Ophthalmology Devices Market is expected to reach US$ 73.99 billion by 2031

PRESS RELEASE BY The Insight Partners 23 May 2024

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Vision Care Products Segment to Lead Ophthalmology Devices Market During 2023–2031

According to our new research study on “Ophthalmology Devices Market Forecast to 2031 – Global Analysis – by Product, Application, End User, and Geography,” the market was valued at US$ 40.48 billion in 2023 and is projected to reach US$ 73.99 billion by 2031; it is expected to register a CAGR of 7.83% from 2023 to 2031.

Ophthalmology devices are medical equipment used for vision correction, eye disease diagnosis, and surgical procedures. These devices include invasive devices such as implantable devices (intraocular lenses and glaucoma stents), and noninvasive diagnostic equipment and instruments. Key factors driving the market growth include the growing prevalence of ophthalmic disorders and the rising geriatric population prone to various eye disorders. However, the high cost of ophthalmic devices and lack of awareness related to these devices in developing countries hinder the ophthalmology devices market growth. Additionally, technological advancements are anticipated to bring new ophthalmology devices market trends in the coming years.

Ophthalmology Devices Market, by Region, 2023(%)

Ophthalmology Devices Market, by Region, 2023(%)

Ophthalmology Devices Market Trends and Growth (2021-2031)

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Ophthalmology Devices Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Product (Vision Care Products, Surgical Devices, and Diagnostics and Monitoring Devices), Application (Cataract, Glaucoma, Refractory Disorders, Vitreoretinal Disorders, and Other Applications), End User (Hospital and Eye Clinics, Academic and Research Laboratories, and Other End Users), and Geography

Source: The Insight Partners Analysis

Ophthalmology Devices Market Analysis Based on Segmental Evaluation:

By product, the market is categorized into vision care products, surgical devices, and diagnostics and monitoring devices. The vision care products segment held a significant ophthalmology devices market share in 2023 and is estimated to register the highest CAGR during the forecast period. The vision care devices segment is further bifurcated into contact lenses and spectacle lenses. The diagnostic and monitoring devices segment is further divided into optical coherence tomography scanners, ophthalmic ultrasound imaging systems, fundus cameras, perimeters/visual field analyzers, autorefractors and keratometers, tonometers, optical biometry systems, ophthalmoscopes, corneal topography systems, retinoscopes, and others. The surgical devices segment is fragmented into glaucoma surgical devices, cataract surgical devices, vitreoretinal surgical devices, refractive surgical devices, ophthalmic microscopes, and ophthalmic and surgical accessories.

The growth of the market for the vision care products segment is attributed to technological advancements in vision care products. The use of contact lenses and spectacle lenses is growing with the prevalence of  eye diseases and burgeoning awareness among people regarding eye treatments, including surgeries. In 2021, the sales of soft contact lenses in Europe rose by ~14% to reach almost US$ 2.13 billion, according to a report by Euromcontact. Further, the annual survey of the European Contact Lens Industry revealed that the sales of all types of soft lenses reached the value of US$ 2.02 billion in 2021, recording a significant increase compared to 2020. The UK and Ireland accounted for US$ 372.45 million of these sales, with a year-on-year growth rate of 3.8%.

Companies in the ophthalmology devices market are introducing technologically advanced contact lenses and spectacle lenses. In March 2023, CooperVision introduced MyDay Energys contact lenses for eye care professionals across the US. These lenses are designed to address the symptoms of digital eye strain, and this nationwide rollout marked the first product of its kind that was made available to the public. Further, in October 2023, Alcon launched TOTAL30 Multifocal, the first and only monthly water-gradient multifocal contact lens, in the US and selective international markets. The lens provides comfort even after 30 days of continuous use.

Based on application, the market is segmented into cataracts, glaucoma, refractor disorders, and other applications. The glaucoma segment held a significant ophthalmology devices market share in 2023 and is estimated to register the highest CAGR during 2023–2031. Glaucoma is the prevalent cause of irreversible blindness. According to the World Glaucoma Association, based on prevalence studies, 79.6 million people had glaucoma in 2020, and the number is likely to grow to 111.8 million individuals by 2040. Glaucoma can be diagnosed using intraocular pressure (IOP) measurement; corneal thickness (pachymetry) measurement; gonioscopy; computerized visual field measurement; optic nerve head, nerve fiber layer, and macular region analysis; anterior segment imaging methods; and other tests. Further, surgical procedures for glaucoma that can help lower the pressure in the eye include glaucoma implant surgery, trabeculectomy, and minimally invasive glaucoma surgery (MIGS). Diagnosis and surgeries require various ophthalmology devices.

The scope of the ophthalmology devices market report includes the assessment of the market performance in North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa. Asia Pacific is likely to register the highest CAGR in the market from 2023 to 2031. China and Japan are the major contributors to the expanding ophthalmology devices market size in Asia Pacific. According to a 2021 report by the National Institute of Population and Social Security Research, individuals born in the early 1970s would turn 65 or older by 2040, and percentage of the elderly demographic in the total population is projected to reach as high as 35.3% by the said year. As a result, there will be a growing need for ophthalmic devices and drugs in Japan in the future. As per the "Detection of Glaucoma and Other Vision-Threatening Ocular Diseases in the Population Recruited at Specific Health Checkups in Japan," an article published in the Clinical Epidemiology Journal in November 2020, the prevalence of glaucoma was found to be 12.4% in the population under study, with 2.4% cases having pre-perimetric glaucoma. Additionally, macular degeneration (1.2%), diabetic retinopathy (1.0%), chorioretinal atrophy (0.5%), macular epiretinal membrane (2.9%), branch retinal vein occlusion (0.7%), and other retinal diseases (2.0%) were also prevalent. Thus, the rising geriatric population, growing prevalence of eye diseases, surge in the awareness of visual impairment conditions, and development of innovative ophthalmic products are the factors projected to support the ophthalmology devices market growth in Asia Pacific during the forecast period.

Alcon, Topcon, Bausch + Lomb, Carl Zeiss Meditec, Haag Streit Holding, Essilor, Johnson & Johnson Vision, Nidek Co. Ltd, Hoya Corporation, and CooperVision are among the leading companies profiled in the ophthalmology devices market report.

Based on product, the ophthalmology devices market is segmented into vision care products, surgical devices, and diagnostics and monitoring devices. In terms of application, the market is classified into cataracts, glaucoma, vitreoretinal disorders, refractory disorders, and other applications. In terms of end user, the market is categorized into hospitals and eye clinics, academic and research laboratories, and other end users. Based on geography, the ophthalmology devices market is segmented into North America (US, Canada, and Mexico), Europe (France, UK, Germany, Spain, Italy, and Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Australia, and Rest of Asia Pacific), the Middle East & Africa (Saudi Arabia, UAE, South Africa, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).

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