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.
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.
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.
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.
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.
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
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.
Report Attribute |
Details |
Market size value in 2023 |
USD 6.9 billion |
Revenue forecast in 2030 |
USD 9.70 billion |
Growth rate |
CAGR of 4.9% from 2023 to 2030 |
Base year for estimation |
2022 |
Historical data |
2017 - 2021 |
Forecast period |
2023 - 2030 |
Report updated |
May 2023 |
Quantitative units |
Revenue in USD million/billion and CAGR from 2023 to 2030 |
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
Product, application, end-use, region |
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA) |
Country scope |
U.S.; Canada; U.K.; Germany; France; Italy; Spain; Denmark; Norway; Sweden; Singapore; China; Japan; India; Australia; Thailand; South Korea; Philippines; Malaysia; Brazil; Mexico; Argentina; Colombia; South Africa; Saudi Arabia; UAE; Kuwait; Iran; Turkey |
Key companies profiled |
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 Co.; Haag-Streit Group |
Customization scope |
Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
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
b. The global ophthalmic device market size was estimated at USD 6.6 billion in 2022 and is expected to reach USD 6.9 billion in 2023.
b. The global ophthalmic devices market is expected to grow at a compound annual growth rate of 4.9% from 2023 to 2030 to reach USD 9.70 billion by 2030.
b. North America dominated the ophthalmic devices market with a share of 42.5% in 2022. This is attributable to advancements in ophthalmic devices, which help in the efficient diagnosis and treatment of retinal disorders, glaucoma, and other ophthalmic disorders.
b. Some key players operating in the ophthalmic devices market include Abbott Medical Optics, Inc., Carl Zeiss Meditec AG, Alcon, Inc., Bausch & Lomb, Inc., Haag-Streit, Topcon Corporation, Johnson & Johnson, Essilor International S.A., Ziemer Ophthalmic Systems AG, and Nidek Co. Ltd.
b. Key factors that are driving the ophthalmic devices market growth include the rising prevalence of eye diseases, technological advancements in ophthalmic devices, and government initiatives for increasing awareness regarding visual impairment.
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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.