The ophthalmic devices market size is projected to reach US$ 73.99 billion by 2031 from US$ 40.48 billion in 2023; the market is estimated to record a CAGR of 7.8% during 2023–2031.
Ophthalmic devices are medical equipment used for vision correction, diagnosis, and surgical purposes. The awareness and adoption of ophthalmic devices have surged in recent years due to an upsurge in cases of glaucoma, cataracts, and other vision-related illnesses. The rising geriatric population and surging prevalence of optical disorders are projected to bolster the ophthalmic devices market in the coming years. The ophthalmic devices market trends include technological advancements in ophthalmic devices that will favor the growth of the market in the future.
Growth Drivers:
An upsurge in the geriatric population in developed countries such as the US, the UK, Canada, and Japan, and developing countries such as China, India, and South Korea is driven by the modernization of healthcare facilities and improvements in healthcare services, which has improved the life expectancy in these countries. The aging population has a heavy impact on the social and economic fronts in the world. New techniques are being adopted in various countries across the world to safely and effectively treat the elderly populations. Thus, the increased quality of life has resulted in decreased death rates, in turn causing a surge in the geriatric population. According to the World Health Organization 2022 data, 1 out of every 6 persons will be aged 60 years and above by 2030; the population of people aged 60 and above is expected to grow from 900 million in 2021 to 2 billion by 2050. The percentage of the worldwide population in this age group will double from 12% in 2015 to 22% by 2050. As per the Department of Economic and Social Affairs, the United Nations report for 2019, ~703 million individuals are aged 65 years and above, and the number is estimated to double to 1.5 billion by 2050.
Glaucoma is a prominent cause of blindness among people aged 60 and above, and people are six times more likely to develop glaucoma after reaching the age of 60. As per the National Glaucoma Research Fact Sheet 2022, more than 3 million Americans have glaucoma, out of which 2.7 million people living with the condition are aged 40 and older. The other causes of blindness include diabetic retinopathy, age-related macular degeneration, and retinal detachment. The Centers for Disease Control and Prevention states that the prevalence of diabetic retinopathy was lowest among people younger than 25 years (13.0%) and highest among people from the age group of 65–79 (28.4%) in the US in 2021. Age-related eye diseases are also cited as the leading causes of blindness and low vision in the US. Thus, the aging population is more susceptible to various ocular diseases that require early diagnosis and treatment, which, in turn, drives the demand for ophthalmic devices, contributing to the ophthalmic devices market growth.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Ophthalmic Devices Market: Strategic Insights
Market Size Value in US$ 40.48 billion in 2023 Market Size Value by US$ 73.99 billion by 2031 Growth rate CAGR of 7.8% from 2023 to 2031 Forecast Period 2023-2031 Base Year 2023
Mrinal
Have a question?
Mrinal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Ophthalmic Devices Market: Strategic Insights
| Market Size Value in | US$ 40.48 billion in 2023 |
| Market Size Value by | US$ 73.99 billion by 2031 |
| Growth rate | CAGR of 7.8% from 2023 to 2031 |
| Forecast Period | 2023-2031 |
| Base Year | 2023 |
Mrinal
Have a question?
Mrinal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Report Segmentation and Scope:
The ophthalmic devices market analysis has been carried out by considering the following segments: product, indication, end user, and geography. Based on product, the market is segmented into vision care products, surgical devices, and diagnostics and monitoring devices. In terms of indication, the market is classified into cataract, glaucoma, refractor disorders, and other indications. Based on end user, the market is categorized into hospitals and eye clinics, academic and research laboratories, and other end users. The scope of the ophthalmic devices market report covers North America (US, Canada, and Mexico), Europe (France, Germany, UK, Spain, Italy, and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia Pacific), the Middle East & Africa (Saudi Arabia, South Africa, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).
Segmental Analysis:
The ophthalmic devices market, by product, is categorized into vision care products, surgical devices, and diagnostics and monitoring devices. The vision care products segment held a significant market share in 2023. It is anticipated to record the highest CAGR in the market during 2023–2031.
Based on indication, the market is categorized into cataract, glaucoma, refractor disorders, and other indications. The glaucoma segment held a significant ophthalmic devices market share in 2023 and is estimated to register the highest CAGR during 2023–2031.
Based on end user, the market is segmented into hospitals and eye clinics, academic and research laboratories, and other end users. The hospital and eye clinics segment held a significant ophthalmic devices market share in 2023 and is expected to register the highest CAGR during 2023–2031.
Regional Analysis:
In terms of geography, the ophthalmic devices market is segmented into North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa. In 2023, North America captured a significant share of the market. In 2023, the US dominated the ophthalmic devices market in this region. The market growth in North America is attributed to the growing burden of eye diseases, such as cataracts, glaucoma, diabetic retinopathy, age-related macular degeneration (AMD), and refractive diseases; increasing geriatric population; the surging acceptance of technologically advanced ophthalmic devices; and the presence of significant market players in the region. With the surging population of people aged 65 and above, cases of age-related diseases such as AMD are on the rise in the US. According to the National Institutes of Health report, the number of people with AMD rose by 18% from 2000–2010, reaching 2.07 million by 2010 from 1.75 million in 2000. By 2050, the number is projected to reach 5.44 million from 2.07 million. According to the study “Prevalence of Diabetic Retinopathy in the US in 2021,” published in 2023, ~9.6 million people were living with diabetic retinopathy, and ~1.8 million people were living with vision-threatening diabetic retinopathy in 2021 in the US. This leads to a greater demand for diagnostic ophthalmic tools, thereby propelling the ophthalmic devices market growth in the region.
Ophthalmic Devices Market Report Scope
Industry Developments and Future Opportunities:
The ophthalmic devices market report includes company positioning and concentration to evaluate the performance of competitors in the market. As per company press releases, a few initiatives taken by key players operating in the market are mentioned below:
- In July 2021, 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 Topcon's standing as a top producer of ophthalmic diagnostic tools.
- In March 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, to expand its share in the market for retinal scanning laser products.
Competitive Landscape and Key Companies:
The ophthalmic devices market forecast can help stakeholders plan their growth strategies. Alcon, Topcon, Bausch + Lomb, Carl Zeiss Meditec, Haag Streit Holding, Essilor, Johnson & Johnson Vision, Nidek Co. Ltd, Hoya Corporation, and CooperVision are among the prominent players profiled in the market. These companies focus on introducing new high-tech products, advancements in existing products, and geographic expansions to meet the growing consumer demand worldwide.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product, Indication, End User, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The ophthalmic devices market was valued at US$ 40.48 billion in 2023.
The global ophthalmic devices market is segmented based on by product, indication, and end user. The ophthalmic devices market, by product, is categorized into vision care products, surgical devices, and diagnostics and monitoring devices. The vision care products segment held a significant market share in 2023 and is anticipated to record the highest CAGR in the market during 2023–2031.
The ophthalmic devices market majorly consists of the players, including Alcon, Topcon, Bausch + Lomb, Carl Zeiss Meditec, Haag Streit Holding, Essilor, Johnson & Johnson Vision, Nidek Co. Ltd, Hoya Corporation, and CooperVision.
The factors driving the growth of the ophthalmic devices market include the increasing prevalence of optical disorders and the growing geriatric population. However, high cost of devices hampers the growth of the ophthalmic devices market.
The ophthalmic devices market is expected to be valued at US$ 73.79 billion in 2031.
The ophthalmic devices are used for diagnosis, surgical, and vision correction purposes. These devices include invasive devices such as implantable devices (intraocular lenses and glaucoma stents), and noninvasive diagnostic equipment and instruments. The adoption of these devices has increased due to increasing cases of glaucoma, cataract, and other vision-related issues worldwide.
1. Introduction
1.1 Scope of the Study
1.2 Market Definition, Assumptions and Limitations
1.3 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness Analysis
3. Research Methodology
4. Ophthalmic Devices Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 List of Vendors in the Value Chain
5. Ophthalmic Devices Market - Key Market Dynamics
5.1 Key Market Drivers
5.2 Key Market Restraints
5.3 Key Market Opportunities
5.4 Future Trends
5.5 Impact Analysis of Drivers and Restraints
6. Ophthalmic Devices Market - Global Market Analysis
6.1 Ophthalmic Devices - Global Market Overview
6.2 Ophthalmic Devices - Global Market and Forecast to 2031
7. Ophthalmic Devices Market – Revenue Analysis (USD Million) – By Product, 2021-2031
7.1 Overview
7.2 Vision Care Products
7.3 Surgical Devices
7.4 Diagnostics and Monitoring Devices
8. Ophthalmic Devices Market – Revenue Analysis (USD Million) – By Indication, 2021-2031
8.1 Overview
8.2 Cataract
8.3 Glaucoma
8.4 Refractor Disorders
8.5 Other Indications
9. Ophthalmic Devices Market – Revenue Analysis (USD Million) – By End User, 2021-2031
9.1 Overview
9.2 Hospital and Eye Clinics
9.3 Academic and Research Laboratories
9.4 Other End Users
10. Ophthalmic Devices Market - Revenue Analysis (USD Million), 2021-2031 – Geographical Analysis
10.1 North America
10.1.1 North America Ophthalmic Devices Market Overview
10.1.2 North America Ophthalmic Devices Market Revenue and Forecasts to 2031
10.1.3 North America Ophthalmic Devices Market Revenue and Forecasts and Analysis - By Product
10.1.4 North America Ophthalmic Devices Market Revenue and Forecasts and Analysis - By Indication
10.1.5 North America Ophthalmic Devices Market Revenue and Forecasts and Analysis - By End User
10.1.6 North America Ophthalmic Devices Market Revenue and Forecasts and Analysis - By Countries
10.1.6.1 United States Ophthalmic Devices Market
10.1.6.1.1 United States Ophthalmic Devices Market, by Product
10.1.6.1.2 United States Ophthalmic Devices Market, by Indication
10.1.6.1.3 United States Ophthalmic Devices Market, by End User
10.1.6.2 Canada Ophthalmic Devices Market
10.1.6.2.1 Canada Ophthalmic Devices Market, by Product
10.1.6.2.2 Canada Ophthalmic Devices Market, by Indication
10.1.6.2.3 Canada Ophthalmic Devices Market, by End User
10.1.6.3 Mexico Ophthalmic Devices Market
10.1.6.3.1 Mexico Ophthalmic Devices Market, by Product
10.1.6.3.2 Mexico Ophthalmic Devices Market, by Indication
10.1.6.3.3 Mexico Ophthalmic Devices Market, by End User
Note - Similar analysis would be provided for below mentioned regions/countries
10.2 Europe
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 Spain
10.2.5 United Kingdom
10.2.6 Rest of Europe
10.3 Asia-Pacific
10.3.1 Australia
10.3.2 China
10.3.3 India
10.3.4 Japan
10.3.5 South Korea
10.3.6 Rest of Asia-Pacific
10.4 Middle East and Africa
10.4.1 South Africa
10.4.2 Saudi Arabia
10.4.3 U.A.E
10.4.4 Rest of Middle East and Africa
10.5 South and Central America
10.5.1 Brazil
10.5.2 Argentina
10.5.3 Rest of South and Central America
11. Industry Landscape
11.1 Mergers and Acquisitions
11.2 Agreements, Collaborations, Joint Ventures
11.3 New Product Launches
11.4 Expansions and Other Strategic Developments
12. Competitive Landscape
12.1 Heat Map Analysis by Key Players
12.2 Company Positioning and Concentration
13. Ophthalmic Devices Market - Key Company Profiles
13.1 TOPCON Corporation
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
Note - Similar information would be provided for below list of companies
13.2 Alcon
13.3 Carl Zeiss Meditec
13.4 Johnson and Johnson Vision
13.5 CooperVision
13.6 Bausch and Lomb Inc
13.7 Essilor
13.8 Hoya Corporation
13.9 Nidek Co. Ltd
13.10 Haag Streit Holding
14. Appendix
14.1 Glossary
14.2 About The Insight Partners
14.3 Market Intelligence Cloud
The List of Companies - Ophthalmic Devices Market
- Alcon
- Topcon Corp.
- Bausch + Lomb
- Carl Zeiss Meditec
- Haag?Streit Holding
- Essilor
- Johnson & Johnson Vision
- Nidek Co. Ltd
- Hoya Corporation
- CooperVision.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- 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.
- 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:
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.
- 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.
- 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.
Trends and growth analysis reports related to Ophthalmic Devices Market
Apr 2024
Pediatric Cardiology Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Product Type (Transcatheter Heart Valves, Occlusion Devices, Catheters, Stents, Introducer Sheaths, and Others), Disease Indication (Congenital Heart Disease, Acquired Heart Disease, Arrhythmias, Cardiomyopathies, and Others), Surgical Procedure (Interventional Procedures, Heart Rhythm Management Procedures, and Others), End User (Hospitals, Specialty Clinics, and Others), and Geography (North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America)
Apr 2024
Pharmaceutical Membrane Filters Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Technology (Microfiltration, Ultrafiltration, Reverse Osmosis and Nanofiltration), Design (Hollow Fiber, Spiral Wound, Tubular System and Plate and Frame), Material (Polyethersulfone (PES), Polysulfone (PS), Cellulose-Based Membranes, Polytetrafluoroethylene (PTFE), Polyvinyl Chloride (PVC), Polyacrylonitrile (PAN) and Others), End User (Pharmaceutical and Biotech Industries and CROs and CDMOs), and Geography (North America, Europe, Asia Pacific, Middle East & Africa, South & Central America)
Apr 2024
ECG Devices Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Product (Resting ECG and Stress ECG), Lead Type (12-Lead ECG, 3–6 Lead ECG, and Single Lead), Technology [Portable (Wired) ECG System and Wireless ECG System], End User (Hospital and Clinics, Ambulatory Surgical Centers, Cardiac Centers, and Others), and Geography (North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America)
Apr 2024
Surgical Laser Fiber Units Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Laser Type (CO2 Laser, Diode Laser, Erbium Laser, Nd:YAG Laser, Holmium Laser, Alexandrite Laser, and Others), Material (Silica-Based Fibers, Quartz Fibers, Polymer-Based Fibers, Multimode Fibers, and Others), Power (Low-Power Lasers, Medium-Power Lasers, and High-Power Lasers), Application (Urology, Dermatology, Gynecology, Cardiology, Neurology, Ophthalmology, Respiratory, Dentistry and Others), Wavelength (9,301 nm and above, 2,941–9,300 nm, and 1,441–2,940 nm, 821–1,440 nm, 710–820 nm, and below 710 nm), End User (Hospitals, Specialty Clinics, Physician Office, and Others), and Geography
Apr 2024
Therapeutic Vaccines Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Product (Cancer Vaccines, Infectious Disease Vaccines, and Others), Technology (Allogenic Vaccines and Autologous Vaccines), End User (Hospitals, Clinics, and Others), and Geography
Apr 2024
Medical Cables Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Disposable Medical Cables, Reusable Medical Cables, and Custom Medical Cables), Applications [Diagnostics (Ultrasound Cables, Endoscopy Cables, Patient Interface Cables, and Others), Motorized Equipment, Patient Monitoring (ECG Cables, SpO2 Cables, NiBP Cables, EEG Cables, and Others), Surgical and Life Support (Fiber Optics, Modular Local Area Network, and Others), and Others], End User (Hospital and Clinics, Diagnostic Laboratories and Imaging Centers, Ambulatory Surgical Centers, and Others), and Geography
Apr 2024
Laser-Assisted ENT Surgeries Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Laser Type (C02 Laser, Nd:YAG Laser, Diode Laser, Blue Laser, KTP Laser, Argon Laser, and Other Laser Types), Surgery Type [Laser Laryngeal Surgery, Laser Endoscopic Sinus Surgery (LESS), Laser-Assisted Uvulopalatoplasty (LAUP), Laser-Assisted Stapedotomy, Laser-Assisted Tonsillectomy and Adenoidectomy, Laser Turbinates Reduction, Transoral Laser Microsurgery (TLM), Nasal Surgery, and Other Surgery Types], End User (Hospitals and Specialty Clinics, Physician Offices, and Other End Users), and Geography (North America, Europe, Asia Pacific, South and Central America, and Middle East and Africa)
Apr 2024
Mobile Cleanroom Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Softwall and Hardwall), End User (Microelectronics Industry, Pharmaceuticals and Biotechnology Industry, Medical Device Manufacturers, and Others), and Geography
Get Free Sample For