Ophthalmology Devices Market Growth, Size, Share, Trends, Key Players Analysis, and Forecast till 2031

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

  • Report Code : TIPRE00037806
  • Category : Medical Device
  • Status : Published
  • No. of Pages : 212
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The ophthalmology devices market size is projected to reach US$ 73.99 billion by 2031 from US$ 40.48 billion in 2023. The market is expected to register a CAGR of 7.83% in 2023–2031. The rising prevalence of ophthalmic disorders is likely to remain a key ophthalmology devices market trend.

Ophthalmology Devices Market Analysis

Ophthalmic devices are designed for surgical, diagnostic, and vision correction purposes. These devices have gained substantial importance over the years due to the high incidence of cataracts, glaucoma, and other vision-related issues. Moreover, companies in the ophthalmology devices market are introducing technologically advanced contact lenses and spectacle lenses. The demand for ophthalmic diagnosis and monitoring devices is on the rise due to advancements in medical technologies, an upsurge in the prevalence of eye diseases caused by changing lifestyles, the increasing incidence of chronic diseases, and the burgeoning aging population. Advanced technologies such as artificial intelligence (AI), telemedicine, and the Internet of Things (IoT) play a pivotal role in eye screening procedures, thereby boosting operational efficiency, accuracy, cost-efficiency, and access to ophthalmic care.

Ophthalmology Devices Market Overview

Technological innovation has always been fundamental to any discipline of life sciences, including ophthalmology, as modern devices are key to accurate diagnosis and improved treatments. Advancements in medications, diagnostic devices, laser systems, and surgical techniques have enabled the improved diagnosis of glaucoma, cataracts and macular degeneration, and dry eye disease. Factors such as upsurge in the incidence of ophthalmic disorders, and increasing number of product launch, acquisition and collaboration is driving the market growth. In addition, technological advancements in ophthalmic devices is acting as an opportunity for the market. However, the high cost of ophthalmic surgeries is the major factor hindering the market growth.

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Ophthalmology Devices Market: Strategic Insights

Ophthalmology Devices Market

  • CAGR (2023 - 2031)
    7.83%
  • Market Size 2023
    US$ 40.48 Billion
  • Market Size 2031
    US$ 73.99 Billion

Market Dynamics

GROWTH DRIVERS
  • Upsurge in Incidence of Ophthalmic Disorders Drives the Ophthalmology Devices Market
FUTURE TRENDS
  • Increasing Number of Product Launches, Collaborations, Acquisitions Drives the Ophthalmology Devices Market
OPPORTUNITIES
  • Technological Advancements in Ophthalmic Devices is the opportunity in the Ophthalmology Devices Market

Key Players

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

Product
  • Vision Care Devices
  • Diagnostic and Monitoring Devices
  • Surgical Devices
Application
  • Glaucoma
  • Cataract
  • Vitreo retinal disorders
  • Refractor Disorders
  • Others
End user
  • Hospitals & Eye Clinics
  • Academic & Research Laboratory
  • Others
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Ophthalmology Devices Market Drivers and Opportunities

Advancements in Ophthalmology Devices Favor Market Growth

Virtual reality, 3D imaging, and Big Data and artificial intelligence (AI) are being used for data analysis in ophthalmology. These tools have made it possible to gain accurate and reliable results. Tools such as AI are being used in the screening of diabetic retinopathy, lesion detection, and disease progress monitoring (e.g., progress of age-related macular degeneration or macular edema). However, these tools are still under development as they are being evaluated for their suitability in diagnostic and prognostic applications in ocular pathologies. Minimally invasive surgeries such as LASIK (i.e., laser-assisted in situ keratomileusis) surgery, femtosecond laser surgery, multi-wavelength diabetic retinopathy treatment, and ultrasound phacoemulsification are likely to increase the demand for ophthalmology devices, in turn, propelling the overall market growth.

Growing Focus on Telemedicine to Generate Opportunities in Market

Technological innovation has always been fundamental to any discipline of life sciences, including ophthalmology, as modern devices are key to accurate diagnosis and improved treatments. Advancements in medications, diagnostic devices, laser systems, and surgical techniques have enabled the improved diagnosis of glaucoma, cataracts and macular degeneration, and dry eye disease. Virtual reality, 3D imaging, and big data and artificial intelligence (AI) are being used for data analysis in ophthalmology. These tools have made it possible to gain accurate and reliable results. Tools such as AI are being used in the screening of diabetic retinopathy, detection of lesions, and monitoring of the progress of certain diseases such as age-related macular degeneration or macular edema. However, these tools are still under development as they are being evaluated for their suitability in diagnostic and prognostic applications in ocular pathologies. Minimally invasive surgeries such as LASIK (i.e., laser-assisted in situ keratomileusis) surgery, femtosecond laser surgery, multi-wavelength diabetic retinopathy treatment, and ultrasound phacoemulsification are likely to increase the demand for ophthalmology devices, in turn, propelling the overall market growth.

Ophthalmology Devices Market Report Segmentation Analysis

Key segments that contributed to the derivation of the ophthalmology devices market analysis are product, vision care devices, diagnostic and monitoring devices, surgical devices, application, and end user.

  • Based on product, the ophthalmology devices market is divided into vision care devices, surgical devices, and diagnostic and monitoring devices. The vision care devices segment held the largest market share in 2023.
  • Based on application, the market is segmented into glaucoma, cataract, vitreoretinal disorder, refractory disorder, and others. The glaucoma segment held a major market share in 2023.
  • In terms of end user, the market is segmented into hospitals and eye clinics, academic and research laboratories, and others. The hospitals and eye clinics segment dominated the market in 2023.

Ophthalmology Devices Market Share Analysis by Geography

The geographic scope of the ophthalmology devices market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America. The market growth in North American region can be attributed to the rising prevalence of eye diseases such as glaucoma and cataracts, and the presence of major manufacturers in North American countries.

Ophthalmology Devices Market Report Scope

Report Attribute Details
Market size in 2023 US$ 40.48 Billion
Market Size by 2031 US$ 73.99 Billion
Global CAGR (2023 - 2031) 7.83%
Historical Data 2021-2022
Forecast period 2024-2031
Segments Covered By Product
  • Vision Care Devices
  • Diagnostic and Monitoring Devices
  • Surgical Devices
By Application
  • Glaucoma
  • Cataract
  • Vitreo retinal disorders
  • Refractor Disorders
  • Others
By End user
  • Hospitals & Eye Clinics
  • Academic & Research Laboratory
  • Others
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

    Ophthalmology Devices Market News and Recent Developments

    The ophthalmology devices market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the ophthalmology devices market are mentioned below:

    • Topcon Corporation acquired VISIA Imaging S.r.l., an ophthalmic device manufacturer headquartered in suburban Florence, Italy. With the acquisition, Topcon intends to further strengthen its well-positioned portfolio of fundus imaging devices—which includes fundus cameras and optical coherence tomography. This acquisition enhances Topcon’s development and production capabilities of anterior segment devices and software. The acquisition is also meant to strengthen its standing as a top producer of ophthalmic diagnostic tools. (Source: Topcon, Press Release, July 2021)
    • Iridex Corporation entered into a strategic collaboration with Topcon Corporation. Iridex Corporation is a renowned provider of innovative ophthalmic laser-based medical products for treating glaucoma and retinal diseases. Iridex acquired Topcon’s PASCAL product line, combining its own MicroPulse technology with Topcon’s PASCAL laser platform. This collaboration is likely to help Iridex expand its share in the market for retinal scanning laser products. (Source: Iridex Corporation, Newsletter, March 2021)

    Ophthalmology Devices Market Report Coverage and Deliverables

    The “Ophthalmology Devices Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the following areas:

    • Ophthalmology devices market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
    • Ophthalmology devices market trends as well as market dynamics such as drivers, restraints, and key opportunities
    • Detailed PEST/Porter’s Five Forces and SWOT analysis
    • Ophthalmology devices market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
    • Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the ophthalmology devices market
    • Detailed company profiles
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    Product, and End-User

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    This text is related
    to country scope.

    Frequently Asked Questions


    What factors drive the ophthalmology devices market?

    Factors such as 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.

    What is ophthalmology devices?

    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.

    Who are the major players in the ophthalmology devices market?

    The ophthalmology devices market majorly consists of the players, including Johnson & Johnson Vision Care Inc., Alcon AG, Carl Zeiss Meditec, Bausch & Lomb Inc, Essilor International SAS, Nidek Co Ltd, Topcon Corp, Haag-Streit AG, Ziemer Ophthalmic Systems AG, and Hoya Corp.

    What was the estimated ophthalmology devices market size in 2023?

    The ophthalmology devices market was valued at US$ 40.48 billion in 2023.

    What are the growth estimates for the ophthalmology devices market till 2031?

    The ophthalmology devices market is expected to be valued at US$ 73.99 billion in 2031.

    Which product segment dominates the ophthalmology devices market?

    Based on product, the ophthalmology devices market is divided into vision care devices, surgical devices, and diagnostic and monitoring devices. The vision care devices segment held the largest market share in 2023.

    Which application segment dominates the ophthalmology devices market?

    Based on application, the market is segmented into glaucoma, cataract, vitreoretinal disorder, refractory disorder, and others. The glaucoma segment held a major market share in 2023.

    Which end user segment dominates the ophthalmology devices market?

    In terms of end user, the market is segmented into hospitals and eye clinics, academic and research laboratories, and others. The hospitals and eye clinics segment dominated the market in 2023.

    The List of Companies - Ophthalmology Devices Market

    1. Johnson & Johnson Vision Care Inc.
    2. Alcon AG
    3. Carl Zeiss Meditec
    4. Bausch & Lomb Inc
    5. Essilor International SAS
    6. Nidek Co Ltd
    7. Topcon Corp
    8. Haag-Streit AG
    9. Ziemer Ophthalmic Systems AG
    10. Hoya Corp.

    The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

    1. Data Collection and Secondary Research:

    As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

    Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

    1. Primary Research:

    The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

    For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

    A typical research interview fulfils the following functions:

    • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
    • Validates and strengthens in-house secondary research findings
    • Develops the analysis team’s expertise and market understanding

    Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

    • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
    • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

    Below is the breakup of our primary respondents by company, designation, and region:

    Research Methodology

    Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

    1. Data Analysis:

    Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

    • 3.1 Macro-Economic Factor Analysis:

    We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

    • 3.2 Country Level Data:

    Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

    • 3.3 Company Profile:

    The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

    • 3.4 Developing Base Number:

    Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

    1. Data Triangulation and Final Review:

    The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

    We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

    We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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