Ophthalmic Devices Market Outlook To 2024: Current Trends & Future Growth Opportunities

Ophthalmic devices market size is poised to be driven by expanding geriatric population across the globe and growing prevalence of visual impairments, blindness and other disorders. Ophthalmic disorders such as cataract, glaucoma, macular degeneration and diabetic retinopathy in aged people is consistently increasing. Over the past few years, the population base needing ophthalmic treatment has expanded gradually and has created immense demand for spectacles and contact lenses.

As per a recent study, over 143 million people wear spectacles and 45 million people wear contact lenses in the U.S. As per the Statistics Netherlands, around 6 out of 10 people in the world wear contact lens glasses or any other visual aids. Fast growing cases of ophthalmic disorders and associated demand for ophthalmic surgeries will drive ophthalmic devices market size, which is forecast to surpass USD 53.5 billion in value by 2024.

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As per the American Academy of Ophthalmology estimates, approximately 24 million Americans have cataract and more than 2 million cataract surgeries are conducted every year in the U.S. In 2017, surgical devices sales accounted for over USD 9.7 billion. Gradual rise in number of ophthalmic surgical procedures for treating cataract, refractive error, glaucoma, etc. will led to increased demand and adoption rate of surgical devices for these surgeries.

Introduction of new technologies and outpatient facilities has prompted patients with retinal errors, cataract and glaucoma to undergo surgeries without hesitation. This has resulted in significant rise in number of ophthalmic treatments. Ophthalmic device sales across ambulatory surgical centers is expected to showcase commendable growth rate of more than 3.9% over the analysis period.

Japan lead the Asia Pacific market for ophthalmic devices in 2017, contributing to a global share of more than USD 3,877.3 million in 2017 as the region is one of the prime health tech countries across the world and is an abode to a large population of geriatric individuals. This set of people is believed to be more vulnerable to an ophthalmic health issue in comparison to the younger population. Along with the expansion of the older population base, there are improvements in healthcare services and the continued prevalence of ophthalmic diseases across the country.

Ophthalmic device companies are indulging in R&D investments as well as strategic decisions pertaining to mergers, and acquisitions to magnify their production capabilities besides widening their global reach. The present COVID-19 pandemic has also driven the need for novel product launches in a bid to gain a competitive edge over the other participants.

Prominent players contributing towards the global ophthalmic devices market share include Johnson and Johnson Vision Care, Essilor International, CooperVision AG, Hoya, Bausch and Lomb, Nidek, Alcon, Topcon, Cannon and Carli Zeiss.

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Partial Chapter of the Table of Content

Data Tables

  • TABLE 1.    Ophthalmic devices industry 3600 synopsis, 2013 – 2024
  • TABLE 2.    Global ophthalmic devices market, 2013 – 2016 (USD Million)
  • TABLE 3.    Global ophthalmic devices market, 2017 – 2024 (USD Million)
  • TABLE 4.    Global ophthalmic devices market, by product, 2013 - 2017 (USD Million)
  • TABLE 5.    Global market, by product, 2018 - 2024 (USD Million)
  • TABLE 6.    Global ophthalmic devices market, by end use, 2013 - 2017 (USD Million)
  • TABLE 7.    Global market, by product, 2018 - 2024 (USD Million)
  • TABLE 8.    Global ophthalmic devices market, by region, 2013 – 2017 (USD Million)
  • TABLE 9.    Global market, by region, 2018 – 2024 (USD Million)
  • TABLE 10.    Industry impact forces

Charts & Figures

  • FIG. 1    Industry segmentation
  • FIG. 2    Global ophthalmic devices market, 2013 – 2024 (USD Million)
  • FIG. 3    Growth potential analysis, by product
  • FIG. 4    Growth potential analysis, by end use
  • FIG. 5    Porter’s analysis
  • FIG. 6    Strategy dashboard
  • FIG. 7    PESTEL analysis

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