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Ophthalmic Devices Global Market Analysis, Trends, Growth, Research And Forecast 2033
Ophthalmic Devices Global Market Analysis
According to The Business Research Company's, 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,.
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Market Drivers and Trends:
An increasing geriatric population is expected to boost the growth of the ophthalmic device market going forward. Geriatrics is the medical care of older people, a difficult age category to define accurately. The growing geriatric population is increasing the demand for ophthalmic devices, as they are more susceptible to age-related ophthalmic disorders. For instance, in October 2022, according to the data released by the World Trade Organization, a US-based international organization, from 2020 to 2021, the proportion of the population aged 60 increased from 1 billion to 1.4 billion. By 2050, the world's population of adults aged 60 and older will have doubled (to 2.1 billion). The number of people aged 80 or more is predicted to triple between 2020 and 2050, reaching 426 million. Therefore, the increasing geriatric population is driving the growth of the ophthalmic device market.
Major companies operating in the ophthalmic devices market are focusing on developing innovative products to sustain their position in the market. They are investing in research and development to introduce innovative products and expand their market share. For instance, in May 2023, Sight Sciences Inc, a US-based eyecare technology company focused on creating innovative solutions intended to transform care and improve patients' lives, announced the development of two innovative ophthalmic systems, two of its proprietary glaucoma and dry eye technologies, the OMNI Surgical System and the TearCare System. The OMNI Surgical System technology will facilitate surgeons' ability to perform minimally invasive, implant-free glaucoma procedures in adults with primary open-angle glaucoma. The TearCare System technology for dry eye enables an interventional eyelid procedure for diseased meibomian glands and is indicated for the application of localized heat therapy in adult patients with evaporative dry eye disease because of meibomian gland dysfunction.
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Major Key Players of the Market:
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
Ophthalmic Devices Market 2024 Key Insights:
• The ophthalmic devices market size is expected to see grow to $66.1 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%.
• An increasing geriatric population is expected to boost the growth of the ophthalmic device market going forward. Geriatrics is the medical care of older people, a difficult age category to define accurately. The growing geriatric population is increasing the demand for ophthalmic devices, as they are more susceptible to age-related ophthalmic disorders. For instance, in October 2022, according to the data released by the World Trade Organization, a US-based international organization, from 2020 to 2021, the proportion of the population aged 60 increased from 1 billion to 1.4 billion. By 2050, the world's population of adults aged 60 and older will have doubled (to 2.1 billion). The number of people aged 80 or more is predicted to triple between 2020 and 2050, reaching 426 million. Therefore, the increasing geriatric population is driving the growth of the ophthalmic device market.
• Major companies operating in the ophthalmic devices market are focusing on developing innovative products to sustain their position in the market. They are investing in research and development to introduce innovative products and expand their market share. For instance, in May 2023, Sight Sciences Inc, a US-based eyecare technology company focused on creating innovative solutions intended to transform care and improve patients' lives, announced the development of two innovative ophthalmic systems, two of its proprietary glaucoma and dry eye technologies, the OMNI Surgical System and the TearCare System. The OMNI Surgical System technology will facilitate surgeons' ability to perform minimally invasive, implant-free glaucoma procedures in adults with primary open-angle glaucoma. The TearCare System technology for dry eye enables an interventional eyelid procedure for diseased meibomian glands and is indicated for the application of localized heat therapy in adult patients with evaporative dry eye disease because of meibomian gland dysfunction.
• North America was the largest region in the global ophthalmic devices market in 2023.
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