The global ophthalmology devices market size is anticipated to expand at substantial CAGR of 4.2% and is projected to reach USD 66,719.3 million during the forecast period, between 2021 and 2028. Ophthalmology devices are designed for surgery, diagnosis, and vision correction. These devices are primarily used to treat vision-related issues, including various eye conditions and infections. Ophthalmology devices offer benefits such as reducing the treatment time, offering high-quality eye care to patients, and aiding in the eye-treatment process, making it convenient for patients as well as ophthalmologists. These devices gained popularity and importance, due to high prevalence of various ophthalmic diseases such as glaucoma and cataract among adults.
Market Trends, Drivers, Restraints, and Opportunities:
- Rising government initiatives and support to control visual weakening are boosting the market.
- Growing old age population with high prevalence of eye disease, obesity, cataracts, diabetic, glaucoma, and age-related macular-degeneration (AMD) are driving the market.
- Increasing demand and adoption of spectacles and contact lenses are fueling the market.
- High cost associated with ophthalmology devices and shortage of ophthalmologists or skilled professionals are restricting the market growth.
- Lack of awareness, low access to eye care in underdeveloped economies, and lack of compensation for ophthalmic surgical procedures are hampering the growth of the market.
- Increasing technological advancements in ophthalmology devices with untapped potential are creating opportunities for the market growth.
Scope of the report:
The report on ophthalmology devices market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
Ophthalmology Devices Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Products [Ophthalmic Surgical Devices (Refractive Error Surgical Devices, Glaucoma Surgical Devices, Cataract Surgery Devices, and Vitreoretinal Surgical Devices), Ophthalmic Diagnostic Devices (Refractors, Corneal Topography Systems, Retinal Ultrasound Systems, Fundus Camera, Ophthalmoscopes, Optical Coherence Tomography Systems, Perimeters, Slit Lamps, and Tonometer), and Ophthalmic Vision Care Devices (Contact Lenses and Spectacle Lenses)], Applications [Cataract Surgery, Vision Care, Ophthalmic Wound Care, Oculoplastic, and Others], End-users [Hospitals, Academics, Ambulatory Surgery Centers, Eye Research Institutes, Research Laboratories, Diagnosis Clinics, Franchise Optical Stores, and Government Agencies]
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Bausch & Lomb Incorporated, Carl Zeiss Meditec AG, GCI, Glaukos Corporation, Gulden Ophthalmics, Heidelberg Engineering Inc, HOYA Vision Care Company, Johnson & Johnson Vision Care, Inc, NIDEK Vo., LTD, Sonomed Escalon, STAAR SURGICAL, and Zeimer Ophthalmic Systems
Ophthalmology Devices Market Segment Insights:
Increasing usage of ophthalmic surgical devices to drive the market
In terms of products, the ophthalmology devices market is segmented into ophthalmic surgical devices (including refractive error surgical devices, glaucoma surgical devices, cataract surgery devices, and vitreoretinal surgical devices), ophthalmic diagnostic devices (including refractors, corneal topography systems, retinal ultrasound systems, fundus camera, ophthalmoscopes, optical coherence tomography systems, perimeters, slit lamps, and tonometer), and ophthalmic vision care devices (including contact lenses and spectacle lenses). The ophthalmic surgical devices segment held an extensive share of the market in 2020 and the segment is expected to continue to grow in the forecast period, due to increasing usage of refractive error surgical devices, glaucoma surgical devices, cataract surgery devices, and vitreoretinal surgical devices associated with growing incidence and prevalence of eye diseases such as glaucoma, refractive errors, cataract, and diabetic retinopathy and growing old age population with eye or vision disease.
High need of cataract surgery to drive the market
On the basis of applications, the ophthalmology devices market is segregated into cataract surgery, vision care, ophthalmic wound care, oculoplastic, and others. The cataract surgery segment held an extensive share of the market in 2020 and is estimated to grow in the forecast period. Cataract Surgery is required when a person loses vision to read, write or drive. Mostly, it occurs in old people, due to changes in their retina or by diabetic retinopathy. Additionally, cataract surgery is needed for those with inherited genetic disorders. Hence, the cataract surgery segment is projected to expand at a significant rate in the forecast period.
Consumer segment to drive the market
Based on end-users, the ophthalmology devices market is fragmented into consumers, hospitals, academics, ambulatory surgery centers, eye research institutes, research laboratories, diagnosis clinics, franchise optical stores, and government agencies. The consumer segment constituted a significant market share in 2020 and is projected to expand at a rapid rate during the forecast period. The growth in the consumer segment is associated with increasing awareness regarding eye care and growing prevalence of eye disorders worldwide. Furthermore, growing need and adoption of contact lenses and spectacles among consumers globally fuels the segment.
Asia Pacific projected to grow at a significant rate in the forecasted period
In terms of regions, the ophthalmology devices market is split into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America constituted a significant share of the market in 2020 due to mergers and acquisitions conducted by key market players. The market in Asia Pacific is projected to expand at a significant CAGR during the forecast period, due to growing population associated with rapid increase in the geriatric population in countries such as India and China and large number of patients with glaucoma and cataract in Asia Pacific. Rising need for eye care institutions and increasing investments and funding by governments to develop healthcare infrastructure are promoting the growth of the ophthalmology devices market.
- Ophthalmic Surgical Devices
- Refractive Error Surgical Devices
- Glaucoma Surgical Devices
- Cataract Surgery Devices
- Vitreoretinal Surgical Devices
- Ophthalmic Diagnostic Devices
- Corneal Topography Systems
- Retinal Ultrasound Systems
- Fundus Camera
- Optical Coherence Tomography Systems
- Slit Lamps
- Ophthalmic Vision Care Devices
- Contact Lenses
- Spectacle Lenses
- Cataract Surgery
- Vision Care
- Ophthalmic Wound Care
- Ambulatory Surgery Centers
- Eye Research Institutes
- Research Laboratories
- Diagnosis Clinics
- Franchise Optical Stores
- Government Agencies
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
By Key Players
- Bausch & Lomb Incorporated
- Carl Zeiss Meditec AG
- Glaukos Corporation
- Gulden Ophthalmics
- Heidelberg Engineering Inc
- HOYA Vision Care Company
- Johnson & Johnson Vision Care, Inc
- NIDEK Vo., LTD
- Sonomed Escalon
- STAAR SURGICAL
- Zeimer Ophthalmic Systems
Key players in the market include Bausch & Lomb Incorporated, Carl Zeiss Meditec AG, GCI, Glaukos Corporation, Gulden Ophthalmics, Heidelberg Engineering Inc, HOYA Vision Care Company, Johnson & Johnson Vision Care, Inc, NIDEK Vo., LTD, Sonomed Escalon, STAAR SURGICAL, and Zeimer Ophthalmic Systems. These players engage in mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence.