USD 28.33 Billion
Ophthalmology Devices Market Size, Share, Growth Analysis, By Product(Surgical & Vision Care), By Application(Cataract and Glaucoma), By End-user(Hospitals, Ophthalmic Clinics) - Industry Forecast 2024-2031
Report ID:
SQMIG35A2872 |
Region:
Global |
Published Date: April, 2024
Pages:
190
|
Tables:
86 |
Figures:
74
Ophthalmology Devices Market Insights
Global Ophthalmology Devices Market size was valued at USD 28.33 Billion in 2022 and is poised to grow from USD 29.52 Billion in 2023 to USD 36.26 Billion by 2031, growing at a CAGR of 4.2% in the forecast period (2024-2031).
Continuous advances in ophthalmic imaging technologies, such as OCT and fundus imaging, are increasing the sensitivity and early diagnosis of ocular diseases, leading to an increased demand for ophthalmic diagnostic devices. Increased adoption of minimally invasive surgery and the transition to less invasive surgical techniques, such as microincision cataract surgery (MICS) and laser-assisted refraction procedures are also slated to boost market growth. Improved accuracy, safety, and time to heal are key benefits of minimally invasive ophthalmic surgeries. Increased healthcare expenditure especially in emerging economies facilitates the adoption of advanced ophthalmic technologies and procedures, including healthcare services that and more expensive and influenceable impact the growth, also a challenge in terms of time to market and compliance costs.
The number of elderly people worldwide is increasing. According to the United Nations, there are expected to be 771 million people aged 65 and older in the population by 2022, rising from 994 million in 2030 to 1.6 billion in 2050. The number of older people in Africa shows the fastest growth rate, also including those aged 60 and over. The population is projected to triple, followed by Latin America to 18.8 billion by 2050. Growth is viewed as high risk of developing diseases including cardiovascular diseases hence rapidly increasing global elderly population could be a major confirmatory influence for the API market.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Vision Care
Fastest Growth
Surgical Care
Growth Rate
4.2% CAGR
Global Ophthalmology Devices Market ($ Bn)
Country Share for North America Region (%)
Global Ophthalmology Devices Market By Product ($ Bn)
Global Ophthalmology Devices Market By Product (%)
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Ophthalmology Devices Market Segmental Analysis
Based on the product, the ophthalmology devices market is segmented into surgical & vision care. By application the ophthalmology devices market is segmented into cataract and glaucoma. Based on the end-user, the global market is segmented into hospitals, ophthalmic clinics, eye clinics and others. Geographically, the global ophthalmology devices market has been segmented into Asia-Pacific, North America, Europe, and the Middle East & Africa, and Latin America.
Analysis by End-User
The eye clinic segment dominated the global market in 2022. Increasing awareness of the benefits offered by eye clinics, including reducing waiting times, is expected to fuel the growth of the segment. These advantages, coupled with the increased use of advanced equipment in clinics, are some of the factors expected to attract large groups of patients for treatment at these facilities.
Hospitals segment is expected to witness strong growth in the coming years due to the influx of patients to ambulatory surgical centers (ASCs) and more specialty hospitals for cataract surgery and other accommodation programs. This could drive a huge demand for these devices from healthcare facilities, especially in the US and Europe.
Analysis by Product
The vision care segment holds the largest market share and is expected to grow significantly in the coming years. This is largely due to patients switching from traditional glasses to contact lenses. Moreover, players who are more focused on the introduction of new glasses are expected to increase consumption over the forecast period.
The surgical care segment is the fastest growing in the market. According to data released by the Centers for Disease Control and Prevention (CDC), an estimated 45 million people in the United States have used contact lenses. This is expected to contribute to the gradual growth of the segment. The significant increase in the number of cataract and cataract surgeries, coupled with the introduction of new IOLs by key players, has led to an increase in the use of IOLs and other devices, further accelerating the growth of the surgery segment.
Global Ophthalmology Devices Market By Product (%), 2022 (%)
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Ophthalmology Devices Market Regional Insights
North America controlled 43% of the market by 2022. The major factors influencing the market were the continuous expansion of the aging population and chronic eye problems due to high stress and lifestyle. The negative course of diabetic retinopathy is common. The ophthalmic device market in this region is expected to be driven by additional reimbursements for ophthalmology treatments and stringent regulations designed to ensure patient safety. North America, especially the United States, holds a dominant position in the global market. The industry benefits from well-established healthcare infrastructure, higher healthcare costs and a higher patient population with various eye diseases.
The Asia-Pacific is predicted to grow at the fastest CAGR throughout the forecast period owing to rapidly developing medical systems, increasing incidence of eye diseases such as glaucoma and high patient awareness consequently. The Asia-Pacific region in the market is growing rapidly, driven by factors such as rising healthcare costs, expanding healthcare coverage and rising incidence of eye diseases due to aging population and lifestyle changes. Asia-Pacific has a large and rapidly growing population, dominated by older people. The aging population in countries such as China, Japan and South Korea contributes to a high incidence of age-related eye diseases such as glaucoma, cataracts and cataracts, and drives the demand for eyewear.
Global Ophthalmology Devices Market By Geography, 2024-2031
- Largest
- Fastest
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Ophthalmology Devices Market Dynamics
Drivers
Increasing Eye Infection & Eye Pain
- Eye infections are a major cause of severe eye pain. Eye pain is accompanied by symptoms such as dry eyes, burning and pain. This can be caused by many factors including foreign irritants, infection or trauma. Eyelashes or dirt particles, smoke, dust or some harsh makeup products are the most common causes of irritated, red and watery eyes. With increasing pharmaceutical industry and pollution worldwide, the prevalence of eye pain continues to show an increase. Chemical burns and flash burns cause severe eye pain and severity due to irritation of the cornea. Style and blepharitis are common causes of eye pain as they increase the sensitivity of the eye and oil glands surrounding the area.
Increasing Aging Population and Increasing Incidence of Eye Diseases
- Increasing aging population, coupled with lifestyle changes and prevalence of chronic diseases like diabetes contribute to eye diseases like macular degeneration, glaucoma and age-related macular degeneration (AMD). This demographic shift is driving the demand for diagnostic and therapeutic optical devices, as older adults require more frequent eye exams and interventions to manage eye conditions if it is age-sensitive, thus acting as an important driver of the market.
Restraints
Low Treatment Rate in Emerging Countries
- Various elements such as decrease consistent with capita healthcare expenditure, limited product accessibility, and lack of knowledge about ophthalmic sicknesses, lead to a lower number of patients present process remedy in emerging countries. For example, consistent with the article posted in 2018 in the Ophthalmologist: Clinical and Therapeutic Journal, the cataract surgical operation charge in China became 2,450 in step with million inhabitants which had been decrease in assessment to cataract surgical operation charge within the U.S. that became around eleven, 920 per million population.
High Cost of Ophthalmology Devices
- One of the most important restraints in the ophthalmology devices market is the high cost associated with the acquisition and maintenance of advanced ophthalmology devices and the high upfront capital required for these devices to be installed Can pose challenges for healthcare facilities, especially in resource-constrained settings, limiting their availability and acceptability.
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Ophthalmology Devices Market Competitive Landscape
The competitive environment of the Global Ophthalmology Devices Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Detailed information includes jurisdiction over company design, company finances, earnings, market potential, investment in research and development, market innovation, global presence, manufacturing locations and manufacturing facilities, production capacity, company strengths and weaknesses, product launches, product expansion and expansion, and applications. The above data points provided only relate to the perspective of companies in the global market. Key companies operating in this market include Alcon, Regeneron Pharmaceuticals Inc., Johnson & Johnson, Inc., Novartis AG, Bausch & Lomb Incorporated, HOYA Corporation.
Top Player’s Company Profiles
- Novartis AG
- Carl Zeiss Meditec AG
- Essilor International S.A.
- HAAG-Streit Holding AG
- Johnson & Johnson
- Nidek Co., Ltd.
- Topcon Corporation
- Valeant Pharmaceuticals International, Inc.
- Ziemer Ophthalmic Systems AG
- Hoya Corporation
- Alcon Vision LLC
- Bausch & Lomb Incorporated
- Alcon
- Regeneron Pharmaceuticals Inc.
- Bausch & Lomb Incorporated
- HOYA Corporation
- The Cooper Companies Inc.
- Santen Pharmaceutical Co., Ltd.
Recent Developments
- In August 2023, Johnson & Johnson Vision offered its Elita laser correction device in the US. in the announcement. This platform offers an innovative approach to myopia correction using a minimally invasive laser-assisted cataract removal technique.
- In July 2023, Alchem Laboratories announced that it would enter the ophthalmology industry with the introduction of high-quality and affordable ophthalmic products patients in India get access to quality eye care products at affordable prices.
- July 2021 – CooperVision announces that Clarity 1 Day has become the first virgin plastic brand in the US. This is a result of the company’s partnership with Plastic Bank.
Ophthalmology Devices Key Market Trends
Innovative Micro-Invasive Surgical Implants
- The introduction of new equipment, accessories, contact lenses, etc. has increased the demand for these devices for healthcare professionals and patients. For example, micro-invasive glaucoma (MIGs) cosmetic surgery in new has been one of the fastest growing technologies for the treatment of mild to moderate glaucoma. Market players are focusing on the innovative micro-invasive cataract surgical implants that will drive the growth of the global ophthalmic devices market during the forecast period.
Ophthalmology Devices Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The global ophthalmology devices market is experiencing significant growth driven by factors such as technological advancements, rising incidence of ophthalmic diseases and increasing demand for minimally invasive surgeries. This market includes ophthalmic diagnostic instruments, surgical instruments and implantable devices that manage various eye diseases such as glaucoma, glaucoma and glaucoma. Innovations in ophthalmic imaging, ophthalmic surgery, and implantable devices are improving diagnostic accuracy, surgical outcomes, and patient safety. Advanced technologies such as optical coherence tomography (OCT), femtosecond laser, and micro-invasive surgical implants are driving the market growth.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 28.33 Billion |
| Market size value in 2031 | USD 36.26 Billion |
| Growth Rate | 4.2% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Ophthalmology Devices Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Ophthalmology Devices Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Ophthalmology Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Ophthalmology Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Ophthalmology Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Ophthalmology Devices Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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