Global Ophthalmic Devices Market to Reach USD 42.35 Billion by 2032, Driven by Increasing Incidence of Ocular Diseases and Aging Population

The global Ophthalmic Devices Market was valued at USD 27.3 billion in 2022 and is projected to reach USD 42.35 billion by 2032, with a revenue CAGR of 5% during the forecast period. The market growth is driven by a rise in ocular conditions, such as glaucoma, age-related macular degeneration, and cataracts. In addition, increased healthcare spending, an aging population, and higher demand for ophthalmic devices are contributing to the growth. The market is also driven by the growing incidence of diabetes and hypertension, both of which are significant risk factors for ocular illnesses.

Personalized ophthalmology, which involves treatments and tools specifically designed for an individual's eye condition, is an emerging trend in the industry. The market growth is further driven by the development of novel ophthalmic products, including smart contact lenses, retinal implants, and ocular drug delivery systems. The market is also transitioning toward digitalization, with the growing use of digital equipment like teleophthalmology and remote monitoring tools.

Despite these factors, the high cost of ophthalmic devices and low awareness of eye health in developing countries are hampering market revenue growth. Overall, the demand for technologically advanced ophthalmic equipment and the growing trend of personalized ophthalmology are expected to drive market growth during the forecast period.

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Key players in the Ophthalmic Devices Market -

• Alcon Inc.
• Carl Zeiss Meditec AG
• Bausch Health Companies Inc.
• Johnson & Johnson Vision Care Inc.
• Topcon Corporation
• Nidek Co. Ltd.
• Abbott Laboratories
• Hoya Corporation
• Essilor International
• Allergan Plc
• Staar Surgical Company

Segments Covered in the Report -

The ophthalmic devices market is categorized by product type and end-use outlook. By product type outlook, the market is classified into diagnostic and monitoring devices, surgical devices, and vision care products. Diagnostic and monitoring devices are used to diagnose and monitor various ocular conditions, while surgical devices are employed to correct them. The diagnostic and monitoring devices segment dominates the market due to their wide range of applications, including diagnosis of cataracts, age-related macular degeneration, and glaucoma, among other ocular diseases. The vision care products segment, on the other hand, is expected to grow at a fast pace, driven by the rising adoption of contact lenses and spectacles to correct refractive errors.



By end-use outlook, the market is segmented into hospitals, clinics, and homecare settings. Hospitals currently hold the largest share of the market, driven by the high patient footfall and availability of advanced ophthalmic devices in these facilities. Clinics, however, are expected to grow at a rapid pace due to their cost-effectiveness and easy accessibility. The homecare settings segment is also expected to grow significantly, driven by the rising trend of remote monitoring and teleophthalmology.

The global ophthalmic devices market is witnessing several emerging trends, such as personalized ophthalmology, which offers treatments and tools that are specifically designed for a person's eye condition. The development of novel ophthalmic products, including ocular drug delivery systems, retinal implants, smart contact lenses, and smart glasses, is further driving market revenue growth. The market is also transitioning toward digitalization, with the growing use of digital equipment such as teleophthalmology and remote monitoring tools. By allowing healthcare professionals to remotely monitor patient eye conditions, these gadgets help to improve patient outcomes and lower healthcare expenditures.

However, market revenue growth is being hampered by the high price of ophthalmic devices and low awareness of eye health in developing countries. Overall, the demand for technologically sophisticated ophthalmic equipment, increased frequency of ocular illnesses, and expanding trend of personalized ophthalmology are major factors driving market revenue growth.

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Strategic development:

Several ophthalmology companies have made significant product launches and acquisitions in recent years. In 2021, Alcon Inc. announced the launch of AcrySof IQ Vivity, a new intraocular lens designed for cataract patients. The lens uses advanced non-diffractive technology to provide an extended depth of focus, allowing patients to see clearly at near, intermediate, and far distances without the need for glasses.

Carl Zeiss Meditec AG, a leading medical technology company, also made a significant acquisition in 2021. The company acquired CaptureProof, a medical technology startup that specializes in patient monitoring and communication. The acquisition was aimed at expanding Carl Zeiss Meditec's digital offerings in ophthalmology, thereby enhancing patient care.

Bausch Health Companies Inc. announced in 2020 that its subsidiary, Bausch + Lomb, had received approval from the U.S. Food and Drug Administration for its new contact lens, Biotrue Oneday for Astigmatism. The lens utilizes high-definition optics technology that provides clear and stable vision for people with astigmatism.

In the same year, Johnson & Johnson Vision Care Inc. launched ACUVUE OASYS with Transitions Light Intelligent Technology, which is the first contact lens that adapts to changing light conditions. The lens utilizes a photochromic technology that darkens in bright sunlight and fades back to clear indoors.

Finally, in 2020, Topcon Corporation launched the Triton, a new digital fundus camera that uses advanced imaging technology to capture high-quality images of the retina. The camera makes it easier for doctors to detect and diagnose eye diseases. These launches and acquisitions show the continuous advancement in the ophthalmology industry to improve patient outcomes.

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