Rising demand for advanced eye care solutions is driving the ophthalmic devices market to grow at a CAGR of 4.8%.

The global ophthalmic market is projected to grow significantly, reaching an estimated value of USD 80.4 billion by 2032, up from USD 50.3 billion in 2023, reflecting a compound annual growth rate (CAGR) of 4.8 % in the forecast period covering 2023–2032. This increase is primarily due to the increasing incidence of eye diseases such as cataracts, glaucoma, diabetic retinopathy and macular degeneration.

Technological advancements in ophthalmic devices, such as the integration of optical coherence tomography (OCT) with artificial intelligence (AI), are further boosting the market growth. For example, Abbott’s Ultreon software, which combines OCT with artificial intelligence, increases the precision of diagnosis and treatment, thereby increasing the use of these advanced devices among healthcare providers.

However, the market faces several challenges, including high costs associated with advanced ophthalmic devices and limited availability in emerging regions. Additionally, there is a need to increase awareness and education about eye health and available treatments to increase demand for these devices.

Recent developments in the market include the introduction of innovative products such as Nidek’s Mirante scanning laser ophthalmoscope and the growing use of micro-invasive surgical implants for glaucoma. These innovations are expected to fill treatment gaps and improve patient outcomes.

Demand for ophthalmic devices is also driven by an aging global population, rising health care costs and increased awareness of eye health. The major regions contributing to the market growth include North America, which accounted for the highest market share in 2023 due to advanced healthcare infrastructure and high incidence of eye diseases, and Asia-Pacific, which is expected to record the fastest growth due to improved healthcare systems and growing awareness of eye diseases.

Key takeaways

• Market size: The ophthalmic market is expected to plateau $80.4 billion by 2032, growing at approx 4.8% CAGR from USD 50.3 billion in 2023
• Driving factors: The market growth is driven by the aging population, government initiatives and the COVID-19 pandemic, increasing the demand for advanced ophthalmic solutions.
• Limiting factors: Limited healthcare spending in emerging countries, high costs and limited availability are key challenges hindering market expansion.
• Growth opportunities: Expansion of clinics, increased awareness, and outpatient centers provide significant growth opportunities in the ophthalmic devices market.
• Factors gaining popularity: Innovations in ophthalmic tools and development of micro-invasive glaucoma implants are driving demand in the market.
• Product dominance: Eye care products dominate the market thanks to a 61.2% share in 2023, driven by strong demand for glasses and contact lenses.
• Application dynamics: The cataract segment is the market leader with 48.9% share in 2023, with significant growth expected.
• End user landscape: Eye hospitals and clinics dominate the end-user segment with 80.2% share in 2023 due to technology adoption and increase in the number of eye clinics.
• Key segments: Eye care, surgical devices, and diagnostics and monitoring are key segments that address a variety of eye care needs.
• Regional market dynamics: North America has a 46.2% market share in 2023, valued at approx $23.2 billionwhile the Asia-Pacific region offers growth opportunities with growing awareness and outsourcing activities.

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Key segments of the ophthalmic products market

Based on the product

• Eye care products
• Surgical devices
• Diagnostic and monitoring devices

Based on the application

• Cataract
• Glaucoma
• Vitreoretinal disorders
• Refractor disorders
• Other applications

Based on end user

• Hospitals and ophthalmological clinics
• Academic and Research Laboratory
• Other end users

Key Regions

• North America (USA, Canada, Mexico)
• Western Europe (Germany, France, UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic countries, rest of Western Europe)
• Eastern Europe (Russia, Poland, Czech Republic, Greece, rest of Eastern Europe)
• APAC (China, Japan, South Korea, India, Australia and New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, rest of APAC)
• Latin America (Brazil, Colombia, Chile, Argentina, Costa Rica, rest of Latin America)
• Middle East and Africa (Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, rest of MEA)

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Analysis of key players

Alcon Vision LLC is a global leader in eye care, offering a wide range of innovative ophthalmic products and services. The company’s offer includes surgical devices, contact lenses and eye care products intended for the treatment of diseases such as cataracts, glaucoma and dry eyes. Alcon surgical products, including AcrySof IQ Vivity IOLs and PanOptix Trifocal IOLs, are known to improve visual outcomes after surgery. The company also invests heavily in research and development, focusing on next-generation solutions and digital health innovations to improve eye care around the world.

Essilor International SA is a key player in the ophthalmic products market, specializing in the design, production and distribution of lenses and optical equipment. Known for brands such as Varilux and Crizal, Essilor focuses on solving vision problems such as myopia, hyperopia and presbyopia. The company is also investing in innovative technologies, including smart lenses and augmented reality applications, to improve vision correction and protection. Essilor’s commitment to eye health includes global initiatives to reduce vision impairment caused by uncorrected refractive errors.

Johnson & Johnson Vision Care offers a comprehensive line of eye care products, including contact lenses, surgical devices and vision correction solutions. The company’s Acuvue contact lens brand is widely known for its comfort and quality. In addition to lenses, Johnson & Johnson Vision Care provides advanced technologies for cataract and refractive surgery. The company’s focus on innovation and patient care drives the development of products that improve visual health and patient outcomes around the world.

Carl Zeiss Meditec AG is a leading supplier of ophthalmic devices, known for its high-quality diagnostic and surgical equipment. The company’s product portfolio includes optical coherence tomography (OCT) systems, surgical microscopes and intraocular lenses (IOLs). Zeiss innovations in visualization and diagnostic technologies increase the precision of eye surgery and diagnostics. The company’s commitment to improving eye care is reflected in the continuous development of cutting-edge solutions that are helpful in a variety of ophthalmological conditions.

Bausch & Lomb Incorporated is a leading ophthalmic brand, offering a broad range of vision care products including contact lenses, lens care products and ophthalmic surgical devices. The company’s innovations in cataract and vitreoretinal surgery, such as the Stellaris Elite Vision Enhancement System, are designed to improve surgical outcomes and patient experiences. Bausch & Lomb’s commitment to eye health is evident in its extensive research and development efforts to provide advanced vision correction and care solutions.

Key players in the ophthalmic products market:

• Alcon Vision limited liability company
• Essilor International SA
• Johnson & Johnson eye care
• Carl Zeiss Meditec AG
• Bausch & Lomb Company
• Essilor International SA
• Ziemer Ophthalmic System Ltd
• Nidek limited liability company
• TOPCON company
• Haag-Streit Group
• Hoya company
• OPHTEC BV
• ClearLab
• Other key players.

Scope of the report on the ophthalmic products market >> Market value (2023): $48 billion || Projected revenues (2033): $76 billion || CAGR (2024–2033): 4.8% || Estimated base year: 2023 || Historical period: 2019-2022 || Forecast period: 2024-2033.

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