New York, Oct. 01, 2024 (GLOBE NEWSWIRE) -- Market Overview
The Global Ophthalmic Devices Market is projected to reach USD 76.9 billion in 2024 and is expected to grow to USD 120.3 billion by 2033, with a CAGR of 5.1%.
Ophthalmic device diagnose and treat eye problems, riding growth in the global market due to growing cataracts, glaucoma, and retinal sicknesses. Trends cognizance on minimally invasive surgical designs and AI diagnostic tools. The aging population and increasing diabetes occurrence expand demand.
Products encompass diagnostic and tracking devices, surgical devices, and imaginative and prescient care products. OCT scanners enable domestic use, and fundus cameras support early ailment detection. Key gamers like Bausch Health Companies and Ziemer Ophthalmic Systems AG emphasize R&D for advanced technology and driving the growth of this market.
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The US Ophthalmic Devices Market
The US Ophthalmic Devices Market is projected to reach USD 25.4 billion in 2024 and grow to USD 38.6 billion by 2033 at a CAGR of 4.8%.
The US ophthalmic device marketplace is swiftly developing due to rising healthcare expenditure, superior clinical infrastructure, a growing older populace, and technological advancements. Opportunities abound with AI-included diagnostic equipment and customized remedies.
Chronic sicknesses like diabetes additionally force marketplace growth. Recent developments encompass collaborations and partnerships amongst essential players, fostering innovation and new product launches.
Companies are expanding their product portfolios and making eyewear extra accessible and low priced, intensifying marketplace competition and enhancing affected person care.
Important Insights
- Market Value: The Global Ophthalmic Devices Market size is estimated to have a value of USD 76.9 billion in 2024 which is further expected to reach USD 120.3 billion in 2033.
- Global Growth Rate: The market is growing at a CAGR of 5.1 % over the forecasted period.
- The US Market Value: The US Ophthalmic Devices market is projected to be valued at USD 38.6 billion in 2033 from a base value of USD 25.4 billion in 2024 at a CAGR of 4.8%.
- Product Segment: Diagnostic and monitoring devices are projected to dominate the global ophthalmology market as they hold 43.7% of the market share in 2024.
- Application Segment: Cataracts are anticipated to dominate the application segment as they hold 36.0% of the market share in 2024.
- Regional Insights: North America is expected to have the largest market share in the global ophthalmic devices Market with a share of about 39.2% in 2024.
Latest Trends
- AI in Diagnostics: Artificial intelligence has revolutionized eye diagnostics through early and accurate identification of conditions like diabetic retinopathy and macular degeneration. AI systems process large volumes efficiently, helping ophthalmologists make timely diagnoses. Furthermore, customized treatment plans created using AI add personalized patient care plans that further the AI revolution.
- Minimally Invasive Surgeries: Minimally invasive surgeries such as laser cataract surgery and MIGS have become more widely adopted due to their shorter recuperation times, reduced trauma levels, and greater patient comfort - leading to their growing adoption by ophthalmic practices around the globe.
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Ophthalmic Devices Market: Competitive Landscape
The global ophthalmic devices market is fragmented and competitive, with leading players such as Alcon, Bausch Health Companies, Carl Zeiss Meditec AG, and Johnson & Johnson Vision leading this sector. Alcon, part of Novartis division Alcon AG, stands out with innovations like AcrySof IQ PanOptix Trifocal IOL and NGENUITY 3D Visualization System; Johnson & Johnson Vision prioritizes geographic expansion as well as product expansion such as Abbott's acquisition of AMO and working closely with Google on smart contact lenses; All companies actively engage in R&D activities as well mergers or strategic alliances to keep their market edge.
Some of the prominent market players:
- Alcon Vision LLC
- Essilor International S.A
- Johnson & Johnson Vision Care
- Carl Zeiss Meditec AG
- Bausch & Lomb Incorporated
- Essilor International S.A
- Ziemer Ophthalmic System Ltd
- Nidek Co. Ltd
- TOPCON Corporation
- Haag-Streit Group
- Hoya Corporation
- OPHTEC BV
- ClearLab
- Other Key Player
Ophthalmic Devices Market Scope
| Report Highlights | Details |
| Market Size (2024) | USD 76.9 Bn |
| Forecast Value (2033) | USD 120.3 Bn |
| CAGR (2024-2033) | 5.1% |
| North America Revenue Share | 39.2% |
| The US Market Size (2024) | USD 25.4 Bn |
| Historical Data | 2018 - 2023 |
| Forecast Data | 2024 - 2033 |
| Base Year | 2023 |
| Estimate Year | 2024 |
| Segments Covered | By Product, By Application, By End User |
| Regional Coverage | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
Market Analysis
Diagnostic and tracking devices are projected to dominate the global ophthalmic devices market, maintaining 43.7% of the market share in 2024. Their significance stems from the early analysis and management of eye diseases together with glaucoma, cataracts, and retinal disorders.
Tools like OCT scanners, fundus cameras, and ultrasound imaging structures permit early detection and well-timed intervention, improving patient effects. Technological improvements and AI integration make these devices more consumer-friendly and accurate, driving demand. Leading players' attention on innovation to keep competitiveness and market increase.
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Ophthalmic Devices Market Segmentation
By Product
- Diagnostic and Monitoring Devices
- Optical Coherence Tomography Scanners
- Ophthalmic Ultrasound Imaging Systems
- Ophthalmic A-Scan Ultrasound
- Ophthalmic B-Scan Ultrasound
- Ophthalmic Ultrasound Biomicroscopes
- Ophthalmic Pachymeters
- Fundus Camera
- Ophthalmoscopes
- Retinoscope
- Wavefront Aberrometer
- Corneal Topography Systems
- Autorefractors And Keratometers
- Phoropters
- Specular Microscope
- Perimeters/Visual Field Analysers
- Tonometers
- Slit Lamps
- Lensmeter
- Optical Biometry Systems
- Chart Projectors
- Surgical Devices
- Cataract Surgery Devices
- Intraocular Lens (IOLs)
- Ophthalmic Viscoelastic Devices (OVDs)
- Phacoemulsification Devices
- Cataract Surgery Lasers
- IOL Injectors
- Vitreoretinal Surgery Devices
- Vitrectomy Machines
- Vitreoretinal Packs
- Photocoagulation Lasers
- Illumination Devices
- Vitrectomy Probes
- Backflush
- Chandelier
- Refractive Surgery Devices
- Excimer Lasers
- Femtosecond Lasers
- Other Lasers
- Glaucoma Surgery Devices
- Glaucoma Drainage Devices (GDDs)
- Microinvasive Glaucoma Surgery Devices
- Glaucoma Laser Systems
- Ophthalmic Microscopes
- Accessories
- Surgical Sets & Instruments
- Tips & Handles
- Scissors
- Forceps
- Spatulas
- Macular Lenses
- Cannulas
- Other Ophthalmic Surgical Accessories
- Cataract Surgery Devices
- Vision Care
- Spectacles
- Contact Lenses
- Soft
- RGP
- Hybrids
By Application
- Cataract
- Vitreo Retinal Disorders
- Glaucoma
- Refractor Disorders
By End-user
- Hospitals & Eye Clinics
- Academic & Research Laboratory
- Others
Growth Drivers
- Aging Population: With more people reaching retirement age and experiencing eye conditions like cataracts, glaucoma, and macular degeneration than ever before, an increasing elderly population creates greater risks of vision-threatening eye diseases that require medical treatments or surgeries to maintain quality of life and vision. This demographic change increases demand for diagnostic and surgical ophthalmic devices to preserve vision quality as more older people seek ways to maintain vision quality throughout their lives.
- Rising Diabetes Incidence: The rise in diabetes incidence worldwide has had an immense impact on the ophthalmic devices market. Diabetes causes eye disorders including diabetic retinopathy, cataracts, and glaucoma that necessitate frequent eye exams as well as advanced diagnostic equipment like fundus cameras and OCT scanners for proper diagnoses.
Restraints
- High Costs of Advanced Devices: The exorbitant cost of advanced ophthalmic devices impedes their adoption in developing regions, particularly by patients and healthcare carriers who cannot afford such costly equipment, thus impeding market expansion. To overcome this obstacle, companies should focus on price-competitive developments as well as lower-priced pricing strategies to be cost-effective and drive market expansion forward.
- Stringent Regulatory Requirements: Navigating complex regulatory approval procedures is time-consuming and costly for producers. Authorities like the FDA and EMA impose rigorous safety and efficacy standards that delay product launches while increasing development expenses; compliance can be especially challenging for smaller firms with limited resources.
Growth Opportunities
- Emerging Markets: Asia-Pacific, Latin America, and the Middle East offer considerable growth potential with improved healthcare infrastructure, rising expenditure levels, and a greater focus on eye health awareness. Additionally, government projects promoting better eye care accessibility also drive market expansion.
- Technological Advancements: Innovations in ophthalmic generation, including OCT angiography, AI-powered diagnostics, and superior surgical lasers, offer precise diagnoses and improved surgical effects. Companies making an investment in R&D for these technologies can capture market share and drive industry growth.
Regional Analysis
North America, projected to hold 39.2% of the global ophthalmic gadgets market using 2024, leads because of advanced healthcare practices, high spending, and nicely defined reimbursement structures. The prevalence of ophthalmic diseases, a growing old populace, and rising diabetes rates drive the demand for superior diagnostic and surgical tools.
The vicinity also emphasizes frequent eye health tests and early intervention. Numerous research institutions and academic facilities in North America make contributions to continuous improvements in ophthalmic technology, resulting in modern products that enhance eye care specialists' abilities.
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By Region
North America
- The U.S.
- Canada
Europe
- Germany
- The U.K.
- France
- Italy
- Russia
- Spain
- Benelux
- Nordic
- Rest of Europe
Asia-Pacific
- China
- Japan
- South Korea
- India
- ANZ
- ASEAN
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Egypt
- Rest of MEA
Recent Developments in the Ophthalmic Devices Market
2024
- July: Alcon announced the launch of the Vivity IOL, a new intraocular lens that offers an extended depth of focus for cataract patients.
- June: Johnson & Johnson Vision received FDA approval for the TECNIS Synergy IOL, designed to provide continuous high-contrast vision at all distances.
- May: Bausch Health Companies acquired an innovative retinal imaging technology company to enhance its diagnostic product portfolio.
2023
- December: Carl Zeiss Meditec AG introduced the VISULAS Green, an advanced photocoagulation laser for treating retinal disorders.
- November: Alcon completed the acquisition of a leading provider of ophthalmic surgical instruments, expanding its surgical device offerings.
- October: Johnson & Johnson Vision launched the ACUVUE OASYS with Transitions, a contact lens that adapts to changing light conditions.
2022
- September: Bausch Health Companies unveiled the Stellaris Elite Vision Enhancement System, a state-of-the-art platform for cataract and retinal surgeries.
- August: Carl Zeiss Meditec AG launched the CLARUS 700, a high-definition, ultra-widefield imaging system for comprehensive retinal examinations.
- July: Alcon introduced the ARGOS Biometer with Image Guidance, enhancing precision in cataract surgery planning.
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