Ophthalmology Market Report 2024 (Global Edition)

Global Ophthalmology Market Report 2024 Market Size Split by Type (Devices, Drugs, Others), by Diseases (Glaucoma, Cataract, Age-Related Macular Degeneration, Inflammatory Diseases, Refractive Disorde...

Ophthalmology Market Report Description

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Competitive Landscape of the Ophthalmology market

The competitive landscape of the ophthalmology market is characterized by the presence of several key players operating across various segments of the industry, including diagnostics, pharmaceuticals, surgical equipment, and eyewear. Companies compete based on product innovation, technological advancements, pricing strategies, and geographic presence.

Ophthalmology Industry News

In May 2022, Reichert, Inc. has launched its redesigned refractometers & analytical instruments website with a vastly improved user experience.

(Source:https://www.reichertai.com/company/news/2022/05/13/20/51/reichert-debuts-new-analytical-website)

In October 2022, Bausch Health Companies inc. launched enVista Aspire IOLs feature PureFlex design technology, which provides a smooth, glistening surface that minimizes friction and promotes efficient insertion.

(Source:https://ir.bausch.com/press-releases/bausch-lomb-launches-envistar-aspire-intermediate-optimized-monofocal-and-toric)

Top Companies Market Share in Ophthalmology Industry: (In no particular order of Rank)

• Alcon
• Regeneron Pharmaceuticals Inc.
• Johnson & Johnson Inc.
• Reichert Inc.
• Novartis AG
• Bausch & Lomb Incorporated
• HOYA Corporation.
• The Cooper Companies Inc.
• Santen Pharmaceutical Co Ltd.
• F. Hoffmann-La Roche Ltd
• Carl Zeiss Meditec AG
• AbbVie Inc.
• EssilorLuxottica
• NIDEK CO LTD.
• TOPCON CORPORATION
• Glaukos Corporation.
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Ophthalmology market

Which Region will dominate the Ophthalmology Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue. North America emerges as the dominant region in the Ophthalmology market for several compelling reasons. Firstly, the region boasts a highly developed healthcare infrastructure, comprising advanced medical facilities, renowned research institutions, and skilled healthcare professionals specializing in ophthalmic care.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific stands out as the fastest-growing region in the Ophthalmology market due to several key factors. Firstly, the region's rapidly expanding population, coupled with increasing life expectancy, has led to a rise in the prevalence of ophthalmic disorders, such as refractive errors, cataracts, and diabetic retinopathy. This demographic trend drives the demand for ophthalmic products, including diagnostic equipment, surgical instruments, and pharmaceuticals, thereby fueling market growth. Secondly, improving healthcare infrastructure and rising disposable incomes in countries like China, India, and Japan are enhancing access to quality eye care services, encouraging individuals to seek timely diagnosis and treatment for eye-related conditions.

The current report Scope analyzes Ophthalmology Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Ophthalmology Market

According to Cognitive Market Research, the global Ophthalmology market size was estimated at USD 55152.2 Million out of which North America held the major market of more than 40% of the global revenue with a market size of USD 22060.88 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.0% from 2024 to 2031.the Ophthalmology market exhibits robust growth driven by several factors. The region boasts advanced healthcare infrastructure, high healthcare expenditure, and a large patient population with diverse ophthalmic needs. Segmentation analysis reveals a thriving market for various ophthalmic products and services, including diagnostic equipment, surgical devices, and pharmaceuticals. Technological advancements in the field of ophthalmology, such as innovative surgical techniques and advanced imaging systems, propel market growth. The presence of leading ophthalmic device manufacturers and pharmaceutical companies in the region fosters innovation and drives competition, resulting in a wide range of treatment options for patients. In conclusion, the North America Ophthalmology market is characterized by a favorable regulatory environment, technological innovation, and a high prevalence of eye disorders.

Country Analysis

• According to Cognitive Market Research, the US had a major share in the Ophthalmology market with a market size of USD 17406.03 million in 2024 and is projected to grow at a CAGR of 4.8% during the forecast period. The demand is amplified by the nation’s advanced healthcare infrastructure, high healthcare expenditure, and a large patient population with diverse ophthalmic needs propel consistent growth. 
• The Canada Ophthalmology market had a market share of USD 2647.31 million in 2024 and is projected to grow at a CAGR of 5.8% during the forecast period. Canada's favorable regulatory environment, technological innovation, and a high prevalence of eye disorders.
• The Mexico Ophthalmology market is projected to witness growth at a CAGR of 5.5% during the forecast period, with a market size of USD 2007.54 million in 2024.

 

Europe Ophthalmology Market

According to Cognitive Market Research, the global Ophthalmology market size was estimated at USD 55152.2 Million out of which Europe market of more than 30% of the global revenue with a market size of USD 16545.66 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.3%from 2024 to 2031.The Ophthalmology market reflects a dynamic landscape shaped by several factors. Regional analysis indicates a steady growth trajectory driven by factors such as increasing healthcare expenditure, rising awareness about eye health, and advancements in ophthalmic technology. Segmentation analysis reveals a diverse market comprising diagnostic devices, surgical equipment, pharmaceuticals, and vision care products. Europe is home to several prominent ophthalmic device manufacturers and pharmaceutical companies, contributing to market competitiveness and innovation. The region benefits from a well-established healthcare infrastructure and regulatory framework, ensuring high standards of patient care and product safety. In conclusion, the Europe Ophthalmology market exhibits steady growth fuelled by factors like increasing healthcare spending, technological advancements, and a growing aging population.

• The United Kingdom Ophthalmology market had a market share of USD 2779.67 million in 2024 and is projected to grow at a CAGR of 6.1%during the forecast period. In the UK, Ophthalmology sales witness an upswing due to the nation's increasing healthcare expenditure, rising awareness about eye health, and advancements in ophthalmic technology.
• The France Ophthalmology market is projected to witness growth at a CAGR of 4.5% during the forecast period with a market size of USD 1522.20million in 2024.
• According to Cognitive Market Research, the Germany Ophthalmology market size was valued at USD 3276.04 million in 2024 and is projected to grow at a CAGR of 5.5% during the forecast period. In Germany, Ophthalmology sales surge due to the increasing healthcare spending, technological advancements. 
• The Italy Ophthalmology market is projected to witness growth at a CAGR of 4.7% during the forecast period with a market size of USD 1422.93million in 2024.
• The Russia Ophthalmology market is projected to witness growth at a CAGR of 4.3% during the forecast period with a market size of USD 2564.58million in 2024.
• The Spain Ophthalmology market is projected to witness growth at a CAGR of 4.4% during the forecast period with a market size of USD 1356.74million in 2024.
• The Luxembourg Ophthalmology market is projected to witness growth at a CAGR of 5.4% during the forecast period with a market size of USD 512.92million in 2024.
• The Portugal Ophthalmology market is projected to witness growth at a CAGR of 5.1% during the forecast period with a market size of USD347.46million in 2024.
• The Greece Ophthalmology market is projected to witness growth at a CAGR of 5.6% during the forecast period with a market size of USD 198.55million in 2024.
• Rest of Europe Ophthalmology market is projected to witness growth at a CAGR of 4.0% during the forecast period with a market size of USD 2564.58million in 2024.

 

Asia Pacific Ophthalmology Market

According to Cognitive Market Research, the global Ophthalmology market size was estimated at USD 55152.2 Million out of which Asia Pacific is the fastest growing the market ofaround23% of the global revenue with a market size of USD 12685.01 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.8% from 2024 to 2031.the Ophthalmology market is witnessing significant growth attributed to several factors. Regional analysis indicates a rising prevalence of eye diseases due to factors such as aging populations, increasing diabetic cases, and changing lifestyles. Segmentation analysis reveals a diverse market landscape encompassing diagnostic equipment, surgical devices, pharmaceuticals, and eye care services. Rapid urbanization and economic development in countries like China, India, and Japan are driving market expansion. These nations are witnessing investments in healthcare infrastructure, leading to the establishment of specialized eye care centers and hospitals. In conclusion, the Asia-Pacific Ophthalmology market presents significant growth opportunities fuelled by the rising prevalence of eye diseases and increasing healthcare investments.

• According to Cognitive Market Research, the China Ophthalmology market size was valued at USD 5708.25million in 2024 and is projected to grow at a CAGR of 8.3% during the forecast period. Ophthalmology sales surge in China due to the nation's rapid expansion in biopharmaceuticals.
• The Japan Ophthalmology market is projected to witness growth at a CAGR of 7.3% during the forecast period with a market size of USD 1750.53million in 2024.
• The India Ophthalmology market had a market share of USD 1522.20 million in 2024 and is projected to grow at a CAGR of 10.6% during the forecast period. The demand is augmented by India's increasing focus on precision medicine and its role as a key player in the global pharmaceutical industry.
• The South Korea Ophthalmology market is projected to witness growth at a CAGR of 7.9% during the forecast period with a market size of USD 1268.50million in 2024.
• The Australia Ophthalmology market is projected to witness growth at a CAGR of 8.5% during the forecast period with a market size of USD 659.62 million in 2024.
• The South East Asia Ophthalmology market is projected to witness growth at a CAGR of 9.8% during the forecast period with a market size of USD 875.27million in 2024.
• The Rest of Asia Pacific Ophthalmology market is projected to witness growth at a CAGR of 8.6% during the forecast period with a market size of USD 900.64million in 2024.

 

South America Ophthalmology Market

According to Cognitive Market Research, the global Ophthalmology market size was estimated at USD 55152.2 Million out of which Latin America market of more than 5% of the global revenue with a market size of USD 2757.61 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2031.The Ophthalmology market showcases unique dynamics driven by various factors. Regional analysis indicates a growing market fuelled by improving healthcare infrastructure, rising disposable income, and increasing awareness about eye health. Segmentation analysis reveals a diverse landscape encompassing diagnostic equipment, surgical instruments, pharmaceuticals, and vision care products. The Latin America Ophthalmology market faces challenges such as limited access to healthcare services in remote areas, inadequate funding for eye care programs, and regulatory hurdles. In conclusion, the Latin America Ophthalmology market is poised for growth, driven by factors like improving healthcare infrastructure, rising prevalence of eye disorders, and increasing awareness about eye health.

• According to Cognitive Market Research, the Brazil Ophthalmology market size was valued at USD 1180.26million in 2024 and is projected to grow at a CAGR of 6.8% during the forecast period. Ophthalmology sales flourish in Brazil due to the nation's healthcare infrastructure, rising disposable income, and increasing awareness about eye health.
• The Argentina Ophthalmology market had a market share of USD 463.28million in 2024 and is projected to grow at a CAGR of 7.1%during the forecast period. The demand is augmented by healthcare infrastructure, rising prevalence of eye disorders, and increasing awareness about eye health.
• The Colombia Ophthalmology market is projected to witness growth at a CAGR of 6.0% during the forecast period, with a market size of USD 245.43 million in 2024.
• The Peru Ophthalmology market is projected to witness growth at a CAGR of 6.4%during the forecast period with a market size of USD 226.12 million in 2024.
• The Chile Ophthalmology market is projected to witness growth at a CAGR of 6.5% during the forecast period with a market size of USD 198.55million in 2024.
• The Rest of Latin America Ophthalmology market is projected to witness growth at a CAGR of 5.3% during the forecast period with a market size of USD 443.98 million in 2024.

 

Middle East and Africa Ophthalmology Market

According to Cognitive Market Research, the global Ophthalmology market size was estimated at USD 55152.2 Million out of which Middle East and Africa market ofaround 2% of the global revenue with a market size of USD 1103.04 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.5% from 2024 to 2031.The Middle East and Africa region's Ophthalmology market is characterized by unique regional and segmentation dynamics. In the Middle East, countries like the United Arab Emirates, Saudi Arabia, and Qatar drive market growth with robust healthcare infrastructure, high healthcare expenditure, and increasing prevalence of eye diseases due to lifestyle changes. Segmentation analysis reveals a diverse landscape encompassing diagnostic equipment, surgical devices, pharmaceuticals, and vision care products. While the demand for cataract surgery, refractive surgery, and diabetic retinopathy treatment drives the surgical instruments segment, the pharmaceutical sector sees growth due to the rising prevalence of age-related macular degeneration and glaucoma. In conclusion, the Middle East and Africa Ophthalmology market presents a mix of challenges and opportunities. Despite infrastructure constraints and healthcare disparities, the region shows potential for market growth driven by increasing awareness about eye health, improving access to healthcare services, and rising healthcare investments.

• According to Cognitive Market Research, the GCC Countries Ophthalmology market size was valued at USD 472.10 million in 2024 and is projected to grow at a CAGR of 7.3% during the forecast period. Ophthalmology sales flourish in the GCC Countries due to the region's strategic investments in healthcare research and advancements.
• The Egypt Ophthalmology market is projected to witness growth at a CAGR of 6.8% during the forecast period, with a market size of USD 115.82 million in 2024.
• The South Africa Ophthalmology market is projected to witness growth at a CAGR of 7.5% during the forecast period with a market size of USD 174.28 million in 2024.Ophthalmology sales flourish in the South Africa due to the region's strategic investments in healthcare research and advancements.
• The Turkey Ophthalmology market is projected to witness growth at a CAGR of 6.0% during the forecast period, with a market size of USD 94.86 million in 2024.The Nigeria Ophthalmology market is projected to witness growth at a CAGR of 5.6% during the forecast period, with a market size of USD 115.82 million in 2024.
• The Rest of MEA Ophthalmology market is projected to witness growth at a CAGR of 5.5% during the forecast period with a market size of USD 130.16 million in 2024.

 

Ophthalmology Market Analysis

Ophthalmology market Type Segment Analysis

According to Cognitive Market Research, devices emerge as the dominating category due to their essential role in diagnosing and treating various eye conditions. Ophthalmic devices encompass a wide range of products, including diagnostic equipment like optical coherence tomography (OCT) scanners, fundus cameras, and tonometer, as well as surgical instruments such as phacoemulsification systems, vitrectomy machines, and intraocular lenses. The dominance of ophthalmic devices is attributed to the growing demand for advanced diagnostic tools and surgical equipment to address the rising prevalence of eye diseases worldwide. Additionally, technological advancements leading to the development of more precise and efficient ophthalmic devices further bolster their demand and market dominance.

Drugs represent the fastest-growing category in the Ophthalmology market. The increasing incidence of age-related eye diseases, such as macular degeneration, glaucoma, and diabetic retinopathy, drives the demand for pharmaceutical interventions to manage these conditions effectively. Pharmaceutical advancements, including the introduction of novel drug formulations, sustained-release implants, and targeted therapies, contribute to the rapid growth of the ophthalmic drugs segment. Moreover, the rising adoption of combination therapies and biologics for treating complex eye disorders further propels the growth of the pharmaceutical segment in ophthalmology. Overall, the expanding pipeline of innovative ophthalmic drugs and the growing emphasis on personalized medicine drive the robust growth of the drugs category in the Ophthalmology market.

• Devices
• Drugs
• Others

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Ophthalmology Industry. Request a Free Sample PDF!

Ophthalmology market  Diseases Segment Analysis

According to Cognitive Market Research, cataract stands out as the dominating category owing to its high prevalence and the widespread need for surgical intervention. Cataract, characterized by the clouding of the eye's natural lens, affects millions of individuals worldwide, particularly the elderly population. As the leading cause of blindness globally, cataract surgery remains one of the most commonly performed ophthalmic procedures. The increasing geriatric population, coupled with advancements in surgical techniques such as phacoemulsification and intraocular lens implantation, fuels the dominance of cataract treatment in the ophthalmology market.

Age-related macular degeneration (AMD) emerges as the fastest-growing category in the Ophthalmology market. AMD, a progressive eye condition affecting the macula, the central part of the retina, is a leading cause of severe vision loss in older adults. The prevalence of AMD is projected to increase significantly due to factors such as aging populations and lifestyle changes, including prolonged exposure to digital screens and unhealthy dietary habits. The introduction of innovative therapies, including anti-vascular endothelial growth factor (anti-VEGF) injections and emerging gene therapies, revolutionizes the treatment landscape for AMD, driving the rapid growth of this segment in the ophthalmology market.

• Glaucoma
• Cataract
• Age-Related Macular Degeneration
• Inflammatory Diseases
• Refractive Disorders
• Others

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Ophthalmology End-User Segment Analysis

According to Cognitive Market Research, hospitals emerge as the dominating end-user category due to their role as primary centers for diagnosing and treating a wide range of eye conditions. Hospitals typically have specialized ophthalmology departments equipped with advanced diagnostic tools and surgical facilities, making them the go-to choice for patients seeking comprehensive eye care services. Moreover, hospitals often collaborate with ophthalmic specialists and surgeons, offering a multidisciplinary approach to managing complex eye diseases. The credibility and reliability associated with hospital-based ophthalmology services further contribute to their dominance in the market.

Healthcare service providers represent the fastest-growing category in the Ophthalmology market. Healthcare service providers encompass a diverse range of entities, including specialized eye clinics, ambulatory surgical centers, and optical retail chains. These providers offer streamlined and patient-centric ophthalmic services, emphasizing convenience, accessibility, and personalized care. With the growing demand for outpatient procedures and minimally invasive treatments, healthcare service providers are witnessing a surge in patient volume.

• Hospitals
• Medical Institutes
• Research Organizations
• Healthcare Service Providers

Ophthalmology Prescription Mode Segment Analysis

According to Cognitive Market Research, branded prescriptions emerge as the dominating category due to several factors. Branded medications often undergo extensive research and development, resulting in formulations with proven efficacy and safety profiles. Physicians may prefer prescribing branded drugs for their established track record in treating various eye conditions and their perceived reliability. Additionally, branded medications are often backed by robust marketing campaigns, increasing awareness among healthcare professionals and patients alike. The trust and familiarity associated with well-known brands contribute to their dominance in the prescription mode category.

Generic prescriptions represent the fastest-growing category in the Ophthalmology market. Generic drugs offer identical active ingredients and therapeutic effects as their branded counterparts but are typically available at lower costs. As healthcare systems worldwide face mounting pressure to contain expenses, generic medications present an attractive option for cost-conscious prescribers and patients. Moreover, the expiration of patents for branded ophthalmic drugs has led to the entry of generic alternatives, driving market competition and expanding access to affordable eye care treatments. The increasing acceptance of generic medications among healthcare professionals and patients, coupled with regulatory initiatives promoting their use, fuels the rapid growth of the generic prescription mode category in the Ophthalmology market.

• Generic
• Branded

Ophthalmology Drug Type Segment Analysis

According to Cognitive Market Research, prescription drugs represent the dominating category due to several factors. Ophthalmic conditions often require specialized treatment tailored to individual patient needs, which is best achieved through prescription medications. Healthcare professionals play a crucial role in diagnosing eye conditions and prescribing appropriate medications based on the severity of the condition, patient's medical history, and other factors. Prescription drugs undergo rigorous testing and regulatory scrutiny to ensure their safety and efficacy, instilling confidence in healthcare providers and patients alike.

Over-the-counter medications represent the fastest-growing category in the Ophthalmology market. OTC drugs are readily available to consumers without the need for a prescription, providing convenience and accessibility for individuals seeking relief from common eye conditions such as minor irritations, dryness, or allergies. The growing consumer demand for self-care options and the increasing availability of OTC eye drops, lubricants, and allergy medications contribute to the rapid expansion of this segment.

• Prescription
• Over the Counter

Ophthalmology Route of Administration Segment Analysis

According to Cognitive Market Research, topical medications represent the dominating category in terms of route of administration. This is primarily due to the convenience and effectiveness of topical treatments for various ocular conditions. Topical medications, such as eye drops and ointments, offer direct delivery of drugs to the surface of the eye, allowing for targeted treatment of conditions such as dry eye syndrome, conjunctivitis, and glaucoma. Their non-invasive nature and ease of application make them preferred by both patients and healthcare providers.

Injectable represent the fastest-growing category in the Ophthalmology market for route of administration. This growth is driven by the increasing adoption of intraocular injections for the treatment of retinal diseases such as age-related macular degeneration (AMD), diabetic retinopathy, and retinal vein occlusion. Intraocular injections deliver medication directly into the vitreous or sub retinal space, allowing for high concentrations of drugs to reach the target tissues within the eye. This targeted approach maximizes therapeutic efficacy while minimizing systemic side effects.

• Oral
• Topical
• Injectables
• Local Ocular
• Others

Author's Detail

Manjiri Kanhere

Senior Research Associate at Cognitive Market Research

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Manjiri Kanhere is an experienced market researcher focused on the Pharma & Healthcare industry. With over 3+ years of experience, She has worked with major pharmaceutical companies and healthcare providers, helping them to understand market trends, identify new business opportunities, and develop effective sales & marketing strategies. Her expertise lies in the ability to analyze complex data sets and deliver insights that drive business decisions. At Cognitive Market Research, she handles the market research related to Pharma and healthcare industry.

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