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How Will the CAGR of the Ophthalmic Devices Market Influence Its Overall Growth by 2034?

The market size for ophthalmic devices has seen significant growth in the past years. There will be an increase from $46.68 billion in 2024 to $51.75 billion in 2025 with a compound annual growth rate (CAGR) of 10.9%. The growth during the historic period is as a result of an aging population, a rise in eye diseases, regulatory alterations, and the growth and enhancement of the healthcare infrastructure.

Expectations are high for a substantial expansion in the ophthalmic devices market over the coming years. By 2029, the market is projected to amass a value of $70.64 billion, growing at a compound annual growth rate (CAGR) of 8.1%. This predicted growth for the forecast period is primarily driven by factors such as the surge in diabetes incidence, the rise of telemedicine and remote patient monitoring, burgeoning markets, minimally invasive surgical techniques, and breakthroughs in genetics and individualized treatment plans. Key trends expected during this period involve artificial intelligence (AI) and machine learning, wearable tech, teleophthalmology, sustainable and environment-friendly devices, and a focus on patient-centered care.

What Strategic Factors Are Influencing the Accelerated Growth of the Ophthalmic Devices Market?

The growth of the ophthalmic device market is predicted to be spurred on by the rising occurrence and frequency of eye diseases. Conditions like age-related macular degeneration (AMD), glaucoma, and cataracts have emerged as significant contributors to visual impairment and blindness on a global scale. In the diagnosis, management, and treatment of these diverse eye disorders and conditions, ophthalmic devices are instrumental. For example, in August 2024, as stated by the National Health Service, a public sector entity, the number of NHS-funded sight tests reached an all-time high of over 841,000. This represents a 6.6% increase from 2023. With the growth in the incidence and prevalence of vision-related disorders, the application of ophthalmic devices in the diagnosis and mitigation of eye diseases is projected to rise.

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Who Are the Leading Companies Pioneering Change in the Ophthalmic Devices Market?

Major companies operating in the ophthalmic devices market include Luxottica Group S.p.A., Johnson & Johnson, Hoya Corporation, CooperVision AG, Bausch Health Companies Inc., Carl Zeiss AG, Flex Ltd., Nidek Co. Ltd., Topcon Corporation, Rostec State Corporation, Alcon Inc., EssilorLuxottica, Novartis AG, Pfizer Inc., Regeneron Pharmaceuticals Inc., Roche Holding AG, Takeda Pharmaceuticals, AbbVie Inc., Otsuka Pharmaceutical Co. Ltd., Edwards Lifesciences Corp., Santen Pharmaceutical Co. Ltd., Rohto Pharmaceutical Co. Ltd., Veeva System Inc., Recipharm AB, Menicon Co. Ltd., Chengdu Kanghong Pharmaceutical, Bangladesh Export Import Company Limited, Glaukos Corporation, STAAR Surgical Company, Omeros Corporation, Aerie Pharmaceuticals Inc., Alimera Sciences Inc., Bora Pharmaceuticals Co. Ltd., Iridex.

What New Trends Are Reshaping the Ophthalmic Devices Market and Its Opportunities?

The rise of technological advancements is a prominent trend in the ophthalmic devices market. Leading companies in this sector are concentrating on introducing innovative technologies, such as automated and sophisticated platforms, to enhance the diagnosis and treatment process. For example, in March 2022, Alcon, a Swiss-American firm specializing in pharmaceuticals and medical devices, unveiled its Clareon family of intraocular lenses (IOLs) on the U.S market. These Clareon lenses, which are devoid of glistening, use a unique IOL material. This proprietary edge of the lenses provides vivid and sharp vision, reduces glare, and diminishes posterior capsular opacification.

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How Are the Key Segments of the Ophthalmic Devices Market Impacting Its Expansion and Revenue Streams?

The ophthalmic devices market covered in this report is segmented –

1) By Type: Vision Care Devices And Equipment, Cataract Surgery Devices And Equipment, Refractive Surgery Devices And Equipment, Diagnostic And Monitoring Ophthalmic Devices And Equipment

2) By Type of Expenditure: Public, Private

3) By Product: Instruments/Equipment, Disposables

4) By End User: Hospitals And Clinics, Diagnostic Laboratories, Other End Users

Subsegments:

1) By Vision Care Devices And Equipment: Eyeglasses, Contact Lenses, Low Vision Aids

2) By Cataract Surgery Devices And Equipment: Cataract Surgery Instruments, Cataract Surgery Implants (Intraocular Lenses), Cataract Surgery Devices (Phacoemulsification Systems)

3) By Refractive Surgery Devices And Equipment: LASIK Devices, SMILE Surgery Devices, PRK Surgery Devices

4) By Diagnostic And Monitoring Ophthalmic Devices And Equipment: Fundus Cameras, Optical Coherence Tomography (OCT) Scanners, Perimeters, Retinal Imaging Systems, Slit Lamps

Which Regions Are Leading the Charge in Ophthalmic Devices Market Development?

North America was the largest region in the global ophthalmic devices market in 2023. Asia-Pacific was the second largest region in the global ophthalmic devices market. Africa. was the smallest region in the global ophthalmic devices market. The regions covered in the ophthalmic devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

How Is the Scope and Reach of the Ophthalmic Devices Market Defined?

Ophthalmology is a branch of medicine that focuses on the diagnosis, treatment, and prevention of diseases and disorders related to the eyes and visual system. Ophthalmic devices are used in the diagnosis and treatment of eye-related diseases. Ophthalmologists are medical doctors who specialize in eye care, including performing eye exams, prescribing corrective lenses, diagnosing eye conditions, and performing surgeries.

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