Ophthalmic Devices Market Size, Share & Analysis Report By Product (Optical Coherence Tomography, Ophthalmic Ultrasound), By Application (Cataract, Glaucoma), By End-use (Hospitals & Eye Clinics) And Segment Forecasts, 2023 - 2030

Report Overview

The global ophthalmic devices market size was valued at USD 6.6 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 4.9% from 2023 to 2030. The market growth can be attributed to the rising prevalence of optical disorders such as glaucoma, cataract, diabetic retinopathy, and vitreo retinal disorders, coupled with technological advancements in ophthalmic surgical as well as diagnostic instruments required for these target applications. Improved government initiatives to increase awareness related to visual impairment is further anticipated to widen the base for the market growth.

The growing geriatric population is increasing the demand for ophthalmic devices, as they are more susceptible to age-related ophthalmic disorders. According to the National Institute on Aging (NIA), the geriatric population is expected to reach 72 million by 2030. The increasing prevalence of diabetes and the incidence of diabetes-related blindness are predicted to fuel market growth. According to the World Health Organization, nearly 422 million people worldwide have diabetes, and the majority are living in low- and middle-income countries.

Increased screen time due to the lockdown measures in the COVID-19 pandemic has been associated with the onset and progression of various eye diseases, thus driving the demand for eye examinations. In June 2020, Johnson & Johnson Vision donated USD 320 K to provide eye care to COVID-19 impacted patients. The organization conducted this donation to the Optometry Cares unit of the American Optometric Association (AOA) Foundation and the American Academy of Optometry Foundation (AAOF).

Technological advancements have enabled accurate diagnosis and improved treatment of ophthalmic disorders. Advancements in medications, diagnostic devices, laser technology, and surgical techniques, have enabled improved handling of cataract & macular degeneration, glaucoma, and dry eye disease. Minimally invasive surgeries, such as LASIK surgery, multi-wavelength diabetic retinopathy treatment, ultrasound phacoemulsification, and femtosecond laser surgery are expected to increase the usage of ophthalmic devices. These surgeries are accompanied by better patient outcomes and faster recovery rates.

Many organizations have conducted campaigns and programs to raise awareness for eye health and vision care among the public, optometrists, and ophthalmologists for the diagnosis and treatment of ophthalmic problems. Additionally, several suppliers also offer hands-on training for ophthalmologists and technicians on how to use various ophthalmic equipment through courses, tutorials, and workshops.

Market players are also coming up with advanced products to meet the demand. For instance, in April 2023, Bausch & Lomb announced the launch of ophthalmic viscosurgical devices across the U.S. In March 2023, WaveFront Dynamics Inc. announced the commercial launch of its WaveDyn vision Analyzer. Such initiatives help to increase awareness of eye diseases and the availability of diagnostic equipment.

Product Insights

The optical coherence tomography (OCT) segment dominated the market and accounted for the largest revenue share of more than 23.0% in 2022 and is also anticipated to exhibit a lucrative CAGR of 5.4% during the forecast period. OCT produces high-resolution cross-sectional and three-dimensional images of biological microstructure and has major application in the diagnosis of diseases such as glaucoma, related Macular Degeneration (AMD), and diabetic eye.

Technological advancements such as the integration of OCT with artificial intelligence (AI) is expected to boost the adoption rate of this device amongst healthcare providers. For instance, in August 2021, Abbott's latest OCT imaging platform, driven by the Ultreon Software, has been approved by the US Food and Drug Administration (FDA). This cutting-edge imaging software combines OCT with artificial intelligence (AI) to give physicians a more complete picture of coronary blood flow and blockages, assisting in decision-making and determining the optimum treatment approach.

The ophthalmoscopes segment is anticipated to witness the fastest growth rate of 5.3% over the forecast period. Ophthalmoscopes are used in the diagnosis of diseases such as CMV retinitis, papilledema, glaucoma, AMD, and diabetic retinopathy. In August 2019, Nidek launched Mirante Scanning Laser Ophthalmoscope. It is a multimodal fundus imaging device, that combines high-resolution SLO (Scanning Laser Ophthalmoscopy) and OCT imaging with ultra-wide field imaging properties. The increasing prevalence and growing demand for accurate and early diagnosis of these diseases are expected to have a positive impact on the market growth.

Application Insights

The cataract segment dominated the market for ophthalmic devices and accounted for the largest revenue share of 41.7% in 2022 and is expected to witness significant growth during the forecast period. This can be attributed to the high adoption of ophthalmic devices for cataract surgeries. According to the World Health Organization (WHO), cataracts are the leading cause of blindness. Nearly 51% of the total cases of blindness in the world are the result of cataracts.

The refractor disorders segment is anticipated to witness the fastest growth rate over the forecast period. According to the WHO, there are about 2.2 billion people globally who have near or far-distance vision impairment. To treat such disorders and correct refractive errors, ophthalmic devices such as phoropters and retinoscopes are highly preferred. To meet the requirements of the rising patient population, major market players are focused on introducing advanced ophthalmic diagnosis & treatment devices.

End-use Insights

The hospitals & eye clinics segment held the largest share of 77.0% in the ophthalmic devices market and is expected to continue its dominance over the forecast period. This can be attributed to the increasing adoption of ophthalmic devices in hospitals and low-cost & effective treatment provided in clinics. The increasing mergers and acquisitions between ophthalmic clinics and hospitals are likely to boost the demand for new installations in the coming years.

In October 2021, Dr. Agarwal’s eye facilities merged with Aditya Jyot Eye Hospital, improving the latter’s market footprint within India and across the globe. Moreover, several eye clinics are now coming up with separate diagnostic departments, which in turn, is boosting the adoption of ophthalmic devices. Additionally, the growing number of eye clinics that offer cost-effective treatment is expected to drive the growth of the market during the forecast period.

The market for academic & research laboratories is expected to grow at a significant rate during the forecast period. Academic & research laboratories receive funding for ophthalmic care. For instance, John Hopkins Wilmer Eye Institute, U.S., receives large funding from National Eye Institute to boost ophthalmic research.

Regional Insights

In 2022, North America held a substantial share of 42.5% of the market. The rapidly growing geriatric population and the rising prevalence of chronic eye conditions because of high stress and unhealthy lifestyles resulting in diabetic retinopathy are considered as high impact rendering drivers for the industry. Additionally, the incorporation of new reimbursement models for ophthalmologic treatment and a stringent regulatory framework aimed at patients’ safety, is expected to drive the demand for ophthalmic devices in this region.

The Asia Pacific market is anticipated to grow at the fastest CAGR of 5.6% over the forecast period owing to the rapidly improving healthcare infrastructure, rising prevalence of eye disorders such as glaucoma, and increasing awareness of patients towards it. The growth can be attributed to the increasing outsourcing activities for ophthalmology devices by key industry players, such as Alcon, Inc. Moreover, the increasing awareness pertaining to advanced corrective vision treatments is a key growth driving factor for emerging economies such as China and India.

Key Companies & Market Share Insights

The key players are indulging in strategies, such as entering mergers & acquisitions, product launch, and geographical expansions, to capture a larger share of the industry. For instance, in January 2022, Alcon acquired Ivantis, a company that manufactures Hydrus Microstent, Glaucoma Surgery (MIGS) devices designed to lower eye pressure for open-angle glaucoma patients in connection with cataract surgery. This acquisition has led to the strengthening of Alcon’s market presence. It also aimed to allow Alcon to expand Hydrus Microstent into the international market and prioritize evidence-based research. Some of the prominent players in the global ophthalmic devices market include:

• Johnson & Johnson Vision Care

• Alcon Vision LLC

• Carl Zeiss Meditec AG

• Bausch & Lomb Incorporated

• Essilor International S.A

• Ziemer Ophthalmic Systems Ltd

• Nidek Co. Ltd

• TOPCON Corporation

• Haag-Streit Group

Recent Developments

• In April 2023, Johnson & Johnson Vision announced that it had received FDA 510(k) clearance for its ELITA Femtosecond Laser for creating LASIK flaps. The product functions with high speed and accuracy for surgeons, while providing better patient outcomes through faster recovery, fewer complications, and improved visual results.

• In April 2023, ZEISS Medical Technology announced that its CT LUCIA® 621P Monofocal IOL from ZEISS had been approved by the U.S. FDA. It is a monofocal, aspheric, single-piece C-loop IOL that utilizes the patented ZEISS Optic Asphericity Concept for compensating several types of spherical aberrations, while improving visual outcomes in cases of potential decentration and lens misalignments.

• In March 2023, Haag-Streit Group announced the appointment of Gaush Medical Corporation as its exclusive distributor of diagnostic products in the People's Republic of China (excluding Hong Kong, Taiwan, and Macau). Gaush Medical Corporation has an extensive portfolio of ophthalmic devices with over 120 product types and has more than 4000 customers in China, which includes 1000+ Class III hospitals.

• In February 2023, Bausch + Lomb and Modulight announced that the U.S. FDA had provided approval for the ML6710i photodynamic laser for equivalent use with Bausch + Lomb’s VISUDYNE photodynamic therapy. The approval has been given for treating patients suffering from predominantly classic subfoveal choroidal neovascularization, or the creation of abnormal choroidal blood vessels, due to Age-related Macular Degeneration.

• In November 2022, Alcon announced that it had acquired Aerie Pharmaceuticals, Inc., which would help Alcon boost its presence in the ophthalmic pharmaceutical segment. It follows the company’s previous acquisitions in this space, including the U.S.-exclusive commercialization rights for Simbrinza from Novartis; and Eysuvis and Invelty from Kala Pharmaceuticals, in May 2022.

• In October 2022, Topcon Healthcare announced the launch of the NW500, the company’s fully-automatic, non-mydriatic retinal camera that helps deliver reliable, accurate, and sharp-quality imaging with enhanced capability. The device can effectively image smaller pupils through the use of a novel slit scan illumination and a rolling shutter mechanism.

• In April 2022, Ziemer Ophthalmic Systems announced that it had received clearance from the U.S. FDA for its FEMTO Z8 NEO femtosecond laser, which follows the unique Multipurpose Femtosecond Laser LDV Z8. The device features a Slim handpiece along with an improved vacuum system to ensure a better docking experience, as well as improved software applications and a more intuitive user guidance.

Ophthalmic Devices Market Report Scope

Global Ophthalmic Devices Market Report Segmentation

This report forecasts revenue growth and provides an analysis on the latest trends in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global ophthalmic devices market report on the basis of product, application, end-use, and region:

• Product Outlook (Revenue, USD Million, 2017 - 2030)

  • 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

• Application Outlook (Revenue, USD Million, 2017 - 2030)

  • Cataract

  • Vitreo Retinal Disorders

  • Glaucoma

  • Refractor Disorders

• End-use Outlook (Revenue, USD Million, 2017 - 2030)

  • Hospitals & Eye Clinics

  • Academic & Research Laboratory

  • Others

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

    • Thailand

    • Malaysia

    • Philippines

    • Singapore

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Colombia

  • Middle East and Africa (MEA)

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait

    • Iran

    • Turkey