Ophthalmic Devices Market Growth Statistics, Regional Analysis, Top Players, Size, And Forecast To 2033

The ophthalmic devices market size has grown rapidly in recent years. It will grow from $41.18 billion in 2023 to $45.6 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to aging population, increasing eye diseases, regulatory changes, the expansion and improvement of healthcare infrastructure, .

The ophthalmic devices market size is expected to see strong growth in the next few years. It will grow to $66.1 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to rising diabetes rates, telemedicine and remote monitoring, emerging markets growth, minimally invasive surgery, advancements in genetics and personalized medicine . Major trends in the forecast period include artificial intelligence (AI) and machine learning, wearable technology, teleophthalmology, sustainable and eco-friendly devices, patient-centric care.

Market Overview -
Ophthalmology is a branch of science that deals with the structure and function of the eyes. Ophthalmic devices are used in the diagnosis and treatment of eye-related diseases.

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The Impact Of Increasing Incidence And Prevalence Of Eye Diseases On The Ophthalmic Devices Market
The increasing incidence and prevalence of eye diseases are expected to contribute to the growth of the ophthalmic device market. Eye disorders such as age-related macular degeneration (AMD), glaucoma, and cataracts are becoming major causes of visual impairment and blindness globally. Ophthalmic devices play a crucial role in diagnosing, treating, and managing various eye disorders and conditions. For instance, in June 2022, according to the National Institute of Eye, an agency of the U.S. Department of Health and Human Services, the number of people with visual impairment or blindness is expected to double by 2050 and In the United States alone, by about 12 million people age 40 and older suffer from vision impairment, with about a million suffering from blindness. The increasing incidence and prevalence of eye-related disorders is expected to drive the use of ophthalmic devices in the diagnosis and treatment of eye-related diseases.

Competitive Landscape -
Major companies operating in the ophthalmic devices market include Luxottica Group S.p.A., Johnson & Johnson, Hoya Corporation, CooperVision AG, Bausch Health Companies Inc., Carl Zeiss AG, Flex Ltd., Nidek Co. Ltd., Topcon Corporation, Rostec State Corporation, Alcon Inc., EssilorLuxottica, Novartis AG, Pfizer Inc., Regeneron Pharmaceuticals Inc., Roche Holding AG, Takeda Pharmaceuticals, AbbVie Inc., Otsuka Pharmaceutical Co. Ltd., Edwards Lifesciences Corp., Santen Pharmaceutical Co. Ltd., Rohto Pharmaceutical Co. Ltd., Veeva System Inc., Recipharm AB, Menicon Co. Ltd., Chengdu Kanghong Pharmaceutical, Bangladesh Export Import Company Limited, Glaukos Corporation, STAAR Surgical Company, Omeros Corporation, Aerie Pharmaceuticals Inc., Alimera Sciences Inc., Bora Pharmaceuticals Co. Ltd., Iridex.

The Surge Of Technological Advancements In The Ophthalmic Devices Market
Technological advancements have emerged as a key trend gaining popularity in the ophthalmic devices market. Major companies operating in the market are focused on introducing new technologies such as automated and advanced platforms for improving diagnosis and treatment. For instance, in March 2022, Alcon, a Swiss-American pharmaceutical and medical device company, launched its Clareon family of intraocular lenses (IOLs) in the U.S. Clareon lenses feature a glistening-free IOL material. The lenses offer sharp, crisp vision with a proprietary edge that helps reduce glare and posterior capsular opacification.

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Key Segments -

The ophthalmic devices market covered in this report is segmented -

1) By Type: Vision Care Devices And Equipment, Cataract Surgery Devices And Equipment, Refractive Surgery Devices And Equipment, Diagnostic And Monitoring Ophthalmic Devices And Equipment
2) By Type of Expenditure: Public, Private
3) By Product: Instruments/Equipment, Disposables
4) By End User: Hospitals And Clinics, Diagnostic Laboratories, Other End Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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