The Global Ophthalmology Devices Market is experiencing significant growth due to the surging cases of age-related eye diseases such as diabetic retinopathy, macular degeneration, cataract, and glaucoma worldwide. Studies indicate a high prevalence in individuals over 75 years old. The increased demand for effective treatment of these conditions drives the adoption of ophthalmology devices across various end users. Moreover, advancements in technology, including the introduction of intraocular lenses (IOLs), are set to accelerate market expansion within the forecasted period.
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Data Bridge Market Research analyses that the global ophthalmology devices market is expected to grow to USD 55.01 billion in 2021 and is expected to reach USD 76.46 billion by 2029, registering a CAGR of 4.20% during the forecast period of 2022-2029. As the population ages, the risk of eye disorders increases. This results in a greater demand for advanced ophthalmic devices to diagnose and manage age-related eye conditions effectively. Meeting the healthcare needs of the aging population drives the growth of the ophthalmology devices market.
Key Findings of the Study
Rising demand for minimally invasive procedures is expected to drive the market's growth rate
The increasing preference for minimally invasive ophthalmic procedures is driven by the desire for faster patient recovery and better treatment outcomes. Minimally invasive techniques involve smaller incisions, reduced trauma to tissues, and shorter hospital stays, leading to quicker healing and less post-operative discomfort. Patients benefit from a faster return to normal activities and reduced risk of complications. Surgeons also favor these procedures for their precision and ability to achieve effective results, driving the rising demand for minimally invasive ophthalmology devices.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014-2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Product Type (Vision Care Devices, Surgery Devices, Diagnostic and Monitoring Devices), Application (Vision Care, Ophthalmic Wound care, Cataract Surgery, Oculoplastic, Others), End User (Hospitals, Diagnosis Clinics, Franchise Optical Stores, Eye Research Institutes, Government Agencies and Academics)
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Countries Covered
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U.S.., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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EssilorLuxottica (France), Alcon Management S. A. (U.S.), Johnson & Johnson Vision (U.S.), HOYA Corporation (Japan), Bausch + Lomb (US), Zeiss (Germany), Neo Vision Foundation (Korea), Lumenis Be Ltd. (Israel), ClearLab (Singapore), OPHTEC BV (Netherlands), HEINE Optotechnik GmbH & Co. KG (Germany), Topcon (Japan), Glaukos Corporation (U.S.), Haag-Streit Group (Switzerland), NIDEK Co. Ltd., (Japan), STAAR Surgical (US), Ziemer Ophthalmic Systems (Switzerland), Oculentis (Germany), Heidelberg Engineering GmbH (Germany), Canon India Pvt Ltd. (Japan) and LuneauTech (France) among others
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Segment Analysis:
The global ophthalmology devices market is segmented on the basis of product type, application, and end user.
- On the basis of product type, the ophthalmology devices market is segmented into vision care devices, surgery devices, and diagnostic and monitoring devices.
- On the basis of application, the ophthalmology devices market is segmented into vision care, ophthalmic wound care, cataract surgery, oculoplastic, and others.
- On the basis of end user, the ophthalmology devices market is bifurcated into hospitals, diagnosis clinics, franchise optical stores, eye research institutes, and government agencies and academics.
Major Players
Data Bridge Market Research recognizes the following companies as the major ophthalmology devices market players in ophthalmology devices market are Neo Vision Foundation (Korea), Lumenis Be Ltd. (Israel), ClearLab (Singapore), OPHTEC BV (Netherlands), HEINE Optotechnik GmbH & Co. KG (Germany), Topcon (Japan), Glaukos Corporation (U.S.), Haag-Streit Group (Switzerland)
Market Developments
- In 2021, Coopervision announced that Clarity 1 day has become the first net plastic neutral contact lens in the U.S. This is the result of company’s partnership with Plastic Bank.
- In 2020, ZEISS International's vision care division in collaboration with Voxelight, LLC, in September 2020. developed ZEISS UVClean technology, a UV-C disinfecting tool specifically for optometrists and other eyecare professionals.
- In 2020, Haag-Streit Group, based in Switzerland, has bought 77% of Vrmagic, a German vision company. The acquisition comes after a four-year technology cooperation on the Eyesi Slit Lamp, a simulator for ophthalmology slit lamp examinations.
- In 2020, Alcon showcased Pivotal data on the novel AcrySof IQ Vivity IOL ahead of the upcoming U.S.. launch, along with clinical findings from AcrySof IQ PanOptix Trifocal IOL in AAO 2020 Virtual Annual Meeting.
- In 2020, Hoya Vision Care launched Sensity Fast light reactive lenses, a light reactive technology in the photochromic category. It is one of the fastest light reactive lenses, rapidly changing from dark to clear
Regional Analysis
Geographically, the countries covered in the ophthalmology devices market report are U.S.., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
As per Data Bridge Market Research analysis:
North America is the dominant region in ophthalmology devices market during the forecast period 2022-2029
North America's dominance in the ophthalmology devices market is driven by the high prevalence of diabetic retinopathy and associated cases of vision loss and blindness in the region. With a significant population affected by diabetes, the demand for advanced ophthalmology devices for the diagnosis and treatment of diabetic retinopathy is substantial. This, in turn, fuels the adoption of innovative ophthalmology devices in North America, solidifying its leading position in the global market for eye care solutions.
Asia-Pacific is estimated to be the fastest growing region in ophthalmology devices market the forecast period 2022-2029
Asia-Pacific is projected to experience substantial growth in the ophthalmology devices market from 2022 to 2029. The region's expanding geriatric population and a growing trend towards surgical interventions for various eye conditions are driving factors. As the elderly population increases, so does the prevalence of age-related eye diseases, necessitating advanced ophthalmology devices for diagnosis and treatment. The rising demand for surgical procedures to address vision issues further supports the market's growth potential in the Asia-Pacific region.
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