The ophthalmic devices market is projected to expand from US$ 40.48 billion in 2023 to US$ 73.99 billion by 2031, reflecting a compound annual growth rate (CAGR) of 7.8% during the period from 2023 to 2031.
The growth of the ophthalmic devices market can be largely attributed to the increasing elderly population and the rising prevalence of eye disorders. Nevertheless, the high costs associated with these devices and the low rates of treatment in developing countries pose challenges to the market's expansion.
In recent times, numerous initiatives have been launched to enhance awareness and educate the public about eye health, encouraging individuals to seek appropriate treatments and medications for eye-related issues. One notable initiative is the Healthy People 2020 program in the United States, which emphasizes evidence-based strategies aimed at preserving vision and preventing blindness. This program includes the National Eye Institute, which plays a pivotal role in leading the vision-related objectives. Furthermore, the Centers for Disease Control and Prevention (CDC) Vision Health Initiative (VHI) contributed to the Healthy People 2020 Vision Work Group, helping to shape the future direction of eye health and safety. The VHI collaborates with various state and national partners to bolster scientific research and develop effective interventions that promote eye health, reduce instances of blindness and vision impairment, and support individuals experiencing vision loss.
In 2022, the International Agency for the Prevention of Blindness (IAPB) initiated the global campaign "Love Your Eyes" to highlight the socioeconomic significance of eye health. This campaign urges governments and international organizations to prioritize eye health initiatives. The IAPB focuses on programs in India and globally that aim to provide accessible, available, and affordable eye care. The "Love Your Eyes" initiative also advocates for regulatory reforms and funding to ensure that eye care becomes more accessible and affordable by the year 2030. Such efforts are expected to enhance awareness of eye diseases, thereby creating new growth opportunities for the ophthalmic devices market.
Indication-Based Insights
The ophthalmic devices market is segmented based on indications, which include cataracts, glaucoma, refractive disorders, and other conditions. The glaucoma segment accounted for a substantial share of the market in 2023 and is anticipated to experience the highest CAGR throughout the forecast period.
End User-Based Insights
From the perspective of end users, the ophthalmic devices market is divided into hospitals and eye clinics, academic and research laboratories, and other categories. The hospitals and eye clinics segment represented a significant portion of the market in 2023 and is expected to achieve the highest CAGR from 2023 to 2031. The increasing utilization of ophthalmic devices in hospitals, along with the cost-effective and efficient treatments provided in clinics, is driving the growth of this segment. Additionally, the surge in mergers and acquisitions between ophthalmic clinics and hospitals is likely to enhance the demand for new installations in the future. For instance, in June 2023, Eye-Q announced the installation of a state-of-the-art LASIK machine at its eye-care facility in Rewari, India, which offers advanced treatment options and laser vision correction to patients.
Moreover, a rising number of eye clinics are establishing specialized diagnostic divisions, further increasing the demand for ophthalmic devices, which positively impacts the overall growth of the ophthalmic devices market.
The data and insights presented in the ophthalmic devices market report are derived from a variety of primary and secondary sources, including the World Health Organization, the US Food and Drug Administration, and the Centers for Disease Control and Prevention.
TABLE OF CONTENTS
1. Introduction
1.1 Scope of the Study
1.2 Market Definition, Assumptions and Limitations
1.3 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness Analysis
3. Research Methodology
4. Ophthalmic Devices Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 List of Vendors in the Value Chain
5. Ophthalmic Devices Market - Key Market Dynamics
5.1 Key Market Drivers
5.2 Key Market Restraints
5.3 Key Market Opportunities
5.4 Future Trends
5.5 Impact Analysis of Drivers and Restraints
6. Ophthalmic Devices Market - Global Market Analysis
6.1 Ophthalmic Devices - Global Market Overview
6.2 Ophthalmic Devices - Global Market and Forecast to 2031
7. Ophthalmic Devices Market - Revenue Analysis (USD Million) - By Product, 2021-2031
7.1 Overview
7.2 Vision Care Products
7.3 Surgical Devices
7.4 Diagnostics and Monitoring Devices
8. Ophthalmic Devices Market - Revenue Analysis (USD Million) - By Indication, 2021-2031
8.1 Overview
8.2 Cataract
8.3 Glaucoma
8.4 Refractor Disorders
8.5 Other Indications
9. Ophthalmic Devices Market - Revenue Analysis (USD Million) - By End User, 2021-2031
9.1 Overview
9.2 Hospital and Eye Clinics
9.3 Academic and Research Laboratories
9.4 Other End Users
10. Ophthalmic Devices Market - Revenue Analysis (USD Million), 2021-2031 - Geographical Analysis
10.1 North America
10.1.1 North America Ophthalmic Devices Market Overview
10.1.2 North America Ophthalmic Devices Market Revenue and Forecasts to 2031
10.1.3 North America Ophthalmic Devices Market Revenue and Forecasts and Analysis - By Product
10.1.4 North America Ophthalmic Devices Market Revenue and Forecasts and Analysis - By Indication
10.1.5 North America Ophthalmic Devices Market Revenue and Forecasts and Analysis - By End User
10.1.6 North America Ophthalmic Devices Market Revenue and Forecasts and Analysis - By Countries
10.1.6.1 United States Ophthalmic Devices Market
10.1.6.1.1 United States Ophthalmic Devices Market, by Product
10.1.6.1.2 United States Ophthalmic Devices Market, by Indication
10.1.6.1.3 United States Ophthalmic Devices Market, by End User
10.1.6.2 Canada Ophthalmic Devices Market
10.1.6.2.1 Canada Ophthalmic Devices Market, by Product
10.1.6.2.2 Canada Ophthalmic Devices Market, by Indication
10.1.6.2.3 Canada Ophthalmic Devices Market, by End User
10.1.6.3 Mexico Ophthalmic Devices Market
10.1.6.3.1 Mexico Ophthalmic Devices Market, by Product
10.1.6.3.2 Mexico Ophthalmic Devices Market, by Indication
10.1.6.3.3 Mexico Ophthalmic Devices Market, by End User
Note - Similar analysis would be provided for below mentioned regions/countries
10.2 Europe
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 Spain
10.2.5 United Kingdom
10.2.6 Rest of Europe
10.3 Asia-Pacific
10.3.1 Australia
10.3.2 China
10.3.3 India
10.3.4 Japan
10.3.5 South Korea
10.3.6 Rest of Asia-Pacific
10.4 Middle East and Africa
10.4.1 South Africa
10.4.2 Saudi Arabia
10.4.3 U.A.E
10.4.4 Rest of Middle East and Africa
10.5 South and Central America
10.5.1 Brazil
10.5.2 Argentina
10.5.3 Rest of South and Central America
11. Industry Landscape
11.1 Mergers and Acquisitions
11.2 Agreements, Collaborations, Joint Ventures
11.3 New Product Launches
11.4 Expansions and Other Strategic Developments
12. Competitive Landscape
12.1 Heat Map Analysis by Key Players
12.2 Company Positioning and Concentration
13. Ophthalmic Devices Market - Key Company Profiles
13.1 TOPCON Corporation
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
Note - Similar information would be provided for below list of companies
13.2 Alcon
13.3 Carl Zeiss Meditec
13.4 Johnson and Johnson Vision
13.5 CooperVision
13.6 Bausch and Lomb Inc
13.7 Essilor
13.8 Hoya Corporation
13.9 Nidek Co. Ltd
13.10 Haag Streit Holding
14. Appendix
14.1 Glossary
14.2 About
14.3 Market Intelligence Cloud
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LIST OF TABLES
LIST OF FIGURES
The List of Companies - Ophthalmic Devices Market
Alcon
Topcon Corp.
Bausch + Lomb
Carl Zeiss Meditec
HaagStreit Holding
Essilor
Johnson & Johnson Vision
Nidek Co. Ltd
Hoya Corporation
CooperVision.
