Ophthalmology Devices Market Size, Share, Growth Analysis, By Product(Surgical & Vision Care), By Application(Cataract and Glaucoma), By End-user(Hospitals, Ophthalmic Clinics, Eye Clinics and Others), By Region - Industry Forecast 2024-2031

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.