Ophthalmic Devices Market, Size, Global Forecast 2023-2030, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis

Ophthalmic Devices Market, Size, Global Forecast 2023-2030, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis

Global Ophthalmic Devices Market is expected to reach US$ 68.64 Billion in 2030, according to Renub Research. Ophthalmology, a branch of medical science specializing in the study and treatment of eye diseases, heavily relies on ophthalmic devices for various purposes such as diagnosis, surgical procedures, and vision correction. With the prevalence of conditions like glaucoma, cataracts, and other vision-related issues on the rise, the importance and adoption of these devices have grown significantly. The increasing global incidence of vision disorders have led to a surging demand for high-quality eye care services.

The field of ophthalmic devices is witnessing notable advancements, particularly in technologies like intraocular lenses, which enhance vision correction and contribute to improved outcomes in eye surgeries. This, coupled with the escalating number of eye surgeries performed worldwide, is expected to propel the market for ophthalmic devices in the years ahead.

Renub Research report forecasts a 5.98% CAGR for the global ophthalmic devices industry from 2022 to 2030

The prevalence of eye diseases is further amplified by lifestyle changes, reinforcing the need for surgical and vision care devices. Factors like higher per capita income, disposable income, favourable reimbursement policies, and the availability of easily accessible ophthalmic procedures have all contributed to an increase in surgical interventions and subsequently fuelled the demand for ophthalmic devices in the market. As the global population continues to face the challenges posed by eye disorders, the ophthalmic devices industry strives to meet the growing demand for innovative solutions in surgical and vision care, thereby playing a crucial role in ensuring improved eye health and enhanced quality of life for individuals worldwide. Global Ophthalmic Devices Market was Valued at US$ 43.13 Billion in 2022.

Continuous advancements in OCT technology, the market share of OCT scanners is expected to remain dominant in the global ophthalmic devices market
By Diagnostic & Monitoring, Global Ophthalmic Devices Market is segmented into Fundus Camera, Optical Coherence Tomography Scanner, Tonometer and Others. The Optical Coherence Tomography (OCT) scanner has emerged as a frontrunner in the global ophthalmic devices industry, commanding the highest market share. This advanced imaging technology enables detailed cross-sectional visualization of the eye, facilitating accurate diagnosis and monitoring of various eye conditions. Its non-invasive nature, high resolution, and ability to capture real-time images have made it a preferred choice among ophthalmologists worldwide. The OCT scanner's versatility and applications across multiple ophthalmic subspecialties, including glaucoma, macular degeneration, and diabetic retinopathy, have contributed to its dominant market position. With ongoing advancements and continuous improvements, the OCT scanner is poised to maintain its leadership in the global ophthalmic devices market.

As the global population continues to age, the demand for these devices is expected to remain high in the global ophthalmic devices market

By Surgical, Global Ophthalmic Devices Market is divided into Refractive Error Surgery Devices, Glaucoma Surgery Devices, Cataract Surgery Devices and Retinal Surgery Devices. Cataract surgery devices hold the highest market share in the global ophthalmic devices market. Cataracts, a common age-related condition, affect the lens of the eye, leading to impaired vision. The demand for cataract surgery devices is fuelled by the increasing number of cataract cases worldwide. These devices, including phacoemulsification systems, intraocular lenses, and viscoelastic substances, are essential for safe and effective cataract removal and lens replacement. Technological advancements have resulted in improved surgical techniques and enhanced outcomes, driving the market for cataract surgery devices. As the aging population continues to grow and the need for vision restoration persists, the market for cataract surgery devices is expected to maintain its prominence in the global ophthalmic devices market.

Contact lenses are experiencing rapid growth and are considered the fastest-growing segment in the global ophthalmic devices market

By Vision Care, the Global Ophthalmic Devices Market is sub-segmented Contact Lenses and Others. Contact lenses are experiencing rapid growth and emerge as the fastest-growing segment in the global ophthalmic devices industry. With their convenience, comfort, and ability to correct various vision impairments, contact lenses have gained immense popularity among individuals seeking an alternative to traditional eyeglasses. Advancements in lens materials, such as silicone hydrogel, have improved breathability and prolonged wearing comfort, driving the increased adoption of contact lenses. The growing prevalence of myopia and astigmatism, particularly among younger populations, has fuelled the demand for contact lenses as a vision correction option. As the industry continues to innovate with features like multimodality and colour enhancement, contact lenses are expected to maintain their rapid growth trajectory in the global ophthalmic devices market.

As consumers continue to prioritize their visual health, they will continue to shape the global ophthalmic devices market through their preferences and demands
By End Use, global ophthalmic devices market is divided into Hospitals, Specialty Clinics, Ambulatory Surgery Centers, Consumers and Others. Consumers hold the highest market share in the global ophthalmic devices industry. As the end-users and beneficiaries of these devices, consumers play a crucial role in driving the market. The demand for ophthalmic devices is directly influenced by consumer needs, preferences, and the prevalence of eye conditions. Factors such as an aging population, lifestyle changes, and increasing awareness about eye health contribute to the growing market share of consumers. Advancements in technology, such as more comfortable and aesthetically appealing devices, have further fuelled consumer adoption.

United States is projected to have the highest market share in the global ophthalmic devices market in the upcoming years.

By Country, global ophthalmic devices market is breakup into United States, Canada, Mexico, Germany, France, United Kingdom, Italy, Spain, Denmark, Sweden, Norway, Japan, China, Australia, Thailand, India, Brazil, Saudi Arabia, South Africa, UAE and Rest of the World. The United States is expected to hold the highest market share in the global ophthalmic devices market in the upcoming years. The country's robust healthcare infrastructure, technological advancements, and high healthcare expenditure contributed to its dominant position in the market.

A large population suffering from eye disorders, along with a growing aging population, drives the demand for ophthalmic devices in the United States. The presence of leading ophthalmic device manufacturers, research institutions, and strong regulatory frameworks further solidify the country's market share. As the United States continues to focus on advanced eye care solutions and invest in innovative technologies, it is poised to maintain its prominent position in the global ophthalmic devices industry.

Key Player

Johnson & Johnson, Topcon Corporation, Canon INC, Alcon Inc, STAAR Surgical Co, Glaukos Corporation and IRIDEX Corporation are the key company in the global ophthalmic devices market.

Renub Research latest report “Ophthalmic Device Market, Global Forecast By Diagnostics & Monitoring Devices(Fundus Camera, Optical Coherence Tomography Scanner, Tonometer and Others) Surgical Instruments Devices (Refractive Error Surgery Devices, Glaucoma Surgery Devices, Cataract Surgery Devices, Retinal Surgery Devices), Vision Care Products (Contact Lenses Market and Others), End Use (Hospitals, Specialty Clinics, Ambulatory Surgery Centers, Consumers and Others), Country (United States, Canada, Mexico, Germany, France, United Kingdom, Italy, Spain, Denmark, Sweden, Norway, Japan, China, Australia, Thailand, India, Brazil, Saudi Arabia, South Africa, UAE, Rest of the World), Companies (Johnson & Johnson, Topcon Corporation, Canon INC, Alcon Inc, STAAR Surgical Co, Glaukos Corporation and IRIDEX Corporation)” provides a detailed analysis of Ophthalmic Device Market.

Diagnostics & Monitoring Devices – Market has been covered from 4viewpoints:

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

Surgical Instruments Devices – Market has been covered from 4 viewpoints:

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

Vision Care Products – Market has been covered from 2 viewpoints:

1. Contact Lenses Market
2. Others

End Use – Market has been covered from 5 viewpoints:

1. Hospitals
2. Specialty Clinics
3. Ambulatory Surgery Centers
4. Consumers
5. Others

Country – Market has been covered from 21 viewpoints:

1. United States
2. Canada
3. Mexico
4. Germany
5. France
6. United Kingdom
7. Italy
8. Spain
9. Denmark
10. Sweden
11. Norway
12. Japan
13. China
14. Australia
15. Thailand
16. India
17. Brazil
18. Saudi Arabia
19. South Africa
20. UAE
21. Rest of the World

Company Insights:

• Overview
• Recent Development & Strategies
• Financial Insights

Company Analysis:

1. Johnson & Johnson
2. Topcon Corporation
3. Canon INC
4. Alcon Inc
5. STAAR Surgical Co
6. Glaukos Corporation
7. IRIDEX Corporation