Ophthalmic Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Ophthalmic Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global ophthalmic devices market size reached US$ 26.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 34.1 Billion by 2028, exhibiting a growth rate (CAGR) of 4.2% during 2023-2028.

Ophthalmic devices are medical equipment used for surgical diagnosis and vision correction. They comprise contact lenses, contact lens care products, diagnostics, implants, intraocular lenses (IOLs), lasers, phacoemulsification systems, artificial tears, and surgical instruments. They are used to diagnose and cure ocular abnormalities or deficits, and other eye diseases. They aid in making the eye-treatment procedure more convenient for patients and ophthalmologists by reducing treatment time and providing high-quality eye care. At present, due to the rising prevalence of ophthalmic diseases, such as cataracts and glaucoma, there is an increase in the demand for ophthalmic devices across the globe.

Ophthalmic Devices Market Trends:
The growing reliance on digital devices, such as laptops, smartphones, computers and e-readers, represents one of the key factors driving the market. Moreover, there is a rise in the utilization of intraocular lenses (IOLs) to replace the natural lens of eyes for restoring both near and distant vision. This, along with the expanding healthcare industry, is propelling the growth of the market. In addition, the growing customer training and education among eye care professionals to cure eye diseases and associated complications is positively influencing the market. Besides this, key market players are extensively investing in research and development (R&D) activities for the development of novel devices to treat vision errors. This, coupled with the rising awareness about ophthalmic devices among individuals, is offering lucrative growth opportunities to industry investors. Additionally, there is an increase in the employment of micro-invasive glaucoma (MIGs) surgical implants for the treatment of mild to moderate glaucoma. In line with this, governments of several countries are undertaking initiatives to promote eye health, which is bolstering the market growth.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global ophthalmic devices market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product type, application and end use.

Breakup by Product Type:

Surgical
Implants
Consumables
Equipment
Vision Care
Contact Lens
Ocular Health

Breakup by Application:

Cataract
Vitreo Retinal Disorders
Glaucoma
Refractor Disorders

Breakup by End Use:

Hospitals and Eye Clinics
Academic and Research Laboratory
Others

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Bausch & Lomb Incorporated (Bausch Health Companies Inc.), Carl Zeiss Meditec AG, EssilorLuxottica SA, Haag-Streit Group, HOYA Surgical Optics GmbH (Hoya Corporation), Leica Microsystems GmbH (Danaher Corporation), Nidek Co Ltd., Topcon Corporation, Volk Optical Inc. and Ziemer Ophthalmic Systems AG.

Key Questions Answered in This Report:
How has the global ophthalmic devices market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global ophthalmic devices market?
What are the key regional markets?
What is the breakup of the market based on the product type?
What is the breakup of the market based on the application?
What is the breakup of the market based on the end use?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global ophthalmic devices market and who are the key players?
What is the degree of competition in the industry?