Ophthalmology Devices Market projected to grow by USD 19.1 Billion from 2024-2028, driven by AI-powered innovations and rising prevalence of ophthalmic diseases - Technavio

NEW YORK, Oct. 14, 2024 /PRNewswire/ -- Report with the AI impact on market trends - The Global Ophthalmology Devices Market  size is estimated to grow by USD 19.1 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  4.31%  during the forecast period. Increasing prevalence of ophthalmic diseases is driving market growth, with a trend towards increasing medical tourism for low-cost ophthalmology surgeries. However, high cost and limited reimbursement  poses a challenge - Key market players include Alcon Inc., Bausch Health Companies Inc., Carl Zeiss AG, Danaher Corp., Digital Diagnostics Inc., EssilorLuxottica, EyeQue Corp., Glaukos Corp., HOYA CORP., IRIDEX Corp., Johnson and Johnson Services Inc., LENSAR Inc., Lumenis Be Ltd., LUMIBIRD SA, Metall Zug AG, NIDEK Co. Ltd., STAAR Surgical Co., The Cooper Companies Inc., Topcon Corp, and Ziemer Ophthalmic Systems AG.

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Key Market Trends Fueling Growth

Medical tourism is a growing trend in which patients travel to countries offering high-quality, affordable healthcare services. Developed countries like the US and Canada send patients to destinations such as Singapore, India, Mexico, South Korea, and Thailand for ophthalmology procedures due to lower costs, accredited hospitals, and shorter waiting times. The Medical Tourism Association (MTA), established in 2007, supports this industry by ensuring high-quality care. In ophthalmology, popular procedures include cataract surgery, LASIK, glaucoma treatments, and refractive procedures. India is a leading medical tourism destination due to its advanced infrastructure, skilled surgeons, and affordable costs. Countries like Mexico also attract patients due to shorter travel times and skilled professionals. Accredited hospitals, such as those certified by Joint Commission International (JCI), National Accreditation Board for Hospitals & Healthcare Providers (NABH), and International Organization for Standardization (ISO), ensure quality care. The cost savings for LASIK surgery in developing countries can be up to 80% compared to the US, making it a popular choice. The cost difference for cataract surgery is also significant, with India offering prices 60-80% lower than North America and the UK. The competition among countries to offer superior medical services drives the growth of the ophthalmology devices market in this sector. 

The Ophthalmology Devices Market is experiencing significant growth due to the increasing prevalence of refractive defects and disorders such as strabismus, myopia, hyperopia, astigmatism, and presbyopia. Phoropters, premium IOLs, and refurbished equipment are trending in this market. Prevent blindness initiatives and advancements in technology, including AI and cutting-edge surgical equipment like slit lamps, UV screens, and ultrasound phacoemulsification, are driving innovation. Acquisitions of key players and the aging population's growing need for eye care are also contributing factors. Retinal surgery, including retinal implants and vitreoretinal disorders treatment, are gaining popularity. Skilled staff and technicians are essential for the successful implementation of surgical ophthalmic equipment. Conditions like cataracts, uveitis, CMV retinitis, and diabetic retinopathy continue to challenge the industry. Contact lenses, corneal surgery, and refractive surgery are common treatments for various refractive disorders. Artificial corneas and bioengineered corneas offer hope for those with severe corneal damage. Overall, the market is focused on providing advanced solutions to prevent blindness and improve vision. 

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Market Challenges

• The adoption of advanced ophthalmic devices, such as premium IOLs and advanced surgical technologies, is limited due to their high cost and inadequate reimbursement coverage. For instance, the cost of cataract surgery with premium IOLs, including astigmatism-correcting and presbyopia-correcting IOLs, is significantly higher than standard monofocal IOLs, with costs ranging from USD4,000 to USD5,000 per eye. In contrast, Medicare and most healthcare plans cover the expenses related to cataract surgery with monofocal IOLs. Similarly, advanced glaucoma surgery devices, such as MIGS devices and laser technologies, are expensive, with costs ranging from USD1,500 to USD60,000, depending on the device. Reimbursement scenarios for these devices vary from country to country, with some providing complete coverage, while others offer limited or no coverage. For instance, LASIK, classified as an elective surgery in developed countries, is not usually covered by medical insurance providers, and the cost of ophthalmic lenses, including multifocal and progressive glasses, is significantly higher than traditional lenses. These factors can be challenging for the growth of the global ophthalmology devices market during the forecast period. However, efforts are being made to ensure adequate reimbursements and expand coverage for advanced ophthalmic devices to increase their adoption.
• The Ophthalmology Devices Market is experiencing significant growth due to an aging population, increasing prevalence of optical disorders such as cataracts, glaucoma, and diabetic retinopathy, and the availability of cutting-edge technology like AI and femtosecond laser surgery. Challenges include the high cost of advanced treatments and lack of awareness leading to under-diagnosis. Acquisitions of key players and the entry of new players are driving competition. Key devices include diagnostic instruments like fundus cameras and ophthalmoscopes, surgical instruments for corneal surgery and phacoemulsification, and viscosurgical devices. Healthcare spending rates and health insurance coverage also impact market growth. Eye clinics and hospitals are major end-users, with a growing number of dedicated ophthalmic surgical centers. Key diseases driving demand include cataracts, glaucoma, and diabetic retinopathy. Innovations like artificial corneas and bioengineered lenses offer potential solutions for complex cases.

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Segment Overview 

This ophthalmology devices market report extensively covers market segmentation by

1. Product 
• 1.1 Vision care
• 1.2 Ophthalmology surgical devices
• 1.3 Ophthalmology diagnostic devices
2. End-user 
• 2.1 Hospitals and eye clinics
• 2.2 Academic and research laboratories
• 2.3 Others
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 Vision care-  The global ophthalmology devices market encompasses vision care products, including spectacle lenses and contact lenses. Spectacle lenses, the most common type of eyewear, are available in two forms: glass and plastic. Plastic lenses, such as high-index, tribrid, polycarbonate, trivex, and CR-39, are popular due to their advantages, including lightweight, break resistance, and superior protection. Factors driving growth in the spectacle lens segment include the increasing adoption of high-tech plastic lenses and high-definition lenses, as well as marketing investments by vendors. Contact lenses serve as an alternative to glasses for vision correction, with rising demand due to their convenience and aesthetic appeal. The market is driven by factors such as increasing eye disorders and cosmetic applications. Soft contact lenses, the most popular type, offer comfort, ease of adjustment, and oxygen permeability. Daily disposable and extended soft lenses, as well as hybrid lenses, are driving market growth due to their advantages and technological advancements, such as multifocal toric lenses addressing presbyopia and astigmatism. Overall, the vision care segment is expected to witness significant growth in the global ophthalmology devices market.

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Research Analysis

The Ophthalmology Devices Market encompasses a range of medical devices used in the diagnosis and treatment of various optical disorders, including LASIK surgery and refractive surgery equipment for correcting vision defects. Additionally, the market includes devices for retinal and corneal surgeries, such as UV screens, phacoemulsification devices, and premium IOLs. Refurbished equipment and phacoemulsification machines are also in demand for cost-effective solutions. The market caters to the growing number of patients with conditions like cataract, glaucoma, diabetic retinopathy, and vitreoretinal disorders. Ophthalmic surgical instruments and diagnostic instruments are essential tools for ophthalmologists. The geriatric population, with a higher prevalence of eye diseases, fuels the demand for these devices. Binocular vision, strabismus, and refractive defects are other areas of focus in the market. Intraocular lenses, glaucoma stents, lasers, and optical devices are some of the key product categories.

Market Research Overview

The Ophthalmology Devices Market encompasses a wide range of medical devices used for diagnosing, treating, and managing various optical disorders. With an aging population and increasing prevalence of conditions like cataracts, glaucoma, diabetic retinopathy, and macular degeneration, the demand for advanced ophthalmic medical devices is on the rise. Cutting-edge technology, including AI-powered diagnostic instruments, femtosecond laser surgery, and retinal implants, is transforming the field. Binocular vision, corneal surgery, and refractive disorders are some of the key areas of focus. Healthcare spending rates and health insurance coverage are major factors influencing market growth. Eye clinics, hospitals, and operating rooms are the primary end-users, requiring skilled staff and surgical ophthalmic equipment, including phacoemulsification machines, intraocular lenses, and ophthalmic surgical instruments. Diagnostic instruments, such as fundus cameras, slit lamps, and ophthalmoscopes, are essential for early detection and treatment of various eye conditions. Additionally, the market includes refurbished equipment, contact lenses, and optical disorders-specific devices like UV screens for protecting against harmful radiation. Prevent Blindness and National Glaucoma Research are some of the organizations working towards increasing awareness and research in the field.

Table of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation

• Product
• Vision Care
• Ophthalmology Surgical Devices
• Ophthalmology Diagnostic Devices
• End-user
• Hospitals And Eye Clinics
• Academic And Research Laboratories
• Others
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Company Landscape

11 Company Analysis

12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio