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Ophthalmic Equipment Market Share, Size, Trends, Industry Analysis Report, By Product; By End-Use (Consumers, Hospitals, Specialty Clinics & Ambulatory Surgery Centers, Others); By Region; Segment Forecast, 2022 - 2030

  • Published Date: Nov 2022
  • Pages: 119
  • Format: PDF
  • Report ID: PM2844
  • Base Year: 2021
  • Historical Data: 2018-2020

Report Summary

The ophthalmic equipment market was valued at USD 61.1 billion in 2021 and is expected to grow at a CAGR of 4.8% during the forecast period. The global market for ophthalmic devices is growing significantly due to an increase in the prevalence of ocular illnesses like glaucoma and cataracts.

Ophthalmic Equipment Market Size
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A field of medicine called ophthalmology studies the structure, function, and various eye illnesses. Ophthalmic devices are components of medical technology used in surgery, diagnostics, and vision therapy. Due to the rising frequency of several ophthalmic disorders like glaucoma, cataracts, and other vision-related problems, these devices are becoming increasingly important and widely used.

Rapid technological advancements like the introduction of intraocular lenses and an increasing focus on customer training and education among eye care professionals regarding eye diseases and associated complications are supposed to accelerate the market's growth.

In addition, increasing awareness regarding devices used in the field of ophthalmology and the penetration of digital devices such as smartphones, laptops, computers, and e-readers are expected to propel the ophthalmic devices market.

The market players are supposed to have growth opportunities in the coming years due to factors such as expanding healthcare spending, rising medical tourism, and increasing governmental investments. However, the high cost of some devices, particularly those exported, hinders the market’s growth.

The Covid-19 pandemic has negatively impacted the ophthalmic equipment market due to government-imposed limitations and bans applied to medical procedures, including elective surgeries. These restrictions made it harder to get the necessary ophthalmic equipment. Due to these restrictions, ophthalmic equipment makers found it challenging to conduct in-person product demonstrations, run operating facilities at total capacity, and participate in or organize conferences.

Industry Dynamics

Growth Drivers
The primary factor driving the market growth is numerous ocular conditions associated with age, including cataracts, glaucoma, and macular degeneration, which increases the demand for ophthalmic equipment. Additionally, the prevalence of refractive errors, retinal detachment, uveitis, bulging eyes, diabetic macular edema, visual impairment, blindness, and diabetic retinopathy is also anticipated to increase demand for ophthalmic devices. During the projection period, rising rates of pediatric eye problems will additionally fuel market expansion.

Moreover, increasing utilization of the femtosecond laser has boosted since it offers more accuracy than conventional surgical techniques, which is supposed to accelerate the market's growth. A femtosecond laser produces light pulses with a duration of less than one picosecond (ps) or in the femtosecond range (1 fs = 10-15 s). Compared to traditional operations, this laser’s medical procedure is performed under computer-guided OCT imaging, providing greater control and reliability over the incisions' size, shape, and position. Additionally, this procedure offers a quicker recovery time and a lower risk of human error during surgery.

Technology advancements like the combination of OCT with artificial intelligence (AI) are anticipated to increase the rate of turn of this equipment by healthcare professionals. For instance, the US Food and Drug Administration approved Abbott's most recent OCT imaging platform, powered by Ultreon Software, in August 2021. the OCT and artificial intelligence (AI) are combined in this state-of-the-art imaging software to give doctors a complete image of coronary blood flow and blockages, assisting in decision-making and choosing the best course of therapy.

Report Segmentation

The market is primarily segmented based on product, end-use, and region.

By Product

By End-Use

By Region

  • Vision Care Products
    • Spectacles
    • Contact Lenses
      • Soft Contact Lenses
      • Rigid Gas Permeable Lenses
      • Hybrid Contact Lenses
  • Surgical Devices
    • Cataract Surgical Devices
      • Intraocular Lenses
      • Ophthalmic Viscoelastic Devices
      • Phacoemulsification Devices
      • Cataract Surgical Lasers
      • IOL Injectors
    • Vitreoretinal Surgical Devices
      • Vitrectomy Machines
      • Vitreoretinal Packs
      • Photocoagulation Lasers
      • Illumination Devices
      • Vitrectomy Probes
    • Refractive Surgical Devices
      • Femtosecond Lasers
      • Excimer Lasers
      • Other Refractive Surgical Lasers
    • Glaucoma Surgical Devices
      • Glaucoma Drainage Devices
      • Microinvasive Glaucoma Surgery Devices
      • Glaucoma Laser Systems
    • Ophthalmic Microscopes
    • Ophthalmic Surgical Accessories
      • Surgical Instruments & Kits
      • Ophthalmic Forceps
      • Ophthalmic Spatulas
      • Ophthalmic Tips & Handles
      • Ophthalmic Scissors
      • Macular Lenses
      • Ophthalmic Cannulas
      • Other Ophthalmic Surgical Accessories
  • Diagnostic and Monitoring Devices
    • Optical Coherence Tomography Scanners
    • Fundus Cameras
    • Perimeters/Visual Field Analysers
    • Autorefractors & Keratometers
    • Ophthalmic Ultrasound Imaging Systems
      • A-Scan
      • B-Scan
      • Ultrasound Microscopes
      • Pachymeters
    • Tonometer
    • Slit Lamps
    • Phoropters
    • Wavefront Aberrometers
    • Optical Biometry Systems
    • Ophthalmoscopes
    • Lens meters
    • Corneal Topography Systems
    • Chart Projectors
    • Specular Microscopes
    • Retinoscopes
  • Consumers
  • Hospitals
  • Specialty Clinics & Ambulatory Surgery Centers
  • Other
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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Vision care products to account for the largest market share in 2021

Vision care products acquired the most significant market revenue in 2021 due to the growing demand for spectacles and contact lenses. The spectacles sub-segment accounted for a considerable market share during the forecast period due to its increasing advantages, such as easier reading and cost-effectiveness.

Emerging lifestyles and a growing population are the main key factor for the growth of spectacles. The ever-increasing demand for spectacles in Gen Z to shield eyes from the sun and look smarter & fashionable is growing daily, which is surging the demand for spectacles.

Moreover, the demand for contact lenses also boosts the segment’s growth because contact lenses adjust to the eye’s curvature; they provide a wider field of view with less distortion and viewer obstruction than eyeglasses. Also, correct nearsightedness, farsightedness, astigmatism, age-related loss of close-up vision, and irregular corneal curvature (keratoconus) are the primary uses of contact lenses, surging the demand for them.

Many mainly use soft contact lenses, RGP lenses, and hybrid contact lenses. The increasing prevalence of myopia is propelling the adoption of soft contact lenses. Additionally, increased utilization of lenses to correct irregularly shaped corneas is supposed to drive the demand for RGP lenses. The overall factors are responsible for the segment’s growth.

Consumers segment accounted for a significant market share in 2021

The consumers' segment acquired the most considerable market share during the forecast period due to several factors, including the growing use of contact lenses to treat a wide range of vision problems, including myopia, astigmatism, presbyopia, and hyperopia, the increasing emphasis on aesthetics and the popularity of colored contact lenses in the fashion industry.

Moreover, the hospital segment is supposed to grow fastest over the forecast timeline due to the growing use of ophthalmic technology in hospitals and the availability of affordable and efficient treatment in clinics. In the upcoming years, the need for new installations is projected to increase due to the rising number of mergers and acquisitions between ophthalmic clinics and hospitals. For instance, Aditya Jyot Eye Hospital and Dr. Agarwal's eye facilities collaborated in October 2021, expanding the latter's market reach in India and internationally.

North America dominated the regional market

North America dominated the ophthalmic equipment market due to the rapidly aging population and the increased occurrence of chronic eye disorders caused by destructive lifestyles and high-stress levels, such as diabetic retinopathy. The demand for ophthalmic devices in this region is also anticipated to be driven by adoption of new reimbursement models for ophthalmologic therapy and a strict regulatory environment designed to ensure patient safety.

Moreover, Asia Pacific is witnessed to grow at the fastest CAGR during the forecast period due to the rapidly improved healthcare system, the increased prevalence of eye conditions like glaucoma, and patients' growing awareness of it. The growth can be attributed to significant market participants like Alcon, Inc. boosting their outsourcing efforts for ophthalmology devices. Furthermore, rising awareness of cutting-edge corrective eye procedures is a significant economic engine driving growth for developing countries like China and India.

Competitive Insight

Some of the major players operating in the global market include Alcon Vision LLC, Bausch & Lomb Incorporated, Carl Zeiss Meditec AG, Essilor International S.A, Haag-Streit Group, Ivantis Inc., Johnson & Johnson Vision Care, Nidek Co. Ltd, TOPCON Corporation, and Ziemer Ophthalmic Systems Ltd.

Recent developments

In January 2022: Alcon Acquired Ivantis Inc. to help ensure the continuity of the business and relationships with existing customers and allow Alcon to begin its future growth plants to bring Hydrus Microstent to more international markets.

In April 2020, Haag-Streit Group acquired VRmagic Holdings AG to enhance Haag-Streit’s position as the market leader in ophthalmology.

In February 2020, Bausch collaborated with Lomb Incorporated to increase awareness about AMD through social media accounts and to start sharing ADM information with the public.

Ophthalmic Equipment Market Report Scope

Report Attributes

Details

Market size value in 2022

USD 63.4 billion

Revenue forecast in 2030

USD 92.4 billion

CAGR

4.8% from 2022 - 2030

Base year

2021

Historical data

2018 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD billion and CAGR from 2022 to 2030

Segments Covered

By Product, By End-Use, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Key Companies

Alcon Vision LLC, Bausch & Lomb Incorporated, Carl Zeiss Meditec AG, Essilor International S.A, Haag-Streit Group, Ivantis Inc., Johnson & Johnson Vision Care, Nidek Co. Ltd, TOPCON Corporation, and Ziemer Ophthalmic Systems Ltd.

Key Take-Away
Polaris Market Research
Global Ophthalmic Equipment Market Size, Share Analysis Report, 2022-2030