Growth Factors of Ophthalmic Devices Market
The global ophthalmic devices market is poised for steady growth, driven by increasing vision disorders, technological advancements, and a growing geriatric population. According to Fortune Business Insights, the market was valued at USD 30.08 billion in 2024 and is projected to reach USD 43.77 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.8% during the forecast period.
Market Drivers
The rising prevalence of vision disorders such as myopia, glaucoma, and cataracts is a significant driver. A joint report by the World Health Organization (WHO) and the Brien Holden Vision Institute in 2015 projected that by 2050, myopia and high myopia could affect 52% and 10% of the global population, respectively. This surge underscores the need for advanced ophthalmic devices for diagnosis and treatment.
Technological advancements are also propelling market growth. Innovations in intraocular lenses, diagnostic tools, and surgical equipment have enhanced the effectiveness of treatments and surgeries. For instance, the development of advanced intraocular lenses has improved outcomes for cataract surgeries, which are among the most common ophthalmic procedures.
Additionally, the increasing number of eye surgeries, such as cataract operations, is boosting demand for surgical ophthalmic devices. In 2018, approximately 3.9 million cataract surgeries were performed in the U.S. alone, indicating a substantial demand for surgical ophthalmic devices.
Market Segmentation
The ophthalmic devices market is segmented by product and end user.
By Product:
Surgical Devices: Includes implants, consumables, and equipment used in procedures like cataract and glaucoma surgeries.
Vision Care Products: Encompasses contact lenses and ocular health products aimed at correcting vision impairments.
By End User:
Hospitals: Major centers for ophthalmic surgeries and treatments.
Ophthalmic Clinics: Specialized facilities focusing on eye care services.
Others: Includes ambulatory surgical centers and academic institutes.
Regional Insights
North America held the largest market share in 2024, accounting for 42.92% of the global market. This dominance is attributed to the rapid adoption of advanced ophthalmic technologies and the presence of leading market players in the region. The region's robust healthcare infrastructure and high awareness about eye health contribute to its leading position.
Impact of COVID-19
The COVID-19 pandemic led to a significant decline in ophthalmic surgical procedures, affecting the sales of related devices. An analysis of approximately 228 hospitals in the U.S. revealed an 81% decrease in patient visits for ophthalmology during March and April 2020 compared to the same period in 2019. This decline impacted the revenues of companies operating in the ophthalmic devices market.
Leading Market Players
Prominent companies in the ophthalmic devices market include:
Alcon
Johnson & Johnson Vision Care, Inc.
Bausch & Lomb Incorporated
The Cooper Companies
These companies are actively engaged in research and development to introduce innovative products and expand their market presence. For instance, in January 2018, Hoya Corporation launched a new R&D facility in Singapore focused on developing technologically advanced intraocular lenses. Such initiatives are expected to provide significant opportunities for market growth.
Conclusion
The global ophthalmic devices market is set to experience steady growth, driven by the increasing prevalence of vision disorders, technological advancements, and a growing elderly population. While the COVID-19 pandemic posed challenges, the market is expected to recover and continue its upward trajectory, supported by ongoing innovations and rising demand for
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2024
Forecast Period 2025-2032
Historical Period 2019-2023
Unit Value (USD billion)
Segmentation By Product Type
Surgical
Implants
Consumables
Equipment
Vision Care
Contact Lens
Ocular Health
By End-user
Hospitals
Ophthalmic Clinics
Others
By Geography
North America
By Product
By End User
By Country
Europe
By Product
By End User
By Country/Sub-region
Asia Pacific
By Product
By End User
By Country/Sub-region
Latin America
By Product
By End User
By Country/Sub-region
The Middle East & Africa
By Product
By End User
By Country/Sub-region
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Industry Developments - Mergers, Acquisitions, and Partnerships, 2024
- 4.2. Epidemiology of Major Ocular Disease - For Key Countries
- 4.3. Introduction of New Products / Approvals (by Major Players)
- 4.4. Overview of Regulatory Scenario - Key Countries
- 4.5. Technological Advancements in Ophthalmic Devices Market
- 5. Global Ophthalmic Devices Market Analysis, Insights and Forecast, 2019-2032
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights and Forecast – By Product Type
- 5.2.1. Surgical
- 5.2.1.1. Implants
- 5.2.1.2. Consumables
- 5.2.1.3. Equipment
- 5.2.2. Vision Care
- 5.2.2.1. Contact Lenses
- 5.2.2.2. Intraocular Lenses
- 5.3. Market Analysis, Insights and Forecast – By End-user
- 5.3.1. Hospitals
- 5.3.2. Ophthalmic Clinics
- 5.3.3. Others
- 5.4. Market Analysis, Insights and Forecast – By Region
- 5.4.1. North America
- 5.4.2. Europe
- 5.4.3. Asia Pacific
- 5.4.4. Latin America
- 5.4.5. Middle East & Africa
- 6. North America Ophthalmic Devices Market Analysis, Insights and Forecast, 2019-2032
- 6.1. Key Findings / Summary
- 6.2. Market Analysis – By Product Type
- 6.2.1. Surgical
- 6.2.1.1. Implants
- 6.2.1.2. Consumables
- 6.2.1.3. Equipment
- 6.2.2. Vision Care
- 6.2.2.1. Contact Lenses
- 6.2.2.2. Intraocular Lenses
- 6.3. Market Analysis – By End-user
- 6.3.1. Hospitals
- 6.3.2. Ophthalmic Clinics
- 6.3.3. Others
- 6.4. Market Analysis – By Country
- 6.4.1. U.S.
- 6.4.2. Canada
- 7. Europe Ophthalmic Devices Market Analysis, Insights and Forecast, 2019-2032
- 7.1. Key Findings / Summary
- 7.2. Market Analysis – By Product Type
- 7.2.1. Surgical
- 7.2.1.1. Implants
- 7.2.1.2. Consumables
- 7.2.1.3. Equipment
- 7.2.2. Vision Care
- 7.2.2.1. Contact Lenses
- 7.2.2.2. Intraocular Lenses
- 7.3. Market Analysis – By End-user
- 7.3.1. Hospitals
- 7.3.2. Ophthalmic Clinics
- 7.3.3. Others
- 7.4. Market Analysis – By Country/ Sub-region
- 7.4.1. U.K.
- 7.4.2. Germany
- 7.4.3. France
- 7.4.4. Spain
- 7.4.5. Italy
- 7.4.6. Scandinavia
- 7.4.7. Rest of Europe
- 8. Asia Pacific Ophthalmic Devices Market Analysis, Insights and Forecast, 2019-2032
- 8.1. Key Findings / Summary
- 8.2. Market Analysis – By Product Type
- 8.2.1. Surgical
- 8.2.1.1. Implants
- 8.2.1.2. Consumables
- 8.2.1.3. Equipment
- 8.2.2. Vision Care
- 8.2.2.1. Contact Lenses
- 8.2.2.2. Intraocular Lenses
- 8.3. Market Analysis – By End-user
- 8.3.1. Hospitals
- 8.3.2. Ophthalmic Clinics
- 8.3.3. Others
- 8.4. Market Analysis – By Country/ Sub-region
- 8.4.1. Japan
- 8.4.2. China
- 8.4.3. India
- 8.4.4. Australia
- 8.4.5. Southeast Asia
- 8.4.6. Rest of Asia Pacific
- 9. Latin America Ophthalmic Devices Market Analysis, Insights and Forecast, 2019-2032
- 9.1. Key Findings / Summary
- 9.2. Market Analysis – By Product Type
- 9.2.1. Surgical
- 9.2.1.1. Implants
- 9.2.1.2. Consumables
- 9.2.1.3. Equipment
- 9.2.2. Vision Care
- 9.2.2.1. Contact Lenses
- 9.2.2.2. Intraocular Lenses
- 9.3. Market Analysis – By End-user
- 9.3.1. Hospitals
- 9.3.2. Ophthalmic Clinics
- 9.3.3. Others
- 9.4. Market Analysis – By Country/ Sub-region
- 9.4.1. Brazil
- 9.4.2. Mexico
- 9.4.3. Rest of Latin America
- 10. Middle East & Africa Ophthalmic Devices Market Analysis, Insights and Forecast, 2019-2032
- 10.1. Key Findings / Summary
- 10.2. Market Analysis – By Product Type
- 10.2.1. Surgical
- 10.2.1.1. Implants
- 10.2.1.2. Consumables
- 10.2.1.3. Equipment
- 10.2.2. Vision Care
- 10.2.2.1. Contact Lenses
- 10.2.2.2. Intraocular Lenses
- 10.3. Market Analysis – By End-user
- 10.3.1. Hospitals
- 10.3.2. Ophthalmic Clinics
- 10.3.3. Others
- 10.4. Market Analysis – By Country/ Sub-region
- 10.4.1. GCC Countries
- 10.4.2. South Africa
- 10.4.3. Rest of Middle East & Africa
- 11. Competitive Analysis
- 11.1. Key Industry Developments
- 11.2. Global Market Share Analysis (2019)
- 11.3. Company Profiles (Overview, Products, SWOT analysis, Recent developments, strategies, financials (based on availability))
- 11.3.1. Alcon (Part of Novartis AG)
- 11.3.1.1. Overview,
- 11.3.1.2. Products,
- 11.3.1.3. SWOT analysis,
- 11.3.1.4. Recent developments,
- 11.3.1.5. strategies,
- 11.3.1.6. financials (based on availability)
- 11.3.2. Johnson & Johnson Services, Inc.
- 11.3.2.1. Overview,
- 11.3.2.2. Products,
- 11.3.2.3. SWOT analysis,
- 11.3.2.4. Recent developments,
- 11.3.2.5. strategies,
- 11.3.2.6. financials (based on availability
- 11.3.3. Essilor
- 11.3.3.1. Overview,
- 11.3.3.2. Products,
- 11.3.3.3. SWOT analysis,
- 11.3.3.4. Recent developments,
- 11.3.3.5. strategies,
- 11.3.3.6. financials (based on availability
- 11.3.4. Bausch Health Companies
- 11.3.4.1. Overview,
- 11.3.4.2. Products,
- 11.3.4.3. SWOT analysis,
- 11.3.4.4. Recent developments,
- 11.3.4.5. strategies,
- 11.3.4.6. financials (based on availability
- 11.3.5. ZEISS International
- 11.3.5.1. Overview,
- 11.3.5.2. Products,
- 11.3.5.3. SWOT analysis,
- 11.3.5.4. Recent developments,
- 11.3.5.5. strategies,
- 11.3.5.6. financials (based on availability
- 11.3.6. HOYA
- 11.3.6.1. Overview,
- 11.3.6.2. Products,
- 11.3.6.3. SWOT analysis,
- 11.3.6.4. Recent developments,
- 11.3.6.5. strategies,
- 11.3.6.6. financials (based on availability
- 11.3.7. NIDEK CO., LTD
- 11.3.7.1. Overview,
- 11.3.7.2. Products,
- 11.3.7.3. SWOT analysis,
- 11.3.7.4. Recent developments,
- 11.3.7.5. strategies,
- 11.3.7.6. financials (based on availability
- 11.3.8. TOPCON
- 11.3.8.1. Overview,
- 11.3.8.2. Products,
- 11.3.8.3. SWOT analysis,
- 11.3.8.4. Recent developments,
- 11.3.8.5. strategies,
- 11.3.8.6. financials (based on availability
- 11.3.9. CooperVision
- 11.3.9.1. Overview,
- 11.3.9.2. Products,
- 11.3.9.3. SWOT analysis,
- 11.3.9.4. Recent developments,
- 11.3.9.5. strategies,
- 11.3.9.6. financials (based on availability
- 11.3.10. Other Prominent Players
- 11.3.10.1. Overview,
- 11.3.10.2. Products,
- 11.3.10.3. SWOT analysis,
- 11.3.10.4. Recent developments,
- 11.3.10.5. strategies,
- 11.3.10.6. financials (based on availability
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