Ophthalmology Devices Market Expected to Reach $11.6 Billion by 2033

According to a new report published by Allied Market Research, titled, “ophthalmology devices market" was valued at $7.1 billion in 2023, and is projected to reach $11.6 billion by 2033, growing at a CAGR of 5.1% from 2024 to 2033.

Ophthalmology devices are specialized instruments and technologies used in the diagnosis, treatment, and management of eye disorders and diseases. These devices are essential in various ophthalmic procedures, ranging from routine eye exams to complex surgeries. The field of ophthalmology encompasses a broad array of devices, including diagnostic tools like optical coherence tomography (OCT) systems, which provide detailed images of the retina, and visual field analyzers that assess peripheral vision.
Factors that drive the ophthalmology devices market expansion include the surge in prevalence of ophthalmic disorders, rise in geriatric population, and technological advancement. The rise in prevalence of eye-related disorders such as cataracts, glaucoma, and age-related macular degeneration has increased the demand for advanced diagnostic and surgical tools. The aging global population, particularly in developed regions, is a significant contributor to this trend, as older individuals are more prone to eye diseases. According to a 2023 article by the National Eye Institute, cataracts are common in old age.

In addition, advancements in technology, including the development of minimally invasive surgical techniques and innovative diagnostic devices, are enhancing the accuracy and effectiveness of ophthalmic treatments. The increasing adoption of digital and AI-driven solutions in eye care is also boosting market growth. Moreover, a growing awareness of eye health and the availability of improved healthcare infrastructure in emerging economies are further driving demand for ophthalmology devices. 
The ophthalmology devices market is segmented on the basis of device, application, end user, and region. By device, the market is classified into surgical devices and diagnostic and monitoring devices. By application, the market is divided into glaucoma, vitreoretinal disorders, cataract, and refractor disorders. By end user, it is segregated into hospitals and eye clinics, academic & research laboratories, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

By device, the surgical devices segment dominated the market share in 2023. This is attributed to the fact that innovations in surgical technology have led to the development of more precise and effective ophthalmic surgical instruments. Devices such as femtosecond lasers, phacoemulsification machines, and retinal lasers have improved surgical outcomes and are in high demand. In addition, the rising prevalence of age-related eye conditions like cataracts, glaucoma, and macular degeneration has driven the need for surgical interventions. As the global population ages, the demand for surgical procedures is expected to grow.
By application, glaucoma segment dominated the market share in 2023. Glaucoma is one of the leading causes of irreversible blindness worldwide. As the global population ages, the incidence of glaucoma is rising, driving demand for effective diagnostic and therapeutic devices. Innovations in glaucoma devices, such as advanced intraocular pressure (IOP) monitoring systems, laser treatment devices, and surgical tools, have significantly improved their effectiveness and appeal. Technologies such as minimally invasive glaucoma surgery (MIGS) have become popular due to their safety and efficacy.

By end user, hospitals and eye clinics segment dominated the market share in 2023. Hospitals and eye clinics handle a significant volume of patients with various eye conditions, including cataracts, glaucoma, and retinal diseases. This high patient turnover drives demand for ophthalmology devices such as diagnostic imaging systems, surgical instruments, and therapeutic devices. Hospitals and specialized eye clinics are often early adopters of advanced ophthalmic technologies. They invest in the latest diagnostic and surgical equipment to provide high-quality care, contributing to higher revenue generation for this subsegment.

Region wise, North America accounted for a majority of the ophthalmology devices market share in 2023 and is anticipated to remain dominant during the forecast period. This is attributed to fact that North America, particularly the U.S., has a well-developed healthcare system with advanced medical technologies and high standards of care. This infrastructure supports the widespread adoption of cutting-edge ophthalmology devices. The prevalence of eye disorders such as macular degeneration, diabetic retinopathy, and cataracts is high in North America. This has led to a strong demand for ophthalmology devices for diagnosis, treatment, and management of these conditions. However, Asia-Pacific is anticipated to witness notable growth as Asia-Pacific region is experiencing rapid population growth and a significant increase in the elderly population. This demographic shift leads to a higher prevalence of age-related eye conditions, driving demand for ophthalmology devices. Countries in the Asia-Pacific region invest heavily in improving healthcare infrastructure, which includes upgrading ophthalmic facilities and expanding access to advanced ophthalmology devices.

Key Findings of the Study

• On the basis of device, the surgical devices segment dominated the market in terms of revenue in 2023.
• By application, the glaucoma segment dominated the global market in 2023.
• According to end user, the hospitals and eye clinics segment dominated the market share in terms of revenue in 2023.
• Region-wise, North America dominated the market in terms of revenue in 2023. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.