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Ophthalmic Devices Market Analysis Forecast 2024-2032

June 26, 2024 | by Shunmarsh

Ophthalmic Devices Market

The Global Ophthalmic Devices Market is poised for significant growth. It is projected to reach a staggering US$10.22 billion by 2032, a substantial increase from US$6.79 billion in 2023. This growth is expected to be sustained, with a promising CAGR of 4.64% from 2024 to 2032.

Ophthalmic devices are instruments or gadgets intended for diagnosing, treating, or observing disorders of the eyes and visual system. Ophthalmologists, optometrists, and other eye care specialists utilize various instruments, including these gadgets, to evaluate different facets of eye health and visual function.

They are used to assess visual acuity, intraocular pressure, refractive errors, and the condition of ocular structures such as the cornea, optic nerve, and retina for diagnostic purposes. Slit lamps, fundus cameras, tonometers, autorefractors, and optical coherence tomography (OCT) systems are a few examples. Furthermore, astigmatism, hyperopia, presbyopia, and other refractive abnormalities are corrected with these devices. These gadgets include intraocular lenses (IOLs), contact lenses, eyeglasses, and instruments for refractive surgery, including excimer lasers, used in procedures like PRK and LASIK.

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Growth in Geriatric Population

Globally, the demographic landscape is changing significantly due to a notable increase in the elderly population. Demographic forecasts from the World Health Organization indicate that one-sixth of the world’s population will be 60 or older by 2030. The number of people 60 and older is expected to increase over these transitional periods, from 1 billion in 2020 to approximately 1.4 billion. Furthermore, this elderly population will reach around 2.1 billion people by 2050. In addition, the number of people in the 80-year-old age group will triple between 2020 and 2050, changing the population’s reach to almost 426 million. According to the market overview for ophthalmic devices, the increase in visual diseases among the elderly—particularly cataracts and glaucoma—is changing the ophthalmic device industry.

Surge in number of Eye Illnesses

The market for ophthalmic devices is expanding due to a rise in the prevalence of eye conditions. The market is growing with the concerning rise in the prevalence of cataracts, a condition that affects millions of people and can be blinding. According to the American Academy of Ophthalmology, 81% of Americans are aware of eye health. Nonetheless, glaucoma, age-related macular degeneration, and diabetic eye disease—the three leading causes of blindness in the United States—are not recognized by four out of five adults 40 years of age and older. Furthermore, 17.2% of Americans, or 20.5 million people 40 years of age and older, have been diagnosed with cataracts in one or both eyes. Approximately 6.1 persons, or 7% of the population, have had cataract surgery. Thus, the trend above needs vital interventions utilizing cutting-edge ophthalmic technologies to successfully monitor and cure such common ocular problems.

Advancements in Surgical Techniques

Advanced surgical techniques allow ophthalmic surgeons to execute surgeries with increased accuracy and precision. Because this precision frequently necessitates specific tools and apparatus, there is a growing need for cutting-edge ophthalmic gadgets explicitly made for these methods. Additionally, minimally invasive procedures that provide advantages, including accelerated recovery times, lower risk of complications, and better patient outcomes, are the focus of many breakthroughs in ocular surgery. These procedures frequently call for specific tools and equipment, which raises demand for ophthalmic devices.

North America Ophthalmic Devices Market

High healthcare spending, an advanced healthcare infrastructure, and the growing frequency of eye problems among the aging population are the key features of the recent advances in the North American ophthalmic devices market. Advanced technology and a robust regulatory environment facilitate innovative ophthalmic device adoption in this region. Additional variables driving market expansion include increased public awareness of eye health issues and the availability of government-sponsored reimbursement programs.

For instance, the world leader in developing laser-based medical systems for treating eye illnesses, Iridex Corporation, announced in January 2024 the US launch of its cutting-edge platform, Iridex 532® and Iridex 577® Lasers.

Ophthalmic Devices Company Analysis

Some leading ophthalmic devices companies are Johnson & Johnson, Topcon Corporation, Canon Inc., Alcon Inc., STAAR Surgical Co., GlaukosCorporation, IRIDEX Corporation, and Carl Zeiss Meditec AG.

Ophthalmic Devices Company News

Sep 2023: Carl Zeiss introduced ZEISS trifocal technology on a gleaming, hydrophobic c-loop platform with a fully filled injector for dependable and secure implantation.

Oct 2023: To enable early identification of eye disorders and more individualized treatments to prevent vision loss for those with significant eye conditions, Carl Zeiss and Boehringer Ingelheim collaborated to create predictive analytics.

Aug 2023: Johnson & Johnson Vision unveiled the Elita laser correction device at its introduction in the United States. This platform provides a less invasive laser-assisted lens removal process that is revolutionary for addressing shortsightedness.

July 2023: Alkem Laboratories unveiled a broad range of high-quality, reasonably priced eye care products to mark its entry into the ophthalmology market. The introduction of Alkem’s ophthalmic product signifies that Indian patients can now obtain reasonably priced, high-quality eye care formulations.

Oct 2022: With the introduction of enVista Aspire IOLs, Bausch Health Companies, Inc. introduced PureFlex design technology, which offers a glossy, friction-free surface that facilitates effective insertion.

March 2022: Alcon introduced the Clareon family of intraocular lenses (IOLs) and made them accessible in the US. Clarion can produce remarkable clarity and consistent visual results.

Diagnostic & Monitoring Devices – Market breakup in 4 viewpoints:

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

Surgical Devices – Market breakup in 4 viewpoints:

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

Vision Correction Devices- Market breakup in 2 viewpoints:

  1. Contact Lenses
  2. Others

Application- Market breakup in 4 viewpoints:

  1. Cataract
  2. Vitreo Retinal Disorders
  3. Glaucoma
  4. Refractive Diorders

End User- Market breakup in 3 viewpoints:

  1. Hospitals and Eye Clinics
  2. Academic and Research Laboratory
  3. Others

Country – Market breakup of 25 Countries:

1.    North America

1.1    United States

1.2    Canada

2.    Europe

2.1    France

2.2    Germany

2.3    Italy

2.4    Spain

2.5    United Kingdom

2.6    Belgium

2.7    Netherland

2.8    Turkey

3.    Asia Pacific

3.1    China

3.2    Japan

3.3    India

3.4    South Korea

3.5    Thailand

3.6    Malaysia

3.7    Indonesia

3.8    Australia

3.9    New Zealand

4.    Latin America

4.1    Brazil

4.2    Mexico

4.3    Argentina

5.    Middle East & Africa

5.1    Saudi Arabia

5.2    UAE

5.3    South Africa

All the key players have been covered from 4 Viewpoints:

  • Business Overview
  • Product Portfolio
  • Sales Analysis
  • Recent Development & Strategies

Key Players Analysis:

  1. Johnson & Johnson
  2. Topcon Corporation
  3. Canon Inc.
  4. Alcon Inc.
  5. STAAR Surgical Co.
  6. GlaukosCorporation
  7. IRIDEX Corporation
  8. Carl Zeiss Meditec AG

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