Ophthalmic Devices Market Size, Share & Trends Analysis Report By Product (OCT, Ophthalmic Ultrasound Imaging Systems), By Application (Cataract, Glaucoma), By End-use, By Region, And Segment Forecasts, 2024 - 2030

Ophthalmic Devices Market Size, Share & Trends Analysis Report By Product (OCT, Ophthalmic Ultrasound Imaging Systems), By Application (Cataract, Glaucoma), By End-use, By Region, And Segment Forecasts, 2024 - 2030

Ophthalmic Devices Market Growth & Trends

The global ophthalmic devices market size is anticipated to reach USD 9.79 billion by 2030, registering a CAGR of 4.92% from 2024 to 2030, according to a new report by Grand View Research, Inc. The rising geriatric population is presumed to propel the need for ophthalmic devices due to the high risk of developing chronic eye disorders. According to the National Institute on Aging (NIA), the geriatric population will be about 72 million individuals by 2030. The rising prevalence of eye disorders, such as macular degeneration, cataracts, diabetic retinopathy, and glaucoma, is also boosting product demand. As per the WHO, glaucoma accounts for 4.5 million cases of blindness globally. In the United States, glaucoma is termed the "Silent Thief of Sight," which is the second-leading cause of blindness.

The market growth can also be attributed to technological advancements, such as the development of intraocular lenses, fundus cameras, and OCT devices. Furthermore, the increasing involvement of market players in expanding treatment solutions through strategic alliances is expected to present this market with a potential growth platform. Approximately 10% of the people suffering from eye disorders are expected to experience loss of vision despite the proper treatment, as per the statistics of the WHO, driving the clinical urgency to incorporate highly advanced ophthalmic devices. Furthermore, rising demand for minimally invasive and complication-free operative surgeries is expected to boost product demand. Due to the COVID-19 pandemic, the majority of the population's screen time was increased, resulting in increased cases of various eye issues, which will support market growth over the forecast period.

Ophthalmic Devices Market Report Highlights

• Based on product, the optical coherence tomography scanners (OCT) segment dominated the global market in 2023
• The segment accounted for the largest share of over 23% of the overall revenue in 2023, which can be attributed to its wide range of applications
• The ophthalmoscopes segment is expected to witness significant growth from 2024 to 2030 on account of technological advancements
• The cataract application segment accounted for the largest revenue share in 2023 and is expected to continue its dominance over the forecast period
• This growth can be attributed to the increasing number of patients suffering from cataracts and high product adoption for cataract surgeries

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