Ophthalmology Devices Market By Devices (Surgical Devices, Diagnostic and Monitoring Devices) , By Application (Glaucoma, Vitreoretinal Disorders, Cataract, Refractor Disorders) By End User (Hospitals & Eye Clinics, Academic & Research Laboratory, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2033
The ophthalmology devices market was valued at $7.1 billion in 2023, and is projected to reach $11.6 billion by 2033, growing at a CAGR of 5.1% from 2024 to 2033.
Ophthalmology devices refer to the wide range of medical equipment and instruments used to diagnose, monitor, and treat various eye-related conditions and disorders. These devices play a crucial role in improving vision, addressing diseases such as glaucoma, cataracts, and retinal disorders, and assisting with surgeries. With the increased emphasis on early diagnosis and non-invasive treatment methods, these devices are essential in offering precision and efficiency in ophthalmic care.
The growth of the global ophthalmology devices market is majorly driven by alarming increase in prevalence of eye diseases such as cataracts, glaucoma, macular degeneration, and diabetic retinopathy. According to a 2023 study published by the World Health Organization, approximately 2.2 billion individuals suffer from near or distance vision impairment. Furthermore, surge in geriatric population notably contributes toward the growth of the global market. As per the World Health Organization, the number of people aged 60 years and older was 1 billion in 2019. This number is estimated to increase to 1.4 billion by 2030 and 2.1 billion by 2050. Moreover, increase in awareness about eye health, preventive care, and the importance of early diagnosis of conditions like glaucoma has led to higher demand for ophthalmic screening devices, thereby fostering the market growth. In addition, rise in popularity of corrective surgeries such as LASIK and PRK for vision correction is fueling demand for advanced laser systems and related ophthalmic devices. Global rise in diabetes cases has led to a parallel increase in diabetic retinopathy, further propelling the need for specialized ophthalmology devices for early diagnosis and treatment. However, high cost associated with cutting-edge ophthalmology devices acts as a key restraint of the global market. In addition, dearth of trained ophthalmologists and technical staff in certain regions can act as a barrier to the adoption of advanced technologies in eye care, thus hampering the market growth. On the contrary, innovations in diagnostic imaging, for instance, optical coherence tomography, minimally invasive surgeries, and laser treatments have improved precision, safety, and outcomes in ophthalmology. Such developments are expected to offer lucrative opportunities for the expansion of the global market during the forecast period.
The ophthalmology devices market is segmented into device, application, end user, and region. By device, the market is classified into surgical devices and diagnostic and monitoring devices. Depending on application, it is divided into glaucoma, vitreoretinal disorders, cataract, and refractor disorders. On the basis of end user, it is segregated into hospitals & eye clinics, academic & research laboratories, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsBy device, the surgical devices segment dominated the market, in terms of share, in 2023.On the basis of application, the glaucoma segment garnered the largest share in 2023.
Depending on end user, the hospitals & eye clinics segment exhibit the highest growth in 2023.
Region wise, North America emerged as the most lucrative market for ophthalmology devices in 2023.
Competition AnalysisCompetitive analysis and profiles of the major players in the global ophthalmology devices market include Johnson & Johnson, Alcon Vision LLC, Carl Zeiss Meditec AG, Bausch & Lomb Incorporated, Essilor International S.A, Ziemer Ophthalmic Systems Ltd, Nidek Co. Ltd., TOPCON CORPORATION, HAAG-STREIT GROUP AG, and Canon Medical Systems Corporation. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the global market.
Key Market SegmentsBy DevicesSurgical Devices
Diagnostic and Monitoring Devices
By ApplicationGlaucoma
Vitreoretinal Disorders
Cataract
Refractor Disorders
By End UserHospitals Eye Clinics
Academic Research Laboratory
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
Japan
China
Australia
India
South Korea
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market PlayersJohnson & Johnson
Alcon Vision LLC
Carl Zeiss Meditec AG
Bausch & Lomb Incorporated
Essilor International S.A
Ziemer Ophthalmic Systems Ltd
Nidek Co. Ltd
TOPCON CORPORATION
HAAG-STREIT GROUP AG
Canon Medical Systems Corporation