Advanced Ophthalmology Technology Market Size, Share & Trends Analysis Report By Type (Diagnostic, Therapeutic), By End Use (Hospitals, Ophthalmic Clinics, ASCs), By Region, And Segment Forecasts, 2024 - 2030

Market Size & Trends

The global advanced ophthalmology technology market size was valued at USD 7.83 billion in 2023 and is projected to grow at a CAGR of 7.5% from 2024 to 2030. Advanced ophthalmology technologies include imaging, surgical instruments, laser systems, and advancements in biotechnology that improve the accuracy and effectiveness of ophthalmic care. Factors such as the increasing geriatric population, the increase in eye-related disorders, technological advancements, and the need for minimally invasive procedures are significantly responsible for the growth of the market.

In addition, increased patient care standards and the focus on personalized medicine positively impact the market's growth. The increase in diseases such as cataracts, glaucoma, and diabetes and the increase in awareness among people about the benefits of diagnosis and medical care are also helping to influence the growth of the advanced ophthalmic technologies market. According to the Laser Eye Surgery Hub, in England, around 330,000 cataract surgeries are performed annually. An estimated 30% of individuals aged 65 and older have visually impaired cataracts, with 10% having already undergone surgery. Cataracts, mostly age-related and typically developing after age 40, lead to 40% of patients requiring surgery on both eyes.

Due to the large senior population and the presence of a large patient pool suffering from refractive errors such as myopia, high myopia, and presbyopia, various types of advanced ophthalmic technologies are being used for their treatment, and due to this, the market for advanced ophthalmic technologies is growing. According to a study titled The Role of Myopia in 2020 Uncorrected Global Visual Impairment, globally, an estimated 113 million people, or 1.5% of the population, had an uncorrectable visual impairment (VI), with 60 million cases due to myopia. Myopia-related disease accounted for 29% of these cases, with over 40% of affected individuals being under 60 years old. By age 65, 60% of those with VI were myopic, and this figure rises to 50% at age 81, highlighting the significant global burden of myopia-related conditions.

Type insights

The diagnostics segment dominated the market and accounted for a share of 56.5% in 2023. Factors such as an increase in various ophthalmic disorders across the global level, such as eyestrain, glaucoma, cataract, diabetic retinopathy, and colorblindness disorders, require early-stage diagnosis, which is responsible for the growth of the segment. In addition, the increase in the geriatric population, which results in the burden of avoidable blindness and an increase in healthcare awareness, is leading to regular health check-ups and fueling market growth. According to a 2023 study published by MJH Life Sciences and AJMC, 9.6 million people in the U.S. had Diabetic Retinopathy (DR), and 1.84 million had vision-threatening DR (VTDR), which means 40.3% of adults with diabetes had DR, and 8.2% have VTDR. DR was the leading cause of blindness in working-age adults.

The therapeutic segment is expected to grow at a CAGR of 7.5% over the forecast period. This segment includes therapies and drugs used to treat ophthalmic disorders such as retinal diseases, glaucoma, allergies, infections, and others. Factors such as the increasing prevalence of these diseases, the increasing commercialization of new products, and the adoption of new technology are responsible for the market's growth.

End Use Insights

The hospitals segment dominated the market and accounted for a share of 38.1% in 2023. Factors such as ready adoption of advanced technologies, increase in patient volumes, and increase in the number of skilled professionals are responsible for the market's growth. In addition, the segment's higher equipment budget compared to other segments, awareness about the benefits of advanced ophthalmology devices in providing better treatment and decreasing the recovery span for patients have further fueled the market's growth. For instance, in November 2022, the Ohio State University Wexner Medical Center introduced a Prosthetic Replacement for the Ocular Surface Ecosystem (PROSE) clinic. This clinic offered customized devices to enhance vision and quality of life for patients with ocular surface diseases and advanced corneal conditions.

The ASCs (Ambulatory Surgery Centers) segment is expected to grow at the fastest CAGR of 7.7% over the forecast period. The factors such as the increasing awareness about the benefits of the advanced technologies which are being adopted in treatment, increase in number of ASCs, increase in the number of skilled professionals has largely influenced the growth of the market.

Regional Insights

The North America advanced ophthalmology technology market dominated the market with a share of 37.4% in 2023. The presence of a large patient pool, the increasing number of patients, various market players in the region, and the initiatives to improve healthcare infrastructure have largely influenced the market's growth. In addition, the consumption of high-sugar diets in the region has influenced the growth of diabetes, which has further fueled the number of patients and resulted in a boost for the advanced ophthalmology technology market. According to the American Academy of Ophthalmology, the Dry eye affects nearly 16 million Americans, and its prevalence increases with age. Approximately 3.2 million women and 1.68 million men aged 50 and over are affected by this condition. In addition, around 7 million intravitreal injections are administered annually in the U.S. to prevent vision loss from macular degeneration and diabetic retinopathy.

U.S Advanced Ophthalmology Technology Market Trends

U.S. advanced ophthalmology technology market dominated the North America market with a share of 81.7% in 2023 due to the increasing number of diabetic patients, increased research and development by the major players, and the increasing number of patients. In addition, the presence of major players has influenced advancements in technology and minimally invasive treatments, which has further fueled the market growth.

Europe Advanced Ophthalmology Technology Market Trends

Europe advanced ophthalmology technology market was identified as a lucrative region in 2023. The increasing number of patients and the increasing usage of mobiles, TVs, and laptops have led to various eye disorders. Initiatives by the region’s governments to improve their healthcare infrastructure have largely influenced the market growth. In addition, the increasing medical tourism due to the availability of better-skilled professionals and improved infrastructure has further fueled the market growth. According to the European Blind Union (EBU), over 30 million people are estimated to be blind or partially sighted, with sight loss affecting an average of 1 in 30 Europeans. The number of partially sighted individuals is four times higher than that of blind people.

The UK advanced ophthalmology technology market is expected to grow rapidly in the coming years due to a growing aging population, increasing prevalence of eye diseases such as glaucoma and cataracts, and rising demand for minimally invasive procedures. In addition, advancements in diagnostic tools, treatment technologies, and supportive healthcare policies fuel market growth.

Germany advanced ophthalmology technology market held a substantial market share in 2023 owing to the presence of advanced medical equipment companies, and the increasing research and development in the country has influenced the market growth. For instance, in December 2023, Carl Zeiss Meditec AG agreed to acquire the Dutch Ophthalmic Research Center (DORC) to broaden its range of ophthalmic devices. Under the deal, Zeiss acquired 100% of DORC's shares from the French investment firm Eurazeo, with the acquisition valued at approximately USD 1.07 billion. The transaction, aimed at expanding Zeiss's portfolio of vitreoretinal surgical devices, was expected to close in the first half of fiscal year 2024.

Asia Pacific Advanced Ophthalmology Technology Market Trends

Asia Pacific advanced ophthalmology technology market is expected to grow at the fastest CAGR of 7.7% over the forecast period. This growth is due to the expanding healthcare infrastructure, with significant investments enhancing medical facilities and access. This growth facilitates the broader availability and adoption of cutting-edge ophthalmic technologies. Improved infrastructure supports the region's increasing demand for advanced eye care solutions. According to the Health at a Glance: Asia/Pacific 2022, between 2010 and 2019, per capita health spending in Asia-Pacific countries increased by 65%, with a 76% rise in upper-middle-income countries. In contrast, high-income countries saw a more modest growth of 33% in health spending during the same period.

Japan advanced ophthalmology technology market is expected to grow rapidly in the coming years due to the innovations in surgical equipment, imaging systems, and diagnostic tools significantly improve precision and patient outcomes. In addition, the shift towards minimally invasive procedures is boosting the demand for cutting-edge ophthalmic technologies. These advancements enhance the effectiveness of treatments and overall patient experiences.

China advanced ophthalmology technology market held a substantial market share in 2023 owing to aging population which is leading to a higher incidence of age-related eye conditions such as cataracts, macular degeneration, and glaucoma. This demographic shift significantly boosts the demand for advanced ophthalmology technologies to address these prevalent issues. As the need for effective diagnostic and treatment solutions grows, the market for advanced ophthalmology technology continues to expand. According to the World Health Organization (WHO), China has one of the fastest-growing aging populations globally, with the proportion of people over 60 years old expected to reach 28% by 2040. This increase is attributed to rising life expectancy and decreasing fertility rates.

Key Advanced Ophthalmology Technology Company Insights

Some of the key players in advanced ophthalmology technology market are Carl Zeiss Meditec AG, Bausch + Lomb., Teva Pharmaceutical Industries Ltd., CooperVision, Alcon, NIDEK CO., LTD., TOPCON CORPORATION, Ziemer Ophthalmic Systems AG, and Essilor International S.A. Organizations are focusing on increasing customer base to gain a competitive edge in the industry. Therefore, key players are taking several strategic initiatives, such as mergers and acquisitions, and partnerships with other major companies.

• Carl Zeiss Meditec AG provides advanced ophthalmology technology and is renowned for its innovative eye care solutions. The company offers a range of cutting-edge products, including high-precision diagnostic equipment and surgical tools, that enhance the diagnosis and treatment of various eye conditions.

• CooperVision is a company operating in advanced ophthalmology technology, renowned for its innovative contact lenses and eye care solutions. Their portfolio includes cutting-edge products such as silicone hydrogel lenses and digital eye strain solutions. CooperVision focuses on enhancing visual comfort and clarity while advancing the science of eye health.

Recent Developments

• In June 2024, NIDEK CO., LTD. received the CE mark for NP-1/NP-1c Preloaded IOL Injection Systems and is expected to provide the injections in Europe as well, as they are already available in Asia. This injection system is enhanced with a hydrophobic soft acrylic lens that provides smoother and safer implantation features.
• In April 2024, Coopervision announced a partnership with AOA to launch the Myopia Collective, enhancing the healthcare procedure for children with Myopia.

Advanced Ophthalmology Technology Market Report Scope

Global Advanced Ophthalmology Technology Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global advanced ophthalmology technology market report based on type, end use, and region.

• Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Diagnostic

  • Therapeutic

• End Use Outlook (Revenue, USD Million, 2018 - 2030)

  • Hospitals

  • Ambulatory Surgical Centers (ASCs)

  • Ophthalmic Clinics

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

    • Thailand

  • Latin America

    • Brazil

    • Argentina

  • Middle East and Africa (MEA)

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait