used to treat eye conditions or that can aid in improving vision. For the development of products to treat visual problems, many market companies are concentrating on bolstering their research and development teams. The market for ophthalmic equipment would rise quickly as a result of improvements in this area, giving them a great chance to attract expensive customers. Due to an increase in dry eye illnesses, the pandemic had a detrimental effect on the market for ophthalmic equipment. Although eye drops were sold during the pandemic, major operations or contact lens sales had significantly decreased.
Regional Analysis:
The ophthalmic devices market is anticipated to develop during the forecast period, with North America having the greatest market share up to the past year due to the region's rising elderly population and prevalent eye disorders. The need for ophthalmic gadgets is rising as a result of unhealthy lifestyles that cause stress-related illnesses including diabetic retinopathy. During the forecast, a good rise is anticipated for the Asia Pacific market. Prevalent eye conditions like glaucoma and patient awareness of the operations linked to them are aiding in the expansion of the market as there is an increase in demand for eye care and the quality of the healthcare infrastructure in this area. The expansion might be attributable to the rising outsourcing activities for ophthalmology devices by significant market participants, like Alcon, Inc. Furthermore, one of the main growth-stimulating factors for developing nations like China and India is the rising awareness of modern corrective eyesight procedures.
Ophthalmic Devices Market Report Scope:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 62.93 Billion |
| Projected Forecast Revenue in 2030 | USD 78.4 Billion |
| Growth Rate from 2022 to 2030 | CAGR of 3.19% |
| Largest Market | North America |
| Base Year | 2022 |
| Forecast Period | 2022 to 2030 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Market Dynamics:
Market Drivers:
The surgical segment is anticipated to expand as a result of an increase in cataract operations and implants, and the market is anticipated to expand as a result of rising demand for eye procedures. These devices will dominate the market because there is a growing need for contact lenses and cutting-edge equipment. The fastest-growing market treatment is micro-invasive glaucoma surgical implants. The market will expand as a result of the prevalence of numerous ophthalmic ailments, including diabetic retinopathy, cataracts, age-related macular degeneration, and other eye conditions. Increased per capita income, high disposable income, favorable reimbursement policies, and readily available ophthalmic procedures are all driving up the number of surgical procedures and, as a result, the market for ophthalmic devices is expanding. The rapid increase in eye disease caused by numerous lifestyle changes is predicted to fuel this demand.
Market Restraints:
Continuous developments in medical technology that result in the creation of novel goods that are more precise and effective are another factor boosting market expansion. The high cost of various devices, especially those that are exported, is one of the main obstacles to the expansion of the global market for ophthalmic equipment. Another major worry for manufacturers is the scarcity of skilled workers, particularly in the rural areas of rising nations.
Market Opportunities:
Accurate diagnosis and better treatment of ocular problems are now possible because of technological breakthroughs. Improved management of cataracts and macular degeneration, glaucoma, and dry eye disease has been made possible by improvements in drugs, diagnostic tools, laser technology, and surgical techniques. The use of ophthalmic equipment is anticipated to rise as a result of minimally invasive procedures including LASIK, multi-wavelength diabetic retinopathy treatment, ultrasonic phacoemulsification, and femtosecond laser surgery. Better patient outcomes and quicker recovery times follow these operations.
Product Insights:
Ophthalmic equipment is divided into surgical and vision care devices. Since many patients with eye illnesses who wear eyeglasses are switching to contact lenses, the vision care category, which now holds the biggest market share, is predicted to develop strongly in the years to come. It is projected that improvements in contact lenses would increase consumer demand for the product. In the US, almost 45 million individuals wear contact lenses, and this number is expected to rise in the upcoming years, causing the market to expand. The prognosis calls for a rise in the intraocular lens industry as well as an increase in cataract and retinal procedures. The cataract market sector has dominated in recent years, and throughout the projection period, it is anticipated to experience considerable expansion. The market is being driven by the increased use of these devices and an increase in cataract procedures.
End-User Insights:
The hospital and eye clinic category held the biggest market share in the ophthalmic devices market based on end users, and it is anticipated to expand over the course of the projected period. In hospitals, ophthalmic equipment that offers efficient and affordable care is being used more and more. As there are more mergers and acquisitions among major and small ophthalmic clinics and hospitals, the usage of ophthalmic devices in the clinic is also rising. The projection predicts a rise in demand for ophthalmic devices due to an increase in mergers and acquisitions among different ophthalmic clinics and hospitals. The development of separate diagnostic divisions in many eye clinics aids in expanding the ophthalmic gadget industry.
Recent Development:
Major Key Players:
Market Segmentation:
By Product
By End User
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