Advanced Ophthalmology Technology Revenue to Attain USD 16.21 Bn by 2033

28 Oct 2024

Share :

Table of Content

1. Advanced Ophthalmology Technology Revenue and Trends 2. Market Overview 3. Report Highlights of the Advanced Ophthalmology Technology Market  4. Advanced Ophthalmology Technology Market Trends  5. Advanced Ophthalmology Technology Market Coverage 6. Regional Snapshot  7. Market News 

Advanced Ophthalmology Technology Revenue and Trends

The global advanced ophthalmology technology market revenue surpassed USD 8.45 billion in 2024 and is predicted to attain around USD 16.21 billion by 2033, growing at a CAGR of 7.51% during forecast period. The rising geriatric population and the rising cases of diabetes in the population that causes eye diseases drive the growth of the market.

Market Overview

The advanced ophthalmology technology market encompasses a wide range of innovative tools, devices, and solutions designed to enhance the diagnosis, treatment, and management of eye-related disorders. This market includes cutting-edge technologies such as laser systems, minimally invasive surgical tools, diagnostic imaging devices, and AI-driven diagnostic platforms aimed at improving accuracy and efficiency in ophthalmic care. The market primarily focuses on addressing common conditions like cataracts, glaucoma, macular degeneration, and refractive errors, while also advancing treatments for more complex retinal and corneal diseases.

Report Highlights of the Advanced Ophthalmology Technology Market 

• By type, the diagnostics segment led the advanced ophthalmology technology market in 2023. The rising cases of the eye-related disease in the population are due to the rising geriatric population and the environmental conditions. The changing lifestyle, rising penetration of the smartphone, and increased screen time in the working population are accelerating the eye disease cases is driving the growth of the diagnostic segment.  
• By type, the therapeutic segment is anticipated to increase its growth in the market during the forecast period. The rising awareness about eye-related disease and the rising advancement in ophthalmology therapeutics treatment. The evaluation in the treatment of eye disease is driving the growth of the market.  
• By end-use, the hospital segment held the dominant position in the market in 2023. The growth of the segment is attributed to the rising adoption of the hospital due to the availability of skilled healthcare professionals and well-equipped medical devices, and equipment is driving the adoption of advanced ophthalmology technology by the healthcare sector.  
• By end-use, the ASCs (Ambulatory Surgery Centers) segment projected as the fastest growth in the market in 2023. The ASCs (Ambulatory Surgery Centers) are equipped with advanced medical devices, and healthcare professionals with a cost-effective diagnosis that boosts the advanced ophthalmology technology in the ASCs (Ambulatory Surgery Centers) sector.

Advanced Ophthalmology Technology Market Trends 

• Growth of Telemedicine Services: Telemedicine services have the remote-control services which help health professionals to easy obtain required test results. These services can monitor patient process from any location and help professionals to handle and examine patient remotely. Telemedicine services are making easy and quick transformation success for eye care services delivery, which are both accessible and convenient for patient and doctors.
• Increased preference of personalized medicine: Demand for personalized medicine treatment has increased in ophthalmology. Personalized medicine like genetic testing, customized contact lenses and intraocular lenses (IOLs), ADM (treatment for age-related macular degeneration), tailored treatment for glaucoma and diabetic retinopathy (DR), enhanced diagnostic imaging are commonly being used in healthcare. Personalized medicines are boosting market expansion with driving innovations in genetic testing, gene therapy and precision medicine.
• Rising demand of advanced diagnostic tools: The requirement of early disease identification and diagnosis has driven the demand for cutting-edge diagnostic tools like optical coherence tomography (OCT), fundal image, which monitors various eye relevant disease.
• Refractive surgery: Advanced refractive surgery like laser-assisted in situ keratomileusis (LASIK) and photorefractive keratectomy (PRK) offers enhanced vision correction options for patients. Advancement in laser technology, awareness of refractive surgery is driving rapid innovations in treatment for vision corrections. Additionally, adoption of AI and ML in refractive surgery and development of novel IOL products likely to held great market potential in upcoming period.
• Integration of artificial intelligence (AI): Utilization of AI in ophthalmology has increased due to increased prevalence of eye disease, and demand for personalized medicines. AI-powered applications like age-related macular degeneration (AMD) diagnosis, diabetic retinopathy detection, and cataract surgery planning are boosting outcome of patient treatments. Advancement in AI algorithm, cloud computer, and ability to provide efficient clinical health flow driving significant market expansion.

Advanced Ophthalmology Technology Market Coverage

Regional Snapshot 

North America as market dominant

North America region is expected to maintain dominant position in advanced ophthalmology technology market in forecast period. Government in North America showcase the spectacular role in expansion of the market. Due to increased prevalence of eye disease, increased patient numbers, government has increased funding in research and developments to enhance clinical infrastructure and advance technology. U.S. government policies like Biological Product Innovation Act (BPIC) to encourage developments of biosimilar and biologics for eye disease, National Eye Health Educational Program (NEHEP) promoted in 2022 for importance of eye health and awareness of early detection. Similarly, America Academy of Ophthalmology (AAO) and America Optometric Association (AOA) has been collaborating with government agencies to enhance eye care.

U.S. government provides funding initiatives like National Eye Institute (NEI), for eye care research and advanced technology developments. Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR), focuses on startup, entrepreneurs, and small business developing advanced ophthalmology technologies. For instant, October 2024, agencies can issue a Phase I award for about $314,363 and a Phase II award up to $2,095,748 to continue the research and developments for eye care technologies. Supportive polices, funding by government and emerging collaboration between academic and research sectors have contributed in expansion of advanced ophthalmology technology market in North America.

• In august 2024, America Optometric Association (AOA), launched an educational prototype which represents latest technology available in market and how it’s impact on advanced power of our eyes.
• In June 2024, the Federal Trade Commission introduced its Opthalmic Practice Rule (OPR), which known as Eyeglass Rule, to promote customer choices and strengthen compliance. This act ensures that Americans can shop around for lower price.

Asia Pacific accounted as fastest rowing region in advanced ophthalmology technology market in forecast period due to expanding healthcare, pharmaceutical infrastructure and aging population in region. Asian government has been focusing on increasing awareness of eye disease among raising regional population. The “Asia Health Vision 2030” framework developed by World Health Organization have set the goal for reducing blindness by 50% by 2030 in region, support eye care system and sectors, increases awareness and education of eye health. This plan challenging member state for developments of national eye care plans.

China holds the largest market share due to its increased population. China’s Health China 2030 plan emphasizes eye heath and vision care of nations population. China emerged fund initiatives for research and developments in ophthalmology with National Science and Technology major Project. Chines government encourages competitive landscapes for innovations to develop ophthalmology technology and better health of people. For instant, EssilorLuxottica is major supporter f Eye Health Care plan of China, it helps to promote awareness of eye care, offers investment in myopia solutions for children’s as well as support sustainable developments. 

India is expecting significant growth in market share in forecast period. India’s Ayushman Bharat Yojna provides financial supported to more than ten crore families of country for healthcare benefits. Indian Department of Biotechnology & NEI-NIH collaborated with US in October 2023 to encourage research and development in advanced ophthalmology technology, this collaboration advocated science advancement & technology importance for prevention and awareness of eye disease, visual disorders, and their complications. The commitment of Asia Pacific government toward advancement in ophthalmology technology and eye care awareness, fostering market expansion.

The “APAO Congress 2023” event was held in February 2023, in field of ophthalmology, focused on “Reconnect and Collaborate” after the COVID-19 pandemic. In this event, the congress featured more than 500 presentation of latest discoveries and 16 ophthalmic subspeciality ideas, including clinical ophthalmology and visual science.

Market News 

• In August 2024, The American Society of Cataract & Refractive Surgery (ASCRS) introduced the ASCRS Business of Refractive Cataract Surgery Summit (BRiCS) it is a new educational initiative which having the goal is providing practices with the knowledge, resources, and confidence to boost the adoption of advanced-technology IOLs (AT IOLs). 
• In July 2024, The Noor Dubai Foundation, partnered with Nepal Netra Jyoti Sangh (NNJS), to launch the teleophthalmology program for the remote areas in Nepal having the aim of increasing eye care accessibility.  
• In November 2023, Ocutrx Technologies launched theOcuLenz augmented reality/extended reality headset, specially made for increasing visual clarity for people with advanced macular degeneration.

Market Segmentation

By Type

• Diagnostic
• Therapeutic

By End use

• Hospitals
• Ambulatory Surgical Centers (ASCs)
• Ophthalmic Clinics
• Others

Get this report to explore global market size, share, CAGR and trends, featuring detailed segmental analysis and an insightful competitive landscape overview@ https://www.precedenceresearch.com/checkout/5166

You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 804 441 9344