The anatomy, physiology, and diseases of the eyes are the main topics of the medical specialty of ophthalmology. Medical equipment called ophthalmic devices is used in surgery, examination, and vision correction. These gadgets are becoming more and more significant and common due to the rise in ophthalmic conditions like glaucoma, cataracts, and other issues with vision.
The market worth of ophthalmic devices in 2021 was USD 54.96 billion, and by 2030 will be worth USD 83.09 billion, growing at a 4.7% CAGR during the forecast period.
Some of the factors influencing the growth of the ophthalmology business include the incidence of eye diseases, demographic changes, technological advancements in ophthalmology, and the rising senior population.
The global market for ophthalmic devices is significantly impacted by the increased prevalence of ocular illnesses like cataracts and glaucoma. Additionally, the market is growing because of the rising use of digital devices, including laptops, smartphones, desktops, and e-readers, as well as quick technological breakthroughs like the introduction of intraocular lenses (IOLs). Additionally, a greater focus on customer education and eye care professionals’ education regarding eye disorders and related issues all significantly contribute to the growth of the global market.
The development of this market is being hampered by higher equipment and technology prices, inadequate awareness of and access to high-quality eye care goods, and a need for health insurance in developing nations.
Due to their vast populations, developing countries like Mexico, Russia, India, China, Brazil, and South Africa offer opportunities for future expansion for manufacturers of ophthalmic devices. According to the UN Economic and Social Affairs Report from 2019, Asia’s population of seniors is expected to increase from 395.3 million in 2019 to 587.4 million by 2030, which would lead to an increase in the region’s prevalence of age-related eye diseases.
The market was ruled by the optical coherence tomography (OCT) category, with a revenue share of more than 20% in 2021 and will grow at a CAGR of 5.4%. OCT is used broadly in the diagnosis of disorders like associated macular degeneration (AMD), glaucoma, and diabetic eye as it generates high-resolution cross-sectional and three-dimensional images of biological microstructure.
The cataract segment held the biggest revenue share of 41.6% in 2021. This is due to the widespread use of ophthalmic tools in cataract operations. Per the World Health Organization, cataracts are the primary cause of blindness. Cataracts cause nearly 51% of all occurrences of blindness worldwide.
The hospitals & eye clinics category held the biggest share of 76.9%. This is due to the expanding use of ophthalmic technology in hospitals & the availability of affordable and effective treatment in clinics. The need for new installations is projected to increase due to the growing number of mergers and acquisitions between ophthalmic clinics & hospitals.
North America had a sizeable market share of 43% in 2021. Key factors boosting market expansion are the constantly expanding senior population and the increased prevalence of chronic eye problems due to high stress and poor lifestyles leading to diabetic retinopathy. The demand for ophthalmic devices in this region is also anticipated to be driven by adopting reimbursement models for ophthalmologic therapy and strict regulation designed to ensure patient safety.
- Johnson & Johnson Vision
- Alcon Management S.A.
- Hoya Corporation
- OPHTEC BV
- Neo Vision Foundation
- Lumenis Be Ltd.
- HEINE Optotechnik GmbH & Co. KG
- Haag-Streit Group
- NIDEK Co.Ltd.
- Glaukos Corporation
- STAAR Surgical
- Canon India Pvt Ltd.
- Heidelberg Engineering GmbH
- Ziemer Ophthalmic Systems
The market worth of ophthalmic devices in 2021 was USD 54.96 billion, and by 2030 will be worth USD 83.09 billion, growing at a 4.7% CAGR during the forecast period. The surgical market will expand due to rising demand for eye procedures and an increase in the number of cataract operations and implants.