Ophthalmic Devices Market

The global ophthalmic devices market size was estimated to be USD 7.07 billion in 2023 and is expected to reach USD 12.07 billion by 2034 with a CAGR of 4.98% during the forecast period 2024-2034. The rising prevalence of eye diseases, technological advancements, growing awareness of eye health, rising disposable incomes, improving healthcare infrastructure, and government initiatives are some of the important drivers driving market expansion.

Technological advancements, such as imaging and diagnostic tools, have increased the capabilities of ophthalmic devices. Laser technology, imaging systems, and minimally invasive surgical techniques are among the innovations that contribute to market growth. For instance, Bausch + Lomb launched the enVista® trifocal IOL in the United States in February 2023, providing cataract patients with a broader choice of vision correction options.

By product, the optical coherence tomography (OCT) segment accounted for the highest revenue-grossing segment in the global ophthalmic devices market in 2023 owing to the

the growing prevalence of retinal diseases, glaucoma, and macular degeneration, for which optical coherence tomography (OCT) provides high-resolution, non-invasive imaging. For instance, Alcon Inc. received FDA approval for the AcrySof® IQ PanOptix® Trifocal IOL in August 2023, increasing its portfolio of premium intraocular lenses. Additionally, the ophthalmoscopes segment is predicted to grow at the fastest CAGR during the forecast period owing to the advancements in handheld and digital ophthalmoscope technologies, allowing for more efficient and comprehensive eye examinations.

By application, the cataract segment accounted for the highest revenue-grossing segment in the global ophthalmic devices market in 2023 owing to the growing incidence of cataract cases worldwide, particularly among the aging population. The increasing life expectancy and prevalence of risk factors such as diabetes contribute to the rising number of cataract diagnoses. For instance, in October 2023, Carl Zeiss Meditec AG received CE mark clearance for the CLARITYTM femtosecond laser platform, thereby increasing the range of products it offers for cataract surgery. Additionally, the refractive disorders segment is predicted to grow at the fastest CAGR during the forecast period owing to the increased demand for non-invasive and technologically advanced solutions, such as femtosecond laser-assisted procedures and implantable lenses, which offer improved precision and quicker recovery times.

By end-user, the hospitals & eye clinics segment accounted for the highest revenue-grossing segment in the global ophthalmic devices market in 2023 owing to the increased patient footfall for comprehensive eye care services and surgical procedures, supported by the expanding infrastructure and capabilities of hospitals and specialized eye clinics. For instance, in July 2023, Essilor International S.A. completed the acquisition of GrandVision, thereby securing its position as the industry leader in the field of eyecare.Additionally, the academic & research laboratory segment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing focus on innovation and the development of cutting-edge technologies in the field of ophthalmology.

North American region is anticipated to have the highest revenue share during the forecast period owing to the advanced healthcare infrastructure, a high prevalence of eye disorders, and widespread adoption of cutting-edge ophthalmic technologies. Additionally, the Asia Pacific region is predicted to grow at the fastest CAGR during the forecast period owing to the rising healthcare expenditure, increasing geriatric population, and expanding access to eye care services in emerging economies. For instance, in November 2023, Topcon Corporation introduced the HarmonyTM autorefraction system, which uses cutting-edge technology to increase patient comfort and accuracy.

This comprehensive research report focuses on the global and regional market size and forecasts from 2023 to 2034.

Report Scope:

• Base Year: 2023
• Forecast Period: 2024-2034

Study Coverage

• Market Forecast by Product, Application, and End-User
• Market Forecast for 5 Regions and 17+ Countries
• North America (U.S. and Canada)
• Europe (Germany, France, UK, Spain, Italy, Russia, Rest of Europe)
• Asia Pacific (China, Japan, India, Australia, South Korea, Rest of APAC)
• Latin America (Brazil, Mexico, Argentina, Rest of LATAM)
• MEA (South Africa, GCC, Rest of MEA)
• Exhaustive Company Profiles of the Top 10+ Major Market Players
• 20% Free Customization Available to Meet Your Exact Requirement.

Segmentation: Ophthalmic Devices Market Report 2023 - 2034

Ophthalmic Devices Market Analysis & Forecast by Product 2023 - 2034 (Revenue USD Bn)

• Optical Coherence Tomography Scanners
• Fundus Cameras
• Perimeters/Visual Field Analysers
• Autorefractors and Keratometers
• Ophthalmic Ultrasound Imaging Systems
• Ophthalmic A-Scan Ultrasound
• Ophthalmic B-Scan Ultrasound
• Ophthalmic Ultrasound Biomicroscopes
• Ophthalmic Pachymeters
• Tonometers
• Slit Lamps
• Phoropters
• Wavefront Aberrometers
• Optical Biometry Systems
• Ophthalmoscopes
• Lensmeters
• Corneal Topography Systems
• Specular Microscopes
• Retinoscopes

Ophthalmic Devices Market Analysis & Forecast by Application 2023 - 2034 (Revenue USD Bn)

• Cataract
• Vitreo Retinal Disorders
• Glaucoma
• Refractor Disorders

Ophthalmic Devices Market Analysis & Forecast by End-User 2023 - 2034 (Revenue USD Bn)

• Hospitals & Eye Clinics
• Academic & Research Laboratory
• Others

Ophthalmic Devices Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• UK
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• Australia
• South Korea
• Rest of APAC
• Latin America
• Brazil
• Mexico
• Argentina
• Rest of LATAM
• Middle East & Africa
• South Africa
• GCC
• Rest of MEA