The ophthalmic devices market size is expected to grow from US$ 40.48 billion in 2023 to US$ 73.99 billion by 2031; the market is anticipated to register a CAGR of 7.8% during 2023-2031.

The ophthalmic devices market growth is attributed to the growing geriatric population and increasing burden of optical disorders. However, the high cost of devices and low treatment rates in emerging nations hinder the growth of the ophthalmic devices market.

Recently, various initiatives and measures have been taken to create awareness and educate people regarding eye diseases, prompting patients to access suitable medications and treatments for such conditions. The Healthy People 2020 program vision launched in the US focuses on evidence-based interventions to preserve sight and prevent blindness. It included the National Eye Institute, which served as the lead agency for the vision objectives. In addition, the Centers for Disease Control and Prevention (CDC) Vision Health Initiative (VHI) served on the Healthy People 2020 Vision Work Group and assisted in setting up the direction for eye health and its safety. The CDC's VHI joined with others to create a more effective multilevel network for the prevention of vision loss and eye health promotion. VHI collaborates with state and national partners to strengthen science and develop interventions to enhance eye health, reduce blindness and vision loss, and promote the health of people with vision loss.

The International Agency for the Prevention of Blindness (IAPB) launched the global campaign "Love Your Eyes" in 2022 to raise awareness of the socioeconomic importance of eye health. The campaign calls upon governments and global institutions to support eye health. The IAPB emphasizes programs and initiatives in India and the world that promptly focus on offering accessible, available, and affordable eye care. The "Love Your Eyes" program also calls for regulation changes and funding to make eye care accessible, available, and affordable by 2030. Thus, such initiatives are likely to increase awareness about optical diseases, offering new opportunities for the growth of the ophthalmic devices market.

Indication-Based Insights

Based on indication, the ophthalmic devices market is categorized into cataracts, glaucoma, refractor disorders, and other indications. The glaucoma segment held a significant ophthalmic devices market share in 2023 and is projected to register the highest CAGR during the forecast period.

End User-Based Insights

Based on end user, the ophthalmic devices market is categorized into hospital and eye clinics, academic and research laboratories, and other end users. The hospital and eye clinics segment held a significant ophthalmic devices market share in 2023 and is estimated to register the highest CAGR during 2023-2031. The growing adoption of ophthalmic devices in hospitals and the affordable and efficient treatment offered in clinics are favoring the growth of the segment. The rapid increase in the number of mergers and acquisitions between ophthalmic clinics and hospitals is expected to boost the demand for new installations in the future. Eye-Q announced in June 2023 the installation of a customized, advanced, and state-of-the-art LASIK machine at its Rewari eye-care facility in India. This device provided advanced treatment to patients with cutting-edge care and laser vision correction.

Additionally, a growing number of eye clinics are setting up distinct diagnostic divisions, boosting the demand for ophthalmic devices, which positively influences the ophthalmic devices market growth.

The World Health Organization, the US Food and Drug Administration, and the Centers for Disease Control and Prevention are among the primary and secondary sources referred to while preparing the ophthalmic devices market report.