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Ophthalmic Devices Market - By Product (Surgical Devices, Diagnostic and Monitoring Devices, Vision Care Products, Ophthalmic Accessories), By End-use (Hospitals, Specialty Clinics, Ambulatory Surgical Centers, Consumers) & Forecast, 2021-2027

  • Report ID: GMI2917
  • Published Date: Jun 2021
  • Report Format: PDF

Ophthalmic Devices Market Size

Ophthalmic Devices Market size was valued at around USD 39.4 billion in 2020 and is expected to grow at a CAGR of over 3.3% between 2021 and 2027. Ongoing innovations in ophthalmic devices to offer permanent solutions to eye disorders are anticipated to spur the market growth. Rising government initiatives in North America to increase awareness among patients and provide financial assistance are poised to play a significant role in the market expansion. Ophthalmic procedures are widely performed due to the extensive benefits such as vision enhancement, quick recovery, faster results, long-lasting visual results, among others.

Ophthalmic Devices Market Overview

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Ophthalmic devices are the tools that are used for treatment of different eye disorders & infections such as refractive error, cataract, glaucoma, etc. Ophthalmic devices are primarily designed for diagnosis, vision correction, and surgery among others. These devices provide quality eye care to patients, help in reducing the treatment time, and make the eye-treatment procedure more suitable for patients & ophthalmologists.

However, the risk factors associated with eye surgeries may adversely affect the ophthalmic devices market progression. The risk factors related to ophthalmic procedures may increase owing to the lack of skilled surgeons. The possible complications involved in these procedures are inflammation inside the eye, retinal detachment, infection, and bleeding among others. In addition, high costs associated with the ophthalmic devices and rising adoption of refurbished ophthalmic devices are set to restrict the industry growth.

The emergence of COVID-19 pandemic is an unprecedented health concern across the globe and has negatively impacted the market. Initially, the outbreak of SARS-CoV-2 disrupted the supply chain and put restrictions on trade and movement of goods, thereby impacting the market. For instance, the U.S. declared a national emergency and ban all elective surgical and diagnostic procedures in outpatient and inpatient settings. As a result, the pandemic had a substantial negative impact on the industry expansion.

Ophthalmic Devices Market Analysis

Growing usage of contact lenses and spectacles across the globe is one of the prime factors driving the industry progression. For instance, as per the Centre for Disease Control and Prevention, around 45 million people in the U.S. wear contact lenses. These contact lenses are ophthalmic devices that are regulated by the U.S. FDA through the Federal Food, Drug, and Cosmetic Act. The preference for contact lenses and spectacles among adults is increasing significantly due to a couple of factors including vision improvement, ability to focus, and decrease poor distance vision. Around 75% of contact lens wearers are 25 and above, over 17% are between 18-24 age, and 8% are below 18 years old.

The surgical devices segment in the ophthalmic devices market captured more than 23% of revenue share in 2020 led by the growing prevalence of eye diseases, rising preference for minimally invasive surgical procedures, and surge in mobile ophthalmic care centers. Macular degeneration, diabetic retinopathy, and photorefractive keratectomy are the most commonly performed eye procedures. Medicare, a national health insurance policy in the U.S. covers traditional cataract surgeries. These policies also involve the first pair of spectacles following surgery and intraocular lens implant. As per the National Eye Institute, around 50% of adults have cataract or have undergone cataract surgery. In the U.S., in 2019, around 4 million cataract surgeries were performed by 10,000 ophthalmologists. The number is slated to reach 6 million by 2030. Furthermore, market players are emphasizing on the development of ophthalmic surgical devices that allow surgeons to perform eye surgeries more precisely with significant outcomes.

Ophthalmic Devices Market Size

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The hospital segment held around 24% of the ophthalmic devices market share and exceeded USD 9.63 billion in 2020. This is attributed to several factors such as availability of skilled healthcare workers, quality care, high success rate, patient satisfaction, etc. The availability of novel technologies surges the adoption of ophthalmic devices in hospitals. Intensive post-surgical care and continuous monitoring will increase the patient preference to perform ophthalmic procedures in the hospitals. Therefore, rising hospital admissions with eye disorders coupled with the developments in surgical and diagnostic devices are expected to drive the demand for ophthalmic devices in these facilities.

Global Ophthalmic Devices Market

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U.S. dominated the North America ophthalmic devices market and accounted for over USD 13.65 billion in 2020. This high growth in the country is credited to several factors including rising acceptance of advanced ophthalmic devices by surgeons and growing prevalence of eye disorders across the country. As per the Center for Disease Control and Prevention, the number of people in the U.S. living with diabetic retinopathy is anticipated to reach 14.6 million by 2050. The increasing number of minimally invasive surgeries and the growing number of product launches are contributing to the industry value. As per the recently published article, around 700,000 LASIK surgeries are performed every year in the country. In the U.S., around 3 million people have glaucoma, a leading cause of irreversible blindness worldwide. Different government and non-government initiatives have been launched in the country to deliver financial support to patients for ophthalmic surgeries.

Germany region captured around 21% of the ophthalmic devices market share in 2020 impelled by the success rate of ophthalmic surgeries, meticulous planning, and skilled performance by doctors in the country. Cataract surgery is the most commonly performed medical surgery in the country. For instance, in Germany, over 400,000 cataract surgeries are performed every year. Market leaders in Germany are emphasizing on constant developments in ophthalmic devices and the use of modern technologies to correct defects. The key benefits of performing these procedures in the country are according to the indications, high level of service, etc.

Ophthalmic Devices Market Share

Some of the major companies operating in the market are:

  • Essilor International
  • Johnson and Johnson Vision Care
  • CooperVision AG
  • Bausch
  • Lomb Inc
  • Hoya Corporation
  • Nidek Co Ltd
  • Topcon Corporation
  • Alcon Inc
  • Carl Zeiss AG

The major participants focus on strategic collaborations, mergers and partnerships in order to expand their business and launch new products to strengthen the product portfolio. Furthermore, these leaders are investing in research and development activities that allow these players to garner maximum revenue share.

Recent industry developments:

  • In May 2021, Essilor International received the U.S. FDA approval for Essilor Stellest. It is a spectacle lens developed to correct myopia and slow down the progression of myopia in children. This strategic move will help the company to fortify its product portfolio and expand the business into the ophthalmic devices segment.
  • In August 2019, Alcon Inc. announced the launch of AcrySof IQ PanOptix trifocal intraocular lens in the U.S. These trifocal lenses were developed to focus images easily onto the patient’s retina to provide clear vision after the cataract removal. This product launch strengthened the company’s overall status in the U.S. and extended reach to a large pool of patients.

Ophthalmic devices market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027, for the following segments:

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Market, By Product, 2016 - 2027 (USD Million)

  • Surgical Devices
    • Cataract Surgery Devices
      • Intraocular Lenses
      • Phacoemulsification Devices
      • Ophthalmic Viscoelastic Devices
      • Cataract Surgical Lasers
      • Iol Injectors
      • Others
    • Glaucoma Surgery Devices
      • Glaucoma Drainage Devices
      • Glaucoma Lasers
      • Minimally Invasive Glaucoma Surgery (MIGS)
      • Others
    • Refractive Surgery Devices
      • Excimer Lasers
      • Femtosecond Lasers
      • Others
    • Vitreoretinal Surgery Devices
      • Photocoagulation Lasers
      • Illumination Devices
      • Vitreoretinal Packs
      • Vitrectomy Machines
      • Vitrectomy Probes
      • Others
  • Diagnostic and Monitoring Devices
    • Autorefractor
    • Biometer
    • Corneal Topography Systems
    • Fundus Cameras
    • Keratometers
    • Lensmeters
    • Ophthalmic Ultrasound Imaging Systems
    • Ophthalmoscopes
    • Optical Biometry Systems
    • Optical Coherence Tomography Scanner
    • Pachymeter
    • Perimeters/Visual Field Analyzers
    • Phoropters
    • Retinoscopes
    • Slit Lamps
    • Specular Microscopes
    • Tonometer
    • Wavefront Aberrometers
    • Others
  • Vision Care Products
    • Contact Lenses
      • Soft contact Lenses
      • Rigid Gas Permeable Lenses (RGP)
      • Toric Contact Lenses
      • Others
    • Spectacle Lenses
  • Ophthalmic Accessories

Market, By End-use, 2016 - 2027 (USD Million)

  • Hospitals
  • Specialty Clinics
  • Ambulatory Surgical Centers
  • Consumers
  • Others

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE
Authors: Mariam Faizullabhoy

Frequently Asked Questions (FAQ) :

The market for ophthalmic devices was valued at around USD 39.4 billion in 2020 and will grow at a moderate CAGR of more than 3.3% between the period 2021 and 2027.

The surgical devices segment garnered over 23% revenue share in 2020 and will expand due to the trend for minimally invasive surgical procedures.

The hospital segment was valued at around 24% market share in 2020 and will surpass USD 9.63 billion through 2027 owing to the availability of novel technologies, quality care and high success rate.

The U.S. ophthalmic devices market accounted for more than USD 13.65 billion in 2020 and will expand with factors such as adoption of advanced ophthalmic devices and product launches.

Ophthalmic Devices Market Scope

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Premium Report Details

  • Base Year: 2020
  • Companies covered: 10
  • Tables & Figures: 588
  • Countries covered: 17
  • Pages: 340
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