Market Scenario 

Global Ophthalmic Devices Market is forecast to reach USD 69.2 billion by 2031 from 44.3 billion in 2022, with growth at CAGR of 6.9% during the forecast period 2023-2031. 

The rising incidences of vision-related diseases and growing demand for technologically advanced ophthalmic devices are some of the factors driving the market. Additionally, high disposable incomes and increasing healthcare spending have further boosted the growth of this market. 

Moreover, technological advancements such as mobile OCTs, telemedicine, and automated retinal imagers that make it easier to diagnose eye conditions are also driving the growth of this segment. The therapeutic device segment is expected to witness the fastest growth over the forecast period due to the rising demand for minimally invasive glaucoma treatments, cataract surgeries, and other eye surgeries. In addition, the increasing demand for laser-based products and drug delivery devices is likely to propel the growth of this segment.

In terms of regional presence, North America led the ophthalmic devices market in 2022 and is expected to retain its dominant position throughout the forecast period. Factors such as the availability of advanced technologies, rising geriatric population, and increasing healthcare expenditure are driving the growth of this market in the region.

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Market Dynamics 

Drivers 

Increasing Prevalence of Eye Disorders to Drive Demand for Ophthalmic Devices Market

The rising prevalence of eye disorders is a significant driver for the ophthalmic devices market. This is due to the fact that eye disorders can cause visual impairment and even blindness if left untreated, making it important to diagnose and treat them in a timely manner. According to the World Health Organization (WHO), around 253 million people are visually impaired globally, with around 80% of all visual impairment cases considered avoidable with proper diagnosis and treatment.

Factors such as lifestyle changes, genetic predisposition, and increasing prevalence of chronic diseases like diabetes are some of the key factors contributing to the rising prevalence of eye disorders. For instance, cataracts, one of the most common eye disorders, affect around 50% of people over the age of 75 globally, and their prevalence is expected to rise due to the growing aging population. Other eye disorders, such as age-related macular degeneration, diabetic retinopathy, and glaucoma, are also on the rise due to the aging population and lifestyle changes.

The increasing prevalence of eye disorders is likely to drive the demand for ophthalmic devices such as diagnostic instruments, surgical devices, and vision care products like eyeglasses and contact lenses. As a result, the ophthalmic devices market is expected to experience significant growth in the coming years.

Growing Geriatric Population to Drive Market Growth

The increasing aging population is a major driver for the growth of the ophthalmic devices market. As people age, they become more susceptible to eye disorders such as cataracts, glaucoma, and age-related macular degeneration. According to the United Nations, the global aging population is projected to reach 1.5 billion by 2050, which is expected to fuel the demand for ophthalmic devices.

Additionally, the aging population is also driving demand for advanced surgical procedures, which require advanced ophthalmic devices for diagnosis and treatment. As a result, the ophthalmic devices market is expected to experience significant growth in the coming years.

Moreover, the growing awareness about eye health and the availability of cost-effective treatment options are also expected to contribute to the growth of the ophthalmic devices market. These factors are likely to drive the demand for ophthalmic devices across different end-users such as hospitals, specialty clinics, ambulatory centers, and consumers.

Restraint

High Cost Associated with Advanced Ophthalmic Devices and Procedures

One restraint of the ophthalmic devices market is the high cost associated with advanced ophthalmic devices and procedures. These devices and procedures require advanced technology and specialized expertise, which makes them more expensive than traditional methods. As a result, many patients may not be able to afford the cost of these devices and procedures, which can limit the growth of the market.

Moreover, the lack of adequate healthcare infrastructure and trained professionals in some regions can also act as a restraint for the ophthalmic devices market. In some developing countries, there is a shortage of ophthalmologists and specialized eye care facilities, which can limit access to advanced ophthalmic devices and procedures.

Another potential restraint for the market is the stringent regulatory environment governing the approval and commercialization of new ophthalmic devices. The regulatory approval process for new medical devices can be time-consuming and expensive, which can limit the entry of new players into the market. Additionally, regulatory changes or delays in approvals can affect the growth of the market.

Segmental Analysis 

By Product

By product, the global ophthalmic devices market is segmented into vision care products, surgical devices, diagnostics & monitoring devices.

The Vision care segment is dominating the global market as it includes eyeglasses, contact lenses, and other products that are used for vision correction or vision enhancement. The segment is likely to hold a dominant position in the global ophthalmic devices market in the years to come. This is because vision care products, such as eyeglasses and contact lenses, are widely used by a large population around the world to correct or enhance their vision. Additionally, the demand for vision care products is likely to increase in the coming years due to various factors, such as the increasing prevalence of eye disorders, growing awareness about eye health, and technological advancements in the field of vision care.

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By End Users 

By end users, the market is segmented into consumers, hospitals, and specialty clinics and Ambulatory centers. Wherein, the consumers segment is projected to hold more than 56% market share in the years to come. 

This dominance of the consumers segment can be attributed to several factors such as increasing awareness among individuals about eye health, the availability of a wide range of vision care products, and the growing trend of self-diagnosis and self-treatment. Additionally, the rising prevalence of vision disorders and the availability of cost-effective treatment options further fuel the demand for ophthalmic devices among consumers.

Regional Analysis 

It is projected that North America will hold a dominant position in the global ophthalmic devices market . This can be attributed to several factors such as the presence of well-established healthcare infrastructure, high healthcare expenditure, and favorable reimbursement policies. Additionally, the increasing prevalence of eye disorders, the growing geriatric population, and the rising demand for advanced surgical procedures are likely to drive the growth of the market  in this region.

The United States is expected to be a major contributor to the growth of the ophthalmic devices market in North America due to factors such as high adoption of advanced ophthalmic technologies, increasing investments in research and development, and the presence of major market players in the region. Moreover, the increasing awareness about eye health and the availability of cost-effective treatment options are also expected to fuel the demand for ophthalmic devices in North America.

List of Key Companies Profiled:

• Alcon
• Bausch + Lomb
• Canon Inc.
• Carl Zeiss Meditec AG
• Clearlab SG PTE, Ltd.
• EssilorLuxottica SA
• Glaukos Corporation
• Haag-Streit Holding
• HEINE Optotechnik
• Hoya Corporation
• Johnson & Johnson Vision
• Lumenis
• Luneau Technology Group
• Neo Vision
• Nidek Co. Ltd.
• OcuLentis
• STAAR Surgical Company
• Topcon Corporation
• Ziemer Ophthalmic Systems AG
• Marco
• Kowa Optimed. Inc.
• Oculus Inc.
• Reichert, Inc.
• Beye, LLC(Keeler)
• CSO srl
• Takagi
• Rexxam
• Inami
• Welch Allyn
• Huvitz
• Plusoptix
• Tomey
• Volk
• Ellex Medical Laser Limited
• Iridex Corp.
• Other Prominent players

Segmentation Overview of the Global Ophthalmic Devices Market

By Product

• Vision Care Products
• Surgical Devices
• Diagnostic & Monitoring Devices

By Vision Care

• Spectacles
• Contact Lenses

By Surgical Devices

• Cataract Surgical Devices
• Ophthalmic Viscoelastic Devices
• Vitreoretinal Surgical Devices
• Refractive Surgical Devices
• Glaucoma Surgical Devices
• Ophthalmic Microscopes
• Ophthalmic Surgical Accessories

By Diagnostic & Monitoring Devices

• Ophthalmoscopes
• Chart Projectors
• Corneal Topography Systems
• Fundus Cameras
• Lensometers
• Ophthalmic Ultrasound Imaging Systems
• Autorefractors & Keratometers
• Optical Biometry Systems
• Optical Coherence Tomography Scanners
• Perimeters/Visual Field Analyzers
• Phoropters
• Retinoscopes
• Slit Lamps
• Specular Microscopes
• Tonometers
• Wavefront aberrometers
• Indirect Ophthalmic Lens

By End Users

• Consumers
• Hospitals
• Specialty Clinics & Ambulatory Surgery Centers
• Other End Users