Ophthalmic devices are used in surgery to diagnose and correct eyesight problems. They include surgical tools, diagnostics, implants, intraocular lenses (IOLs), lasers, phacoemulsification systems, contact lenses, contact lens care items, artificial tears, and diagnostics. They are used to identify and treat different eye disorders and ocular abnormalities or deficiencies. The global demand for ophthalmic devices is expanding due to the rising prevalence of ocular illnesses like cataracts and glaucoma.

The market for ophthalmic devices in 2021 was worth USD 54.96 billion, and it will be worth USD 83.09 billion by 2030, growing at a 4.7% CAGR.

Market Dynamics

Drivers

The market for ophthalmic devices has expanded due increasing number of people suffering from conditions such as diabetic retinopathy, myopia, macular degeneration, cataract, and other types of ocular disorders. The market has grown significantly as a result of regional and national initiatives. The greater number of precise diagnoses generated by these ophthalmic devices contributes to rising market demand for these goods. The demand for such items has grown as a result of people's growing knowledge of the importance of eye health. The market for ophthalmic equipment has also expanded significantly due to cosmetic and aesthetic concerns.

Restraints

The market is declining because only a few people in emerging and underdeveloped countries are opting for vision-related procedures. Additionally, the expensive devices raise the price of the treatment, making it inaccessible for many. The global market for ophthalmic devices is declining as a result of these high-cost restrictions.

Opportunities

The market for ophthalmic devices has benefited greatly from the rise in ophthalmology clinics and the frequency of medical examinations. Furthermore, increased awareness about the benefits of these examinations leads to a drop in the number of people suffering from these diseases, resulting in an increase in the usage of ophthalmic equipment, which allows this market to develop significantly. The growth of ambulatory surgical centers, super-specialty hospitals, and other centers that support increasing the use of these ophthalmic devices are additional factors driving the market's expansion. 

Challenges

People's lack of understanding about the ophthalmic services given by hospitals contributes to the neglect of vision-related problems. Due to a shortage of facilities that offer ophthalmic examinations and services, the market is declining in developing and poor countries.

Market Segmentation

On the basis of product, the optical coherence tomography segment held a significant market share with 20% of revenue share in 2021 and will grow at a 5.4% CAGR. OCT is used extensively in the diagnosis of disorders including glaucoma, associated macular degeneration (AMD), and diabetic eye because it generates high-resolution cross-sectional and three-dimensional images of biological microstructure.

Technology improvements like the combination of OCT with artificial intelligence (A.I.) will increase the rate of take-up of this technology by healthcare professionals. 

On the basis of application, the market is segmented into cataracts, glaucoma, refractor disorders, and vitreoretinal disorders. In 2021, the cataract market segment recorded the largest market with 41.6% of the revenue share. It is due to the broad use of ophthalmic tools in cataract operations. The primary cause of blindness is cataracts, according to the World Health Organization (WHO. Cataracts are the cause of nearly 51% of all occurrences of blindness worldwide.

On the basis of end-user, the market is segmented into academic & research laboratories, hospitals and eye clinics, and others. The hospital & eye clinic segment maintained the largest market position with 76.9% of the market share. This is due to the growing use of ophthalmic technology in hospitals and the availability of affordable and efficient treatment in clinics. In the upcoming years, the need for new installations will increase due to the rising number of mergers and acquisitions between ophthalmic clinics and hospitals.

Regional Analysis

The regional market is segmented into Asia Pacific, Latin America, North America, Europe, The Middle East and Africa.

North America Held a dominant market position with 43% of the revenue share in 2021. The rapidly growing senior population and the increasing frequency of chronic eye disorders caused by high stress and unhealthy lifestyles, leading to diabetic retinopathy, are seen as high-impact revenue drivers for this segment. The need for ophthalmic devices in this region is driven by the adoption of new reimbursement models for ophthalmologic therapy and a strict regulatory environment designed to ensure patient safety.

Key Players

• Johnson & Johnson Vision
• Zeiss
• Hoya Corporation
• EssilorLuxottica
• OPHTEC BV
• ClearLab
• Alcon Management S.A.
• Neo Vision Foundation
• Lumenis Be Ltd.
• HEINE Optotechnik GmbH & Co. KG
• Haag-Streit Group
• Topcon
• Canon India Pvt Ltd.
• Heidelberg Engineering GmbH
• STAAR Surgical
• NIDEK Co.Ltd.
• Glaukos Corporation
• Ziemer Ophthalmic Systems
• Oculentis

The market for ophthalmic devices in 2021 was worth USD 54.96 billion, and it will be worth USD 83.09 billion by 2030, growing at a 4.7% CAGR. The increased prevalence of optical disorders such as glaucoma, cataract, diabetic retinopathy, and vitreoretinal disorders, together with technical improvements in ophthalmic surgical and diagnostic devices required for these target applications, are driving market expansion.