Ophthalmic Devices Market is expected to reach US$ 73.99 billion by 2031

Vision Care Products Segment to Lead Ophthalmic Devices Market During 2023–2031

According to our new research study on “Ophthalmic Devices Market Forecast to 2031 – Global Analysis – by Product, Indication, End User, and Geography,” the market was valued at US$ 40.48 billion in 2023 and is projected to reach US$ 73.99 billion by 2031; it is expected to register a CAGR of 7.8% from 2023 to 2031. Ophthalmic devices are medical equipment used for vision correction, eye disease diagnosis, and surgical procedures. These devices include invasive devices such as implantable devices (intraocular lenses and glaucoma stents), and noninvasive diagnostic equipment and instruments. Key factors driving the market growth include the increasing prevalence of optical disorders and the growing geriatric population. However, the high cost of devices and low rates of treatment in developing countries hinder the ophthalmic devices market growth. Moreover, technological advancements in ophthalmic devices are projected to bring new ophthalmic devices market trends in the coming years.

Ophthalmic Devices Market Analysis Based on Segmental Evaluation:

By product, the market is categorized into vision care products, surgical devices, and diagnostics and monitoring devices. The vision care products segment held a significant ophthalmic devices market share in 2023 and is estimated to register the highest CAGR during the forecast period. The growth of the market for this segment is attributed to the increasing number of people switching from traditional eyeglasses to contact lenses. Additionally, advancements in contact lenses are expected to create more demand for these products. As per the Centers for Disease Control and Prevention (CDC) data, 45 million Americans were using contact lenses.

Ophthalmic Devices Market, by Region, 2023(%)

Source: The Insight Partners Analysis

The introduction of new intraocular lenses by key players is further propelling the market growth of the vision care products segment. In February 2024, Johnson & Johnson Medtech launched Tecnis Puresee, a new presbyopia-correcting intraocular lens, in EMEA. With its purely refractive design, the Tecnis PureSee lens ensures ease of use for surgeons in providing high tolerance to refractive errors. In addition, in October 2023, Bausch + Lomb Corporation launched the latest enVista Aspire monofocal and toric intraocular lenses with intermediate optimized optics in the US. The company’s enVista brand platform includes monofocal and toric hydrophobic acrylic intraocular lenses with aberration-free optics and a distinctive lens design for stable performance, predictability, and visual clarity. In January 2021, Alcon commercially introduced the AcrySof IQ Vivity intraocular lens, the first and only intraocular lens featuring a non-diffractive extended depth of focus, in the US.

Based on indication, the market is segmented into cataracts, glaucoma, refractor disorders, and other indications. The glaucoma segment held a significant ophthalmic devices market share in 2023 and is estimated to register the highest CAGR during 2023–2031. Glaucoma is ranked as one of the leading causes of blindness globally, damaging the optic nerve of the eye. As per the National Glaucoma Research data, the number of people suffering from glaucoma is projected to rise from ~80 million in 2020 to ~111 million by 2040.

The scope of the ophthalmic devices market report includes the assessment of the market performance in North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa. Asia Pacific is likely to register the highest CAGR in the market from 2023 to 2031. The rising geriatric population, growing prevalence of eye diseases, surge in awareness of visual impairment conditions, and development of innovative ophthalmic products are projected to support the Asia Pacific ophthalmic devices market growth during the forecast period. China and Japan are the major contributors to market growth in Asia Pacific.

In Japan, the increasing geriatric population is one of the largest enablers of the healthcare sector growth. According to data from the World Bank, the geriatric population accounted for ~28.4% of the total Japanese population in 2020. Further, the number of glaucoma cases across Japan rose to 238,019 in 2019, as stated in the report named “Detection of Glaucoma and Other Eye Disorders in Japan.” By 2030, nearly 2 million people are estimated to have impaired vision due to diabetic retinopathy, cataracts, glaucoma, and age-related macular degeneration (AMD).

As per “Prevalence and Causes of Vision Loss in China from 1990 to 2019,” a study published in 2020, the age-standardized prevalence of moderate vision impairment in China increased by 12.17% from 1990 to 2019, which was the largest increase reported among all the G20 countries. In addition, in 2019, 45.92 million people had moderate vision impairment, 4.67 million had severe vision impairment, and 8·69 million had blindness in China. Cataracts and macular degeneration were the main causes of moderate vision impairment and severe vision impairment in 2019. Furthermore, cataracts, glaucoma, and uncorrected refractive error were the main causes of blindness. The proportion of people with moderate vision impairment caused by macular degeneration increased from 3.40% in 1990 to 4.56% in 2019. The share of cases of severe vision impairment caused by macular degeneration surged from 3.36% in 1990 to 4.14% in 2019. Thus, the rising cases of eye disorders, coupled with the aging population, is expected to bolster the ophthalmic devices market size in Asia Pacific during the forecast period.

In 2020, on China’s 25^th national “Eye Care Day,” Shanghai held a national eye care day campaign under the supervision of the Shanghai Health Committee, Shanghai Eye Disease Prevention and Treatment Center, and other organizations to create a scientific eye care atmosphere in the whole society. This campaign utilized a combination of offline releases and online live broadcasts. In addition, the city established the “Shanghai Visual Health Center” in 2019, led by the Shanghai Eye Disease Prevention and Treatment Center, to enhance the city’s visual health service and management level regarding service specification, system improvement, management coordination, and technical support. Therefore, efforts by the government and institutions to raise awareness among people favor the ophthalmic devices market growth in Asia Pacific.

Alcon, Topcon, Bausch + Lomb, Carl Zeiss Meditec, Haag Streit Holding, Essilor, Johnson & Johnson Vision, Nidek Co. Ltd, Hoya Corporation, and CooperVision are among the leading companies profiled in the ophthalmic devices market report.

Based on product, the ophthalmic devices market is segmented into vision care products, surgical devices, and diagnostics and monitoring devices. In terms of indication, the market is classified into cataracts, glaucoma, refractor disorders, and other indications. In terms of end user, the market is categorized into hospitals and eye clinics, academic and research laboratories, and other end users. Based on geography, the market is segmented into North America (US, Canada, and Mexico), Europe (France, UK, Germany, Spain, Italy, and Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Australia, and Rest of Asia Pacific), the Middle East & Africa (Saudi Arabia, UAE, South Africa, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).

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