Market Insights Health Medical Technology Medical Devices

Ophthalmic Devices - Worldwide

Worldwide

Revenue in the Ophthalmic Devices market is projected to reach US$39.83bn in 2023.
Revenue is expected to show an annual growth rate (CAGR 2023-2028) of 5.85%, resulting in a market volume of US$52.93bn by 2028.
In global comparison, most revenue will be generated in the United States (US$12,720.00m in 2023).

Key regions: Europe, China, France, Japan, United States

Market

Region

Region comparison

Currency

Analyst Opinion

The market for Ophthalmic Devices shows a stable growth, only interrupted by the negative impact of the COVID-19 pandemic in 2020, followed by a quick recovery. Revenues are highest in the U.S., followed by China.

With an increased prevalence of eye disease and vision disorders, the awareness and demand of quality eye care has significantly increased in the past years. The growing aging population and rising total healthcare expenditure are also driving the market growth. In addition, technological advancements in the ophthalmic industry, such as laser surgeries and well-developed vision care products will drive growth in the Ophthalmic Devices market in the future.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.