Ophthalmic Equipment Market Research Report By Product (Ophthalmology Surgical Devices, Vitreoretinal Surgical Devices, Refractive Surgical Devices, Diagnostic & Monitoring Devices), By Application (Glaucoma, Amblyopia, Cataract, Retinal detachment, Others), By End-Users (Ophthalmology Clinics, Hospitals, Diagnostic center), and By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2032

Global Ophthalmic Equipment Market Overview

Ophthalmic Equipment Market Size was valued at USD 45.9 billion in 2022. The Ophthalmic Equipment market industry is projected to grow from USD 48.24 Billion in 2023 to USD 71.81 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.1% during the forecast period (2023 - 2032). The rise in the prevalence of optical conditions such as glaucoma, cataracts, diabetic retinopathy, and vitreoretinal disorders, along with technological developments in the instruments needed for these target applications, can be contributed to the market expansion. It is also projected that improved government activities to raise awareness of visual impairment will broaden the basis for market growth., thus driving the growth of the Ophthalmic Equipment market. These are just a few of the market drivers that are driving the market.

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

West Virginia University (WVU) earned an $11 million grant from The National Institutes of Health (NIH) in May 2022, which makes it the second university in the nation to be funded for a Visual Sciences Centre of Biomedical Research Excellence. WVU will use this COBRE funding to create new ways of preventing, treating and limiting the growth of currently incurable vision diseases. West Virginia has the second highest rate of visual disability, according to a university news release.

In January 2022, Alcon purchased Ivantis company, which produces Hydrus Microstent Glaucoma Surgery (MIGS) devices used for lowering ocular pressure during cataract surgery in patients with open-angle glaucoma. This acquisition has strengthened Alcon’s presence in the market. It also made it possible for Alcon to bring Hydrus Microstent into international markets while focusing on evidence-based research.

In July 2022, QHP Capital, a management firm for NovaQuest Private Equity, announced that Lexitas Pharma Services was acquired by them; it is an ophthalmology contract research organization that supports medical devices and biopharmaceutical clinical trials. The company delivers a total solution through its proprietary platforms and experts at different stages to support development across posterior and anterior segments of ophthalmology.

In October 2021, NIDEK Co Ltd launched Retina Scan Duo 2, which is a combination fundus camera and OCT System. The product is fully equipped with the latest advanced features aimed at enhancing clinical productivity/speed as well as screening while inheriting user-friendly features from previous models.

The FDA granted 510K approval for iCare USA’s EIDON Ultra-Widefield Lens Module in October 2021, capable of taking single-shot images up to 120 degrees or up to 200 degrees using mosaic feature mode.

Essilor Stellest received regulatory clearance from the FDA in the United States in May 2021. The spectacle lens is intended to correct myopia and prevent deterioration in young patients. This strategic move will help the company expand its product range and venture into the optical devices market.

Ophthalmic Equipment Market Trends

• Increase in the geriatric population worldwide to propel market growth

The senior population is growing as they are more vulnerable to age-related ophthalmic illnesses, raising the demand for ophthalmic devices. By 2030, there will be 72 million older people in the world, according to the National Institute on Aging (NIA). It is anticipated that the frequency of diabetes-related blindness and the rising prevalence of diabetes will drive market expansion. The bulk of the world's almost 422 million diabetics resides in low- and middle-income nations, according to the World Health Organization.

The COVID-19 pandemic lockdown tactics have increased screen time, linked to the developing and advancing of several eye illnesses, increasing the need for eye exams. Johnson & Johnson Vision gave USD 320 K in June 2020 to help Covid 19 afflicted individuals get eye care. The American Optometric Association (AOA) Foundation's Optometry Cares division and the American Academy of Optometry Foundation received this donation from the organization (AAOF). Thus, this factor is driving the market CAGR.

Accurate diagnosis and better treatment of ocular problems are now possible because of technological breakthroughs. Improved management of cataracts and macular degeneration, glaucoma, and dry eye disease has been made possible by improving drugs, diagnostic tools, laser technology, and surgical techniques. The use of ophthalmic equipment is anticipated to rise due to minimally invasive procedures including LASIK, multi-wavelength diabetic retinopathy treatment, ultrasonic phacoemulsification, and femtosecond laser surgery. Better patient outcomes and quicker recovery times follow these operations.

Many organizations have launched campaigns and programs to increase knowledge of eye health and vision care among the general public, optometrists, and ophthalmologists for the diagnosis and treatment of ophthalmic diseases. Also, several suppliers provide seminars, tutorials, and workshops that teach ophthalmologists and technicians how to utilize different pieces of ophthalmic equipment. Such programs aid in raising awareness of eye conditions and the availability of diagnostic tools. However, obstacles may restrain market expansion, including the high cost of ophthalmic equipment in developing nations and a need for more highly qualified ophthalmologists. Thus, it is anticipated that this aspect will accelerate Ophthalmic Equipment market revenue ly.

Ophthalmic Equipment Market Segment Insights

Ophthalmic Equipment Products Insights

The Ophthalmic Equipment market segmentation, based on products includes ophthalmology surgical devices, vitreoretinal surgical devices, refractive surgical devices, and diagnostic & monitoring devices. The ophthalmology surgical devices segment held the majority share in 2022 in the Ophthalmic Equipment market data. OCT is used extensively in diagnosing glaucoma, associated macular degeneration (AMD), and diabetic eye because it generates high-resolution cross-sectional and three-dimensional images of biological microstructure.

Technology improvements like the combination of OCT with artificial intelligence (AI) are anticipated to increase the rate of take-up of this technology by healthcare professionals. For instance, the FDA approved Abbott's most recent OCT imaging platform, powered by Ultreon Software, in August 2021. (FDA). This state-of-the-art imaging software combines OCT and artificial intelligence (AI) to give doctors a full image of coronary blood flow and blockages, assisting in decision-making and choosing the best course of therapy.

Ophthalmic Equipment Application Insights

The Ophthalmic Equipment market segmentation, based on application includes glaucoma, amblyopia, cataract, retinal detachment, and others. The cataract segment dominated the market growth in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. This is explained by the widespread use of ophthalmic tools in cataract operations. The primary cause of blindness, according to the World Health Organization (WHO), is cataracts. Cataracts are the cause of nearly 51% of all occurrences of blindness worldwide., hence contributing in the growth of the Ophthalmic Equipment market.

Figure 1 Ophthalmic Equipment Market, by Application, 2022 & 2030 (USD Billion)

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Ophthalmic Equipment End-User Insights

The Ophthalmic Equipment market segmentation, based on end-user includes ophthalmology clinics, hospitals, and diagnostic center. The hospitals research segment held the majority share in 2022 in the Ophthalmic Equipment market data. This can be linked 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.

Ophthalmic Equipment Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America Ophthalmic Equipment market accounted for USD 21.02 billion in 2022 with a share of around 45.80% and is expected to exhibit a significant CAGR growth during the study period. High-impact contributing drivers for the sector include the rapidly aging population and the increased prevalence of chronic eye disorders brought on by poor lifestyles and high-stress levels, such as diabetic retinopathy. Other factors include a strict regulatory framework focused on patient safety and the adoption of innovative funding models for ophthalmologic care. New product development, partnerships, partnerships, expansions, mergers, and acquisitions are the main strategies used by the organisations in the market.

Further, the major countries studied in the market report are The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2 OPHTHALMIC EQUIPMENT MARKET SHARE BY REGION 2022 (%)

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Ophthalmic Equipment market accounts for the second-largest market share. This is due to the rising incidence of ocular ailments such as glaucoma, macular degeneration, cataracts, and refractive disorders. According to studies, around 8.5 million people in Western Europe alone experienced moderate to severe vision loss due to refractive illnesses in 2020. Additionally, the region's increasing frequency of eye disorders is anticipated to increase patient loads, creating a sizable demand for ophthalmic equipment in the healthcare infrastructure. Moreover, UK Ophthalmic Equipment market held the largest market share, and the Germany Ophthalmic Equipment market was the fastest growing market in the region.

Asia Pacific Ophthalmic Equipment Market is expected to grow at the fastest CAGR from 2022 to 2030. This is a result of the region's rapidly growing healthcare infrastructure. Also, rising awareness campaigns for eye disorders in this region and an increase in the prevalence of eye diseases like glaucoma make it easier for patients to learn about eye issues, which is, in turn fueling the market's revenue growth. Further, the China Ophthalmic Equipment market held the largest market share, and the India Ophthalmic Equipment market was the fastest-growing market in the region.

Ophthalmic Equipment Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Ophthalmic Equipment market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, mergers and acquisitions, contractual agreements, increased investments, and collaboration with other organizations. Competitors in the Ophthalmic Equipment industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the Ophthalmic Equipment industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, Ophthalmic Equipment industry has provided medicine with some of the most significant benefits. The Ophthalmic Equipment market major player such Alcon, Bausch & Lomb, Carl Zeiss Meditec, Johnson & Johnson, Essilor International S.A.

A manufacturer of eye care goods, Bausch + Lomb, is situated in Vaughan, Ontario, Canada. It is one of the biggest suppliers of contact lenses, lens care items, medications, intraocular lenses, and other products used in eye surgery. It developed its first EDOF IOL, LuxSmart, and a monofocal IOL, LuxGood, with a preset delivery mechanism and cutting-edge pure refractive optics in May 2020.

A worldwide pharmaceutical company with offices in Basel, Switzerland, and Cambridge, Massachusetts, the United States, is known as Novartis AG. One of the biggest pharmaceutical firms in the world, Novartis was the fourth largest by sales in 2022 and has consistently been rated in the top five ly. The Focal View app, an ophthalmic digital research platform created with Research Kit, was released by Novartis in April 2018. The goal of Focal View is to enable researchers to track the evolution of disease by waiting for patient consent to collect self-reported data.

Key Companies in the Ophthalmic Equipment market includes

• Alcon


• Bausch & Lomb


• Carl Zeiss Meditec


• Johnson & Johnson


• Essilor International S.A.


• Haag-Streit


• Nidek


• Staar Surgical


• Topcon Corporation


• Ziemer Ophthalmic Systems


• Hoya Corporation


• Ridex Corporation

Ophthalmic Equipment Industry Developments

April 2021 With Simbrinza's acquisition by Alcon, the company now has a clear portfolio of ophthalmic eye drops and the opportunity to capitalise on the enormous glaucoma market as well as the rapid dry eye sterile saline and eye allergic rhinitis markets.

January 2022 Concerning cataract surgery, Alcon purchased Ivantis, a business that makes the Hydrus microstent, Glaucoma Surgery (MIGS) device. This device lowers eye pressure for those with open-angle glaucoma. Alcon's market position has improved as a result of this acquisition. Additionally, it hoped to enable Alcon to prioritize evidence-based research and extend Hydrus Microstent into the international market.

Ophthalmic Equipment Market Segmentation

Ophthalmic Equipment Product Outlook (USD Billion, 2018-2030)

• Ophthalmology Surgical Devices


• Vitreoretinal Surgical Devices


• Refractive Surgical Devices


• Diagnostic & Monitoring Devices

Ophthalmic Equipment Application Outlook (USD Billion, 2018-2030)

• Glaucoma


• Amblyopia


• Cataract


• Retinal detachment


• Others

Ophthalmic Equipment End-Users Outlook (USD Billion, 2018-2030)

• Ophthalmology Clinics


• Hospitals


• Diagnostic center

Ophthalmic Equipment Regional Outlook (USD Billion, 2018-2030)

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America