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The ophthalmology devices market size is estimated to grow by USD 19.1 billion at a CAGR of 4.31% between 2023 and 2028. The market is experiencing significant growth, driven by the increasing prevalence of ophthalmic diseases and the rising demand for advanced diagnostic and therapeutic devices. The market is also influenced by the trend of medical tourism, which offers low-cost ophthalmology surgeries in countries with lower labor and operational costs. However, the high cost of these devices and limited reimbursement policies pose challenges to market growth. Despite these challenges, the market is expected to expand due to the development of innovative technologies, increasing awareness about eye health, and the growing aging population. The market is further expected to be driven by the increasing incidence of refractive errors, cataracts, and glaucoma, which require advanced diagnostic and therapeutic interventions. Overall, the market is poised for robust growth in the coming years.
Moreover, to raise awareness among the public, optometrists, and ophthalmologists about eye health and vision care options for the treatment of vision disorders, many private and public organizations and ophthalmic lens manufacturers are taking initiatives such as conducting awareness programs, advertising campaigns, and workshops. For instance, in October 2021, Alcon celebrated World Sight Day in communities worldwide with programs to provide access to eye care. To improve access to quality eye care, the company raised funds to support organizations. By creating awareness, Alcon supports patients and eye care professionals by providing onsite vision screenings and Alcon's sight-enhancing surgical equipment and vision care products. Also, Alcon runs the project presbyopia as a part of the presbyopia awareness in April every year to educate consumers about the signs and symptoms of vision changes and available treatment options. Therefore rising number of initiatives to increase awareness and customer training is the major factor driving the market growth during the forecast period.
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The market share growth by the vision care segment will be significant during the forecast period. Vision care products include spectacle lenses, contact lenses, and related products, such as eyewear frames and lens care solutions. The most common type of eyewear is the spectacle lens which is used to enhance refractive errors. Generally, there are two types based on the material used, glass spectacle lenses and plastic spectacle lenses.
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The vision care segment was valued at USD 57.90 billion in 2018. The rising emergence of spectacle lenses made of high-tech plastics, which are more resistant to scratches than conventional plastics, and high-definition (HD) spectacle lenses, which are manufactured using digital computer technology and diamond-cutting tools that allow the lens' surface to be customized into an individual's eyes and increasing investment in marketing and product promotions by companies are driving market growth. These factors will fuel the segment and market in focus during the forecast period.
The hospitals and eye clinics segment accounts for a substantial share of the market led by the high number of ophthalmology diagnostic and surgical procedures performed in hospitals and clinics and the rising advanced technological adoption of ophthalmology devices in hospitals and clinics. Hospitals and eye clinics emphasizing ophthalmology care often have a strong partnership with ophthalmology device manufacturers. Such kind of collaborations help hospitals and clinics to buy ophthalmology surgical devices at discounted prices directly from the manufacturer which helps them to bring down the overall costs for the patients as well. However, to increase their market penetration, a few major market players are investing in the development of effective distribution networks with hospitals. Such factors will boost the demand for ophthalmology devices in hospitals and clinics, leading to market growth.
The academic and research laboratory segment of the market is anticipated to experience significant growth due to the rising use of ophthalmology devices for research. The Office of Science and Engineering Laboratories (OSEL) of CDRH is home to 20 different research initiatives. Research institutions can be small firms that emphasize research or firms that are financially supported by governments. Such firms mostly focus on microbiology, biochemistry, or biotechnology. To conduct research, academic institutions are associated with universities or standalone training centers that have laboratories. Also, the adoption of new small-scale research firms in emerging countries and the allocation of funds by the governments of these countries to promote research is expected to fuel the growth of the academic and research laboratory segment of the market during the forecast period
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North America is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. In North America, the US and Canada are the primary revenue contributors to the market. The rapid growth of the market in the region is due to the rising healthcare expenditure on ocular diseases, the rising number of product approvals, and the growing adoption of technologically advanced ophthalmology devices. However, the high prevalence of eye diseases such as cataracts, glaucoma, diabetic retinopathy, AMD, and refractive diseases, the increasing aging population, and the high number of ophthalmology surgeries performed are driving the growth of the market in the region.
In addition, key companies, such as Alcon, Bausch Health Companies, and HOYA, are focusing on expanding in developing countries through acquisitions, establishing new R&D centers and manufacturing units, forming partnerships with manufacturers or distributors, improving their product offerings, and expanding their sales activities. For instance, in February 2021, Johnson and Johnson Vision, a part of the Johnson and Johnson Medical Devices Companies, announced that the US FDA approved its TECNIS Eyhance and TECNIS Eyhance Toric II intraocular lenses for the treatment of cataract patients in the US. Such approval will facilitate the company to launch these products commercially in the US market. Such product launches are anticipated to augment the growth of the market in the region during the forecast period.
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Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Alcon Inc. - The company offers ophthalmology devices such as the AcrySof series of intraocular lenses and Infiniti surgical equipment for cataract surgery.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is witnessing significant growth due to advancements in technology and an increasing geriatric population. Key procedures such as LASIK surgery, refractive surgery, and retinal surgery are driving demand for innovative devices. Phacoemulsification devices, used in cataract operations, and premium intraocular lenses (IOLs) are particularly in demand. Additionally, refurbished equipment is gaining traction, offering cost-effective solutions. Technological advancements in ophthalmic surgical and diagnostic instruments, along with government initiatives, are further fueling market growth. Devices for treating optical disorders like glaucoma and diabetic retinopathy are also seeing increased adoption, indicating a positive outlook for the market. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges.
The increasing prevalence of ophthalmic diseases is notably driving the market growth. Globally, there is a significant increase in the prevalence of refractive errors such as myopia, hyperopia, and astigmatism; cataracts; glaucoma; and retinal diseases like vitreomacular traction, age-related macular degeneration (AMD), retinal detachment, and diabetic retinopathy. This trend is influenced by factors such as technological advancements, government initiatives, the growing geriatric population, and binocular vision. According to the World Health Organization (WHO), as of October 2021, approximately 2.2 billion people worldwide had a near or distant vision impairment, with uncorrected refractive errors and cataracts being the leading causes of vision impairment and blindness. It is estimated that around 400 out of every 1,000 people develop cataracts, and 50 out of every 1,000 people develop glaucoma at some point in their lives. The aging population is a major risk factor for visual impairment.
As of 2021, more than 28 million cataract procedures are performed annually worldwide, with approximately 60,000 procedures performed daily. The global geriatric population is expected to double by 2050. Additionally, other risk factors for ophthalmic diseases, such as diabetes and hypertension, are also increasing globally. These factors are expected to contribute to the growth of the global prevalence of ophthalmic diseases, thereby driving the growth of the market in the forecast period.
Strategic collaborations and M&A are emerging trends shaping market growth. Strategic collaborations and M&A are ongoing trends in the market. The major collaborations and M&A in the market include in February 2023, NIDEK announced a partnership with HOYA Vision Care. The global partnership agreement between NIDEK and HOYA Vision Care gives Eye Care Professionals (ECPs) access to a full portfolio of cutting-edge optical products and instruments to deliver a full-service approach to patient care, from eye exams to consultations to the delivery of the highest quality spectacle lenses.
Similarly, IRIDEX announced that it had entered into a strategic collaboration with Topcon Corporation, which is a Japanese-based eye care product manufacturer and distributor in March 2021. The acquisition is anticipated to support in development of its product portfolio by adding unique non-incisional glaucoma therapy products. Such strategic collaborations and M&A in the market help the companies to develop and expand their product portfolios, improve their market presence, and enable them to acquire other companies.
A shortage of skilled ophthalmologists is a significant challenge hindering market growth. In the early diagnosis and treatment of various ophthalmology diseases, knowledge and skills to handle and use diagnostic and therapeutic tools play a major role. Deficiency in expertise advances the probability of misdiagnosis and improper treatment, which can cause harm to patients. Due to the emergence of new technologies, the clinical practice of ophthalmologists is transforming. To provide treatment, ophthalmological surgical procedures such as MIS and laser-assisted surgeries need high technical and non-technical abilities.
However, the market has a lack of skilled ophthalmologists for performing surgical interventions. The primary restraints of this market are inadequate human resources, scarcity of funding from governments, and poor coordination between hospitals and ophthalmologists. The shortage of sufficiently trained healthcare personnel, both in number and distribution, will pose a major challenge for ophthalmology, hindering the growth of the market during the forecast period.
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The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
The market research report provides comprehensive data, with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The market is driven by advancements such as artificial intelligence (AI) and bioengineered corneas, revolutionizing treatments for conditions like AMD (Age-related macular degeneration) and glaucoma. Cutting-edge technology like femtosecond laser surgery and multi-wavelength diabetic retinopathy treatment improve outcomes and patient care. However, challenges such as lack of awareness and poor accessibility to eye care products persist, hindering progress. Companies are launching new products like premium IOLs and retinal implants to address these issues. Healthcare spending rates and initiatives by organizations like the International Diabetes Federation (IDF) are crucial in shaping the future of ophthalmic research and development.
Moreover, the market is rapidly evolving with advancements in technologies like artificial corneas and lasers, transforming treatments for conditions such as CMV retinitis and uveitis. Innovative devices like glaucoma stents and ophthalmic ultrasound imaging systems are improving patient outcomes. Health insurance plays a crucial role in enabling access to these advanced treatments. Eye health awareness campaigns and initiatives by organizations like Prevent Blindness are essential in promoting early detection and treatment. New product launches, skilled staff, and state-of-the-art facilities like the Rewari eye-care facility are driving growth and innovation in the sector.
Furthermore, advancements in artificial intelligence (AI) are revolutionizing corneal surgery, addressing dry eye syndrome with cutting-edge ocular research and development. Technologies like Eye-Q and fundus cameras enhance diagnostics, while LASIK surgery and phacoemulsification machines improve outcomes. National Glaucoma Research supports refractive defects and strabismus treatments using ophthalmic medical devices and surgical ophthalmic equipment. Essential tools include ophthalmoscopes, slit lamps, phoropters, retinoscopes, and ultrasound phacoemulsification machines. Innovations in optical coherence tomography (OCT) and ophthalmic viscosurgical devices aid in managing vitreoretinal disorders and papilledema, while UV screens help protect eyes. Skilled technicians support this advanced field.
Market Scope |
|
Report Coverage |
Details |
Page number |
179 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.31% |
Market growth 2024-2028 |
USD 19.1 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.06 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
Europe at 39% |
Key countries |
US, Germany, UK, China, and Canada |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Alcon Inc., Bausch Health Companies Inc., Carl Zeiss AG, Danaher Corp., Digital Diagnostics Inc., EssilorLuxottica, EyeQue Corp., Glaukos Corp., HOYA CORP., IRIDEX Corp., Johnson and Johnson Services Inc., LENSAR Inc., Lumenis Be Ltd., LUMIBIRD SA, Metall Zug AG, NIDEK Co. Ltd., STAAR Surgical Co., The Cooper Companies Inc., Topcon Corp, and Ziemer Ophthalmic Systems AG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Market Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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