Ophthalmic Devices Market 2023 Trends: Revenue to Cross USD 166,719.3 Mn by 2027 | Novartis AG, Carl Zeiss Meditec AG, Essilor International S.A., HAAG-Streit Holding AG, HOYA Corporation, Johnson & Johnson.

The global ophthalmic devices industry generated $53.42 billion in 2017, and is projected to reach $66.71 billion by 2027, growing at a CAGR of 4.2% from 2020 to 2027.

Growing demand for minimally invasive and non-invasive procedures: Patients are increasingly demanding minimally invasive and non-invasive procedures for the treatment of eye disorders. Ophthalmic device manufacturers are developing new devices and technologies that meet this demand. For example, new laser devices are being used to perform cataract surgery and glaucoma surgery, and new drug delivery systems are being developed to deliver medications to the eye in a minimally invasive way.

Rising disposable incomes: Rising disposable incomes in developing countries are increasing the affordability of ophthalmic devices, which is driving demand for these devices in these markets.

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Here are some examples of how ophthalmic devices are being used today:

Intraocular lenses (IOLs) are being used to correct vision problems after cataract surgery.
Lasers are being used to treat glaucoma and to perform cataract surgery.
Fundus cameras are being used to diagnose and monitor eye diseases such as AMD and diabetic retinopathy.
Optical coherence tomography (OCT) devices are being used to create images of the retina and to diagnose and monitor eye diseases.
Intravitreal injections are being used to deliver drugs to the eye to treat eye diseases such as AMD and diabetic retinopathy.

Market Segmentation:

Product type:

Surgical devices: Surgical devices are used to perform ophthalmic surgeries, such as cataract surgery, glaucoma surgery, and vitrectomy. Examples of surgical devices include intraocular lenses (IOLs), lasers, and micro instruments.
Diagnostic and monitoring devices: Diagnostic and monitoring devices are used to diagnose and monitor eye diseases and conditions. Examples of diagnostic and monitoring devices include fundus cameras, optical coherence tomography (OCT) devices, and autorefractors.
Vision correction devices: Vision correction devices are used to correct vision problems, such as nearsightedness, farsightedness, and astigmatism. Examples of vision correction devices include eyeglasses, contact lenses, and intraocular lenses.

Application:

Ophthalmic surgery: Ophthalmic surgery is the largest application segment for ophthalmic devices. A wide range of ophthalmic devices are used to perform ophthalmic surgeries, such as cataract surgery, glaucoma surgery, and vitrectomy.
Ophthalmic diagnostics and monitoring: Ophthalmic diagnostics and monitoring is another large application segment for ophthalmic devices. Ophthalmic diagnostic and monitoring devices are used to diagnose and monitor a wide range of eye diseases and conditions, such as glaucoma, AMD, and diabetic retinopathy.
Vision correction: Vision correction is another important application segment for ophthalmic devices. A wide range of ophthalmic devices are used to correct vision problems, such as nearsightedness, farsightedness, and astigmatism.

End user:

Hospitals and clinics: Hospitals and clinics are the largest users of ophthalmic devices. A wide range of ophthalmic devices are used in hospitals and clinics to diagnose and treat eye diseases and conditions, and to perform ophthalmic surgeries.
Home care: Some ophthalmic devices are available for home care, such as blood pressure monitors and glucometers. Home care ophthalmic devices are typically used to monitor eye conditions and to administer medications.

Geography:

North America: North America is the largest market for ophthalmic devices.
Europe: Europe is the second-largest market for ophthalmic devices.
Asia Pacific: Asia Pacific is the fastest-growing market for ophthalmic devices.

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Regional Growth Dynamics:

The global ophthalmic devices market across North America held the lion's share in 2019, contributing to more than one-third of the market. This is owing to prevalence of age-related eye diseases including macular degeneration, cataract, glaucoma, and diabetic retinopathy in the U.S. However, the market across Asia-Pacific is estimated to showcase the highest CAGR of 4.6% from 2020 to 2027, due to presence of high population base, surge in disposable incomes, and improvement in patient awareness about advanced ophthalmic devices.

Major market players

Novartis AG
Essilor International S.A.
Carl Zeiss Meditec AG
HOYA Corporation
HAAG-Streit Holding AG
Nidek Co., Ltd.
Johnson & Johnson
Valeant Pharmaceuticals International, Inc.
Topcon Corporation
Ziemer Ophthalmic Systems AG.

Recent developments:

AI-powered devices are being used to detect and diagnose eye diseases such as glaucoma and AMD more accurately and efficiently than traditional methods.

Femtosecond laser devices are being used to perform cataract surgery and glaucoma surgery with minimal incisions and less downtime for patients.

Customizable IOLs are being used to correct both nearsightedness and farsightedness, or astigmatism at the same time.

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