The global ophthalmic devices market was valued at $32,534.0 million in 2019, and is projected to reach $44,865.0 million by 2027, registering a CAGR of 4.0 % from 2020 to 2027.

Ophthalmology is a branch of medical science that deals with the structure, function, and various eye diseases. Ophthalmic devices are medical equipment designed for diagnosis, surgery, and vision correction. These devices are gaining increased importance and adoption due to surge in prevalence of various ophthalmic diseases such as glaucoma, cataract, and other vision-related issues.

The growth of the global ophthalmic devices market is majorly driven by rise in adoption of digital devices, including laptops, smartphones, and computers, e-readers; rapid technological advancements in ophthalmic devices such as intraocular lenses (IOLs) coupled with increasing focus on customer training and education for the use of ophthalmic devices which would help in building the staff skills; and surge in awareness related to devices used in ophthalmology. However, low awareness regarding eye-related diseases and dearth of skilled professionals are expected to hamper the growth of the market. Also, emerging countries such as China, India and other Asia-Pacific countries possess high growth potential, owing to the improving healthcare infrastructures in these countries.

Based on product function, the report segments the global ophthalmic devices market into ophthalmic surgical devices, diagnostic devices, and vision care devices. The ophthalmic surgical devices segment is further categorized into refractive error surgical devices, glaucoma surgical devices, cataract surgical devices, and vitreoretinal surgical devices. The cataract surgery devices segment dominated the ophthalmic surgical devices market in 2019, and is expected to reach $5,219.6 by 2017, registering a CAGR of 3.9% from 2020 to 2027.

The ophthalmic diagnostic devices segment is sub segmented into refractors, corneal topography systems, retinal ultrasound systems, fundus camera, ophthalmoscopes, optical coherence tomography systems, perimeters, slit lamps, and tonometer. The retinal ultrasound segment is expected to reach $3,286.6 by 2027, registering a CAGR of 4.4% from 2020 to 2027.

The vision care devices segment is bifurcated into contact lenses and spectacle lenses. The spectacle leases segment is expected to reach $12,669 by 2027, registering a CAGR of 3.6% from 2020 to 2027.
On a regional level, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The North America ophthalmic devices market accounted for the largest share; however, the Asia-Pacific region is anticipated to grow with the highest CAGR of 4.5% during the forecast period.

The global ophthalmology devices market is highly competitive in nature, as major players have focused on the development and launch of innovative products to garner maximum share in the competitive market. The key players operating in the market include Abbott Laboratories, Novartis AG, Carl Zeiss Meditec AG, Essilor International S.A., HAAG-Streit Holding AG, Johnson & Johnson, Nidek Co., Ltd., Topcon Corporation, Valeant Pharmaceuticals International, Inc., and Ziemer Ophthalmic Systems AG. The other players in the industry include Sonomed Escalon, Hoya Group, Gulden Ophthalmics, FCI Ophthalmics, Glaukos Corporation, and STAAR Surgical.

KEY BENEFITS FOR STAKEHOLDERS

- The study provides an in-depth analysis of the global ophthalmic devices market size along with the current trends and future estimations to elucidate the imminent investment pockets.
- It offers market analysis from 2020 to 2027, which is expected to enable the stakeholders to capitalize on the prevailing opportunities in the market.
- A comprehensive analysis on region assists to understand the regional market and facilitate the strategic business planning and determine prevailing opportunities.
- The profiles and growth strategies of the key players are thoroughly analyzed to understand the competitive outlook of the global ophthalmic devices market growth.

KEY MARKET SEGMENTS

By Product Function
- Ophthalmic Surgical Devices
o Refractive Error Surgical Devices
o Glaucoma Surgical Devices
o Cataract Surgery Devices
o Vitreoretinal Surgical Devices
- Ophthalmic Diagnostic Devices
o Refractors
o Corneal Topography Systems
o Retinal Ultrasound Systems
o Fundus Camera
o Ophthalmoscopes
o Optical Coherence Tomography Systems
o Perimeters
o Slit Lamps
o Tonometer's
- Ophthalmic Vision Care Devices
o Contact Lenses
o Spectacle Lenses
By Region
- North America
o U.S.
o Canada
o Mexico
- Europe
o Germany
o France
o UK
o Italy
o Spain
o Rest of Europe
- Asia-Pacific
o Japan
o China
o India
o Australia
o Rest of Asia-Pacific
- LAMEA
o Brazil
o South Africa
o Saudi Arabia
o Rest of LAMEA
List of key players profiled in the report
- Novartis AG
- Carl Zeiss Meditec AG
- Essilor International S.A.
- HAAG-Streit Holding AG
- Johnson & Johnson
- Nidek Co., Ltd.
- Topcon Corporation
- Valeant Pharmaceuticals International, Inc.
- Ziemer Ophthalmic Systems AG
- Hoya Corporation
List of other players in the value chain (profiles not included in the report):
- Sonomed Escalon
- Gulden Ophthalmics
- FCI Ophthalmics
- Glaukos Corporation
- STAAR Surgical GE Healthcare (U.K.)