Ophthalmic Equipment Market Size to Hit USD 105.20 Billion by 2033 | Straits Research
New York, United States , Nov. 21, 2024 (GLOBE NEWSWIRE) -- The phrase "ophthalmic equipment" refers to a wide range of specialized medical instruments and devices employed in the field of ophthalmology, a medical specialty concerned with diagnosing and treating eye conditions. Eye care professionals, including opticians, optometrists, and ophthalmologists, require these instruments to perform an extensive array of therapeutic, diagnostic, and surgical procedures.
Ophthalmic equipment is critical in promptly detecting, evaluating, and treating various ocular diseases and conditions, thereby substantially contributing to the comprehensive preservation of ocular health and visual well-being in individuals. These instruments are also utilized to perform thorough evaluations and aid in detecting and managing glaucoma, cataracts, and many other ocular conditions.
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Market Dynamics
Increasing Patient Population with Eye Disorders Drives the Global Market
As reported by the WHO, near or far vision impairment impacts a minimum of 2.2 billion individuals globally. The CDC identifies age-related eye disorders like cataracts, glaucoma, diabetic retinopathy, and age-related macular degeneration as the leading reason for vision impairment and blindness in the U.S. 1.8 million Americans under the age of 40 have AMD, and an additional 7.3 million with large drusen have an elevated risk of developing the disease. As a result, treatment for these conditions is in particularly high demand.
According to a report published by BMC Health Services Research in 2020, many eye examinations were conducted in countries classified as high-income and upper-middle-income. Eye examinations are significantly more common among adults and elderly individuals in the United States. An estimated 65–69 percent of Australians aged 50 and older visit ophthalmologists annually to treat severe eye disorders, while 62 percent visit eyecare professionals. The substantial patient population afflicted with ocular disorders thus propels the expansion of the market.
Rising Government Programs and Eye Care Delivery Initiatives Creates Tremendous Opportunities
Blindness or vision impairment affects an estimated two billion people globally, of which 1.1 billion have vision loss attributable to insufficient access to eye care. The need for eye protection has increased in recent years due to the implementation of measures by several governments to mitigate the effects of these diseases. The 74th World Health Assembly, held in 2021, endorsed resolutions that supported the integration of eye care services into national health systems.
Many stakeholders, including international organizations, government agencies, the private sector, and intergovernmental organizations, undertook initiatives to reform the eye care system. The World Health Assembly has set October 2030 as the target date for achieving effective coverage for refractive errors and cataract surgery. The following is the allocation: Cataract surgery incurs a 30% risk and 40% refractive error. Considering that 800 million people have myopia, hypermetropia, and presbyopia, this is expected to expand market opportunities.
Regional Analysis
North America is the most significant global ophthalmic equipment market shareholder and is expected to expand substantially during the forecast period. North America is a developed region characterized by smart and sophisticated healthcare services, an outstanding infrastructure, and a high adoption rate of innovative eye care products, contributing to the region's market expansion. The market's projected growth in the region can be attributed to the geriatric population. Surgical procedures for cataracts and glaucoma are becoming more prevalent as the population ages. The National Eye Institute of the NIH reports that the risk of developing cataracts rises every 40 to 10 years. By 2050, experts predict that the number of Americans living with cataracts will have doubled, rising from 24.4 million to almost 50 million. The escalating prevalence of this condition is stimulating the regional demand for ophthalmic equipment.
Moreover, expanding the product's reach to North America will facilitate its penetration into the market. In April 2023, Bausch + Lomb, a Canadian eye health company, introduced the TotalVisc Viscoelastic System and the StableVisc cohesive ophthalmic viscosurgical device (OVD) to the United States market. The introduction of two innovative ophthalmic viscosurgical devices (OVDs), specifically StableVisc OVD and TotalVisc, expands the options available to eye physicians for effectively mitigating potential complications that may arise during cataract surgery.
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Key Highlights
- The global ophthalmic equipment market size was valued at USD 67.74 billion in 2024 and is projected to reach from USD 70.79 billion in 2025 to USD 105.20 billion by 2033, growing at a CAGR of 4.5% during the forecast period (2025-2033).
- Based on the product, the global ophthalmic equipment market is bifurcated into vision care products, ophthalmic microscopes, refractive surgical devices, vitreoretinal surgical devices, cataract surgical devices, and diagnostic and monitoring devices. The vision care products segment dominates the global market.
- Based on application, the global ophthalmic equipment market is divided into glaucoma, amblyopia, cataract, retinal detachment, and others. The cataract segment is the largest revenue contributor to the market.
- Based on the end-user, the global ophthalmic equipment market is segmented into ophthalmology clinics, hospitals, and diagnostic centers. The hospital segment owns the highest market share.
- North America is the most significant global ophthalmic equipment market shareholder and is expected to expand substantially during the forecast period.
Competitive Players
- Alcon
- Carl Zeiss Meditec
- Bausch & Lomb
- Johnson & Johnson
- Haag-Streit
- Essilor International S.A.
- FCI Ophthalmics
- Nidek
- Staar Surgical
- Ziemer Ophthalmic Systems
- Topcon Corporation
- Hoya Corporation
- Ridex Corporation
Recent Developments
- June 2023- Bausch + Lomb Corporation (NYSE/TSX: BLCO) ("Bausch + Lomb"), a renowned multinational eye health organization committed to enhancing individuals' vision for a more fulfilling life, unveiled its INFUSE® Multifocal silicone hydrogel (SiHy) daily disposable contact lenses in the United States today.
- April 2023- Nova Eye Medical Limited, a medical technology company dedicated to developing cutting-edge ophthalmic treatment technologies and devices, announced that its new canaloplasty device, iTrack™ Advance, has been granted 510(k) certification by the U.S. Food and Drug Administration (FDA). For microcatheterization and vasodilation to decrease intraocular pressure (IOP) in adult patients diagnosed with primary open-angle glaucoma, the iTrack™ Advance has received approval.
Segmentation
- By Product
- Vision Care Products
- Ophthalmic Microscopes
- Refractive Surgical Devices
- Vitreoretinal Surgical Devices
- Cataract Surgical Devices
- Diagnostic and Monitoring Devices
- By Applications
- Glaucoma
- Amblyopia
- Cataract
- Retinal detachment
- Others
- By End-User
- Ophthalmology Clinics
- Hospitals
- Diagnostic Center
- By Region
- North America
- Europe
- Asia Pacific
- Middle East And Africa
- Latin America
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