Ophthalmic Devices Market Share and Growth Report by 2031

Ophthalmic Devices Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Product (Vision Care Products, Surgical Devices, and Diagnostics and Monitoring Devices), Indication (Cataract, Glaucoma, Refractor Disorders, and Other Indications), End User (Hospitals and Eye Clinics, Academic and Research Laboratories, and Other End Users), and Geography (North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America)

  • Report Code : TIPRE00008650
  • Category : Medical Device
  • No. of Pages : 150
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Ophthalmic Devices Market Share and Growth Report by 2031

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The ophthalmic devices market size is projected to reach US$ 73.99 billion by 2031 from US$ 40.48 billion in 2023; the market is estimated to record a CAGR of 7.8% during 2023–2031.

Ophthalmic devices are medical equipment used for vision correction, diagnosis, and surgical purposes. The awareness and adoption of ophthalmic devices have surged in recent years due to an upsurge in cases of glaucoma, cataracts, and other vision-related illnesses. The rising geriatric population and surging prevalence of optical disorders are projected to bolster the ophthalmic devices market in the coming years. The ophthalmic devices market trends include technological advancements in ophthalmic devices that will favor the growth of the market in the future.

Growth Drivers:

An upsurge in the geriatric population in developed countries such as the US, the UK, Canada, and Japan, and developing countries such as China, India, and South Korea is driven by the modernization of healthcare facilities and improvements in healthcare services, which has improved the life expectancy in these countries. The aging population has a heavy impact on the social and economic fronts in the world. New techniques are being adopted in various countries across the world to safely and effectively treat the elderly populations. Thus, the increased quality of life has resulted in decreased death rates, in turn causing a surge in the geriatric population. According to the World Health Organization 2022 data, 1 out of every 6 persons will be aged 60 years and above by 2030; the population of people aged 60 and above is expected to grow from 900 million in 2021 to 2 billion by 2050. The percentage of the worldwide population in this age group will double from 12% in 2015 to 22% by 2050. As per the Department of Economic and Social Affairs, the United Nations report for 2019, ~703 million individuals are aged 65 years and above, and the number is estimated to double to 1.5 billion by 2050.

Glaucoma is a prominent cause of blindness among people aged 60 and above, and people are six times more likely to develop glaucoma after reaching the age of 60. As per the National Glaucoma Research Fact Sheet 2022, more than 3 million Americans have glaucoma, out of which 2.7 million people living with the condition are aged 40 and older. The other causes of blindness include diabetic retinopathy, age-related macular degeneration, and retinal detachment. The Centers for Disease Control and Prevention states that the prevalence of diabetic retinopathy was lowest among people younger than 25 years (13.0%) and highest among people from the age group of 65–79 (28.4%) in the US in 2021. Age-related eye diseases are also cited as the leading causes of blindness and low vision in the US. Thus, the aging population is more susceptible to various ocular diseases that require early diagnosis and treatment, which, in turn, drives the demand for ophthalmic devices, contributing to the ophthalmic devices market growth.

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Ophthalmic Devices Market: Strategic Insights

ophthalmic-devices-market
Market Size Value inUS$ 40.48 billion in 2023
Market Size Value byUS$ 73.99 billion by 2031
Growth rateCAGR of 7.8% from 2023 to 2031
Forecast Period2023-2031
Base Year2023
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Report Segmentation and Scope:

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

Segmental Analysis:

The ophthalmic devices market, by product, is categorized into vision care products, surgical devices, and diagnostics and monitoring devices. The vision care products segment held a significant market share in 2023. It is anticipated to record the highest CAGR in the market during 2023–2031.

Based on indication, the market is categorized into cataract, 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.

Based on end user, the market is segmented into hospitals and eye clinics, academic and research laboratories, and other end users. The hospital and eye clinics segment held a significant ophthalmic devices market share in 2023 and is expected to register the highest CAGR during 2023–2031.

Regional Analysis:

In terms of geography, the ophthalmic devices market is segmented into North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa. In 2023, North America captured a significant share of the market. In 2023, the US dominated the ophthalmic devices market in this region. The market growth in North America is attributed to the growing burden of eye diseases, such as cataracts, glaucoma, diabetic retinopathy, age-related macular degeneration (AMD), and refractive diseases; increasing geriatric population; the surging acceptance of technologically advanced ophthalmic devices; and the presence of significant market players in the region. With the surging population of people aged 65 and above, cases of age-related diseases such as AMD are on the rise in the US. According to the National Institutes of Health report, the number of people with AMD rose by 18% from 2000–2010, reaching 2.07 million by 2010 from 1.75 million in 2000. By 2050, the number is projected to reach 5.44 million from 2.07 million. According to the study “Prevalence of Diabetic Retinopathy in the US in 2021,” published in 2023, ~9.6 million people were living with diabetic retinopathy, and ~1.8 million people were living with vision-threatening diabetic retinopathy in 2021 in the US. This leads to a greater demand for diagnostic ophthalmic tools, thereby propelling the ophthalmic devices market growth in the region.

Ophthalmic Devices Market Report Scope

Industry Developments and Future Opportunities:

The ophthalmic devices market report includes company positioning and concentration to evaluate the performance of competitors in the market. As per company press releases, a few initiatives taken by key players operating in the market are mentioned below:

  • In July 2021, Topcon Corporation acquired VISIA Imaging S.r.l, an ophthalmic device manufacturer headquartered in suburban Florence, Italy. With the acquisition, Topcon intends to further strengthen its well-positioned portfolio of fundus imaging devices—which includes fundus cameras and optical coherence tomography. This acquisition enhances Topcon’s development and production capabilities of anterior segment devices and software. The acquisition is also meant to strengthen Topcon's standing as a top producer of ophthalmic diagnostic tools.
  • In March 2021, Iridex Corporation entered into a strategic collaboration with Topcon Corporation. Iridex Corporation is a renowned provider of innovative ophthalmic laser-based medical products for treating glaucoma and retinal diseases. Iridex acquired Topcon’s PASCAL product line, combining its own MicroPulse technology with Topcon’s PASCAL laser platform, to expand its share in the market for retinal scanning laser products.

Competitive Landscape and Key Companies:

The ophthalmic devices market forecast can help stakeholders plan their growth strategies. Alcon, Topcon, Bausch + Lomb, Carl Zeiss Meditec, Haag Streit Holding, Essilor, Johnson & Johnson Vision, Nidek Co. Ltd, Hoya Corporation, and CooperVision are among the prominent players profiled in the market. These companies focus on introducing new high-tech products, advancements in existing products, and geographic expansions to meet the growing consumer demand worldwide.

Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Product, Indication, End User, and Geography

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

Frequently Asked Questions


What was the estimated ophthalmic devices market size in 2023?

The ophthalmic devices market was valued at US$ 40.48 billion in 2023.

Which segment is dominating the ophthalmic devices market?

The global ophthalmic devices market is segmented based on by product, indication, and end user. The ophthalmic devices market, by product, is categorized into vision care products, surgical devices, and diagnostics and monitoring devices. The vision care products segment held a significant market share in 2023 and is anticipated to record the highest CAGR in the market during 2023–2031.

Who are the major players in the ophthalmic devices market?

The ophthalmic devices market majorly consists of the players, including Alcon, Topcon, Bausch + Lomb, Carl Zeiss Meditec, Haag Streit Holding, Essilor, Johnson & Johnson Vision, Nidek Co. Ltd, Hoya Corporation, and CooperVision.

What is the driving and restraining factors for the ophthalmic devices market?

The factors driving the growth of the ophthalmic devices market include the increasing prevalence of optical disorders and the growing geriatric population. However, high cost of devices hampers the growth of the ophthalmic devices market.

What are the growth estimates for the ophthalmic devices market till 2031?

The ophthalmic devices market is expected to be valued at US$ 73.79 billion in 2031.

What are ophthalmic devices?

The ophthalmic devices are used for diagnosis, surgical, and vision correction purposes. These devices include invasive devices such as implantable devices (intraocular lenses and glaucoma stents), and noninvasive diagnostic equipment and instruments. The adoption of these devices has increased due to increasing cases of glaucoma, cataract, and other vision-related issues worldwide.

1. Introduction

1.1 Scope of the Study

1.2 Market Definition, Assumptions and Limitations

1.3 Market Segmentation

2. Executive Summary

2.1 Key Insights

2.2 Market Attractiveness Analysis

3. Research Methodology

4. Ophthalmic Devices Market Landscape

4.1 Overview

4.2 PEST Analysis

4.3 Ecosystem Analysis

4.3.1 List of Vendors in the Value Chain

5. Ophthalmic Devices Market - Key Market Dynamics

5.1 Key Market Drivers

5.2 Key Market Restraints

5.3 Key Market Opportunities

5.4 Future Trends

5.5 Impact Analysis of Drivers and Restraints

6. Ophthalmic Devices Market - Global Market Analysis

6.1 Ophthalmic Devices - Global Market Overview

6.2 Ophthalmic Devices - Global Market and Forecast to 2031

7. Ophthalmic Devices Market – Revenue Analysis (USD Million) – By Product, 2021-2031

7.1 Overview

7.2 Vision Care Products

7.3 Surgical Devices

7.4 Diagnostics and Monitoring Devices

8. Ophthalmic Devices Market – Revenue Analysis (USD Million) – By Indication, 2021-2031

8.1 Overview

8.2 Cataract

8.3 Glaucoma

8.4 Refractor Disorders

8.5 Other Indications

9. Ophthalmic Devices Market – Revenue Analysis (USD Million) – By End User, 2021-2031

9.1 Overview

9.2 Hospital and Eye Clinics

9.3 Academic and Research Laboratories

9.4 Other End Users

10. Ophthalmic Devices Market - Revenue Analysis (USD Million), 2021-2031 – Geographical Analysis

10.1 North America

10.1.1 North America Ophthalmic Devices Market Overview

10.1.2 North America Ophthalmic Devices Market Revenue and Forecasts to 2031

10.1.3 North America Ophthalmic Devices Market Revenue and Forecasts and Analysis - By Product

10.1.4 North America Ophthalmic Devices Market Revenue and Forecasts and Analysis - By Indication

10.1.5 North America Ophthalmic Devices Market Revenue and Forecasts and Analysis - By End User

10.1.6 North America Ophthalmic Devices Market Revenue and Forecasts and Analysis - By Countries

10.1.6.1 United States Ophthalmic Devices Market

10.1.6.1.1 United States Ophthalmic Devices Market, by Product

10.1.6.1.2 United States Ophthalmic Devices Market, by Indication

10.1.6.1.3 United States Ophthalmic Devices Market, by End User

10.1.6.2 Canada Ophthalmic Devices Market

10.1.6.2.1 Canada Ophthalmic Devices Market, by Product

10.1.6.2.2 Canada Ophthalmic Devices Market, by Indication

10.1.6.2.3 Canada Ophthalmic Devices Market, by End User

10.1.6.3 Mexico Ophthalmic Devices Market

10.1.6.3.1 Mexico Ophthalmic Devices Market, by Product

10.1.6.3.2 Mexico Ophthalmic Devices Market, by Indication

10.1.6.3.3 Mexico Ophthalmic Devices Market, by End User

Note - Similar analysis would be provided for below mentioned regions/countries

10.2 Europe

10.2.1 Germany

10.2.2 France

10.2.3 Italy

10.2.4 Spain

10.2.5 United Kingdom

10.2.6 Rest of Europe

10.3 Asia-Pacific

10.3.1 Australia

10.3.2 China

10.3.3 India

10.3.4 Japan

10.3.5 South Korea

10.3.6 Rest of Asia-Pacific

10.4 Middle East and Africa

10.4.1 South Africa

10.4.2 Saudi Arabia

10.4.3 U.A.E

10.4.4 Rest of Middle East and Africa

10.5 South and Central America

10.5.1 Brazil

10.5.2 Argentina

10.5.3 Rest of South and Central America

11. Industry Landscape

11.1 Mergers and Acquisitions

11.2 Agreements, Collaborations, Joint Ventures

11.3 New Product Launches

11.4 Expansions and Other Strategic Developments

12. Competitive Landscape

12.1 Heat Map Analysis by Key Players

12.2 Company Positioning and Concentration

13. Ophthalmic Devices Market - Key Company Profiles

13.1 TOPCON Corporation

13.1.1 Key Facts

13.1.2 Business Description

13.1.3 Products and Services

13.1.4 Financial Overview

13.1.5 SWOT Analysis

13.1.6 Key Developments

Note - Similar information would be provided for below list of companies

13.2 Alcon

13.3 Carl Zeiss Meditec

13.4 Johnson and Johnson Vision

13.5 CooperVision

13.6 Bausch and Lomb Inc

13.7 Essilor

13.8 Hoya Corporation

13.9 Nidek Co. Ltd

13.10 Haag Streit Holding

14. Appendix

14.1 Glossary

14.2 About The Insight Partners

14.3 Market Intelligence Cloud

The List of Companies - Ophthalmic Devices Market

  1. Alcon
  2. Topcon Corp.
  3. Bausch + Lomb
  4. Carl Zeiss Meditec
  5. Haag?Streit Holding
  6. Essilor
  7. Johnson & Johnson Vision
  8. Nidek Co. Ltd
  9. Hoya Corporation
  10. CooperVision.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

Your data will never be shared with third parties, however, we may send you information from time to time about our products that may be of interest to you. By submitting your details, you agree to be contacted by us. You may contact us at any time to opt-out.

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