Ophthalmic Devices Market Report by Diagnostic & Monitoring Devices (Fundus Camera, Optical Coherence Tomography Scanner, Tonometer Market, Others), Surgical Devices (Refractive Error Surgery Devices, Glaucoma Surgery Devices, Cataract Surgery Devices, Re

Ophthalmic Devices Market Report by Diagnostic & Monitoring Devices (Fundus Camera, Optical Coherence Tomography Scanner, Tonometer Market, Others), Surgical Devices (Refractive Error Surgery Devices, Glaucoma Surgery Devices, Cataract Surgery Devices, Retinal Surgery Devices), Vision Correction Devices (Contact Lenses, Others), Application (Cataract, Vitreo Retinal Disorders, Glaucoma, Refractive Diorders), End User (Hospitals and Eye Clinics, Academic and Research Laboratory, Others), Regions and Company Analysis 2024-2032

The Ophthalmic Devices Market is projected to reach US$ 10.22 billion by 2032, up from US$ 6.79 billion in 2023, with a promising CAGR of 4.64% from 2024 to 2032.

Ophthalmology Market Definition

Ophthalmology is a branch of practice that deals with the anatomy, physiology and pathology of the eye. Ophthalmic devices include instruments for diagnostic, surgery and vision correction are showing steady growth of revenue thanks to the rising glaucoma and cataract incidence. These are devices that are used in the diagnosis, treatment, monitoring eye diseases, and abnormalities of the eyes, or vision. Common devices used during eye care surgery by ophthalmologists, optometrists, and other eye care professionals include the following.

The use of ophthalmology equipment to determine visual functions, health of eye, focus problems and overall state of any structures in the eye used in diagnostic. For this purpose, different kind of devices are used like slit lamps, fundus cameras, tonometer’s, autorefracting instruments and optical coherence tomography (OCT) units. Also, the treatment of refractive abnormalities with the help of intraocular lenses (IOLs), contact lenses, eyeglasses, as well as devices for refractive surgery, such as excimer laser – a medical instrument. Additionally, it demonstrates the current high unmet need for the correction of refractive errors and the presence of vision loss due to cataracts showing further growth for ophthalmic instruments in the future.

Growth factor in the Ophthalmic Devices Market

Rising in Geriatric Population: The global population presents certain challenges associated with demographic changes and elderly people. As WHO data from 2021 are concerned, they indicate that over 2.2 billion people worldwide. A global projection of eye health indicates that at least 2 billion people suffer from near or farsighted vision impairment and going by current findings, nearly half of them could have largely avoided it or have it well controlled. Ageing is another noteworthy prerequisite for vision-impaired or blind people, of which most are more than 50 years old, therefore meaning there is an increasing demand for LV use. This trend is predicted to support the development of the ophthalmic device market as the number of visually impaired existent ages continually rises; they cover mainly diseases such as cataracts and glaucoma.

The number of eye illnesses is surging - The demand for ophthalmic devices is rising due to the increasing prevalence of eye conditions. Lifestyle changes have led to a rapid increase in eye diseases, creating a need for surgical and vision care devices. Factors such as rising per capita income, substantial disposable income, favorable reimbursement policies, and the availability of ophthalmic procedures are contributing to an increase in the number of surgical procedures, thereby driving the demand for ophthalmic devices in the market. The American Academy of Ophthalmology reports that 81% of Americans know about eye health. Still, many do not recognize glaucoma, age-related macular degeneration, and diabetic eye disease as leading causes of blindness. Additionally, 17.2% of Americans aged 40 and older have been diagnosed with cataracts. This indicates a need for interventions using advanced ophthalmic technologies to monitor and treat common eye conditions effectively.

Advancements in Surgical Techniques: The latest technological advancements have significantly improved the diagnosis and treatment of ophthalmic disorders. The development of medications, diagnostic devices, laser technology, and surgical techniques has enhanced managing conditions such as cataracts, macular degeneration, glaucoma, and dry eye disease. Additionally, minimally invasive surgeries like LASIK and multi-wavelength diabetic retinopathy treatment are expected to increase demand for ophthalmic devices. Furthermore, Carl Zeiss Meditec AG's acquisition of the Dutch Ophthalmic Research Center has expanded its ophthalmic offerings, allowing for comprehensive vision care across various conditions.

North America Ophthalmic Devices Market

The eye care market is projected to have a large market share in North America because of high and increasing disposable income, awareness, a growing population of elder people, and the increasing incidence of eye diseases. As stated by the survey by Statistics Canada in 2021, there are about 7,021,430 uses aged 65 years or more in North America. The eye care market is also expected to have a noticeable market share in North America because of impressive disposable income per capital, increasing awareness, population of seniors, and escalating incidences of eye ailments.

Increased number of elderly people likely to rise age-related disorders of the eyes; this will naturally lead to increased demand for ophthalmic devices. The National Center for Chronic Disease Prevention and Health Promotion Central revealed that nearly 12 million of the US population older than 40 years are affected by vision impairment and the prevalence is increasing, 1 million people are blind, 3 million have impaired vision after processing the condition, and 8 million people have uncorrected refractive error to cause vision impairment. More than 21 million individuals in the United States currently have visual impairment including blindness as per BCVA in their better-seeing eye and it is predicted to double within the next three decades. The four common types of conditions that cause vision loss and blindness in the U. S. include diabetic retinopathy, age-related macular degeneration, cataracts, and glaucoma.

Ophthalmic Devices Company Analysis

The top ophthalmic device companies include Johnson & Johnson, Topcon Corporation, Canon Inc., Alcon Inc., STAAR Surgical Co., Glaukos Corporation, IRIDEX Corporation, and Carl Zeiss Meditec AG.

Ophthalmic Devices Company News

Sep 2023: Carl Zeiss introduced ZEISS trifocal technology on a gleaming, hydrophobic c-loop platform with a filled injector for dependable and secure implantation.
Oct 2023: To enable early identification of eye disorders and more individualized treatments to prevent vision loss for those with significant eye conditions, Carl Zeiss and Boehringer Ingelheim collaborated to create predictive analytics.
Aug 2023: Johnson & Johnson Vision unveiled the Elita laser correction device at its introduction in the United States. This platform provides a less invasive laser-assisted lens removal process that is revolutionary for addressing shortsightedness.
July 2023: Alkem Laboratories unveiled a broad range of high-quality, reasonably priced eye care products to mark its entry into the ophthalmology market. The introduction of Alkem's ophthalmic product signifies that Indian patients can now obtain reasonably priced, high-quality eye care formulations.
Oct 2022: With the introduction of enVista Aspire IOLs, Bausch Health Companies, Inc. introduced PureFlex design technology, which offers a glossy, friction-free surface that facilitates effective insertion.
March 2022: Alcon introduced the Clareon family of intraocular lenses (IOLs) and made them accessible in the US. Clarion can produce remarkable clarity and consistent visual results.

Diagnostic & Monitoring Devices – Market breakup in 4 viewpoints:

1. Fundus Camera
2. Optical Coherence Tomography Scanner
3. Tonometer Market
4. Others

Surgical Devices - Market breakup in 4 viewpoints:

1. Refractive Error Surgery Devices
2. Glaucoma Surgery Devices
3. Cataract Surgery Devices
4. Retinal Surgery Devices

Vision Correction Devices- Market breakup in 2 viewpoints:

1. Contact Lenses
2. Others

Application- Market breakup in 4 viewpoints:

1. Cataract
2. Vitreo Retinal Disorders
3. Glaucoma
4. Refractive Diorders

End User- Market breakup in 3 viewpoints:

1. Hospitals and Eye Clinics
2. Academic and Research Laboratory
3. Others

Country – Market breakup of 25 Countries:

• North America

o United States
o Canada

• Europe

o France
o Germany
o Italy
o Spain
o United Kingdom
o Belgium
o Netherland
o Turkey

• Asia Pacific

o China
o Japan
o India
o South Korea
o Thailand
o Malaysia
o Indonesia
o Australia
o New Zealand

• Latin America

o Brazil
o Mexico
o Argentina

• Middle East & Africa

o Saudi Arabia
o UAE
o South Africa

All the key players have been covered from 4 Viewpoints:

• Business Overview
• Product Portfolio
• Sales Analysis
• Recent Development & Strategies

Key Players Analysis:

1. Johnson & Johnson
2. Topcon Corporation
3. Canon Inc.
4. Alcon Inc.
5. STAAR Surgical Co.
6. GlaukosCorporation
7. IRIDEX Corporation
8. Carl Zeiss Meditec AG