Ophthalmic Devices - Europe | Statista Market Forecast

The Ophthalmic Devices market market in Europe is anticipated to witness a significant growth in revenue, with projections indicating a staggering amount of US$11.51bn by the year 2024.
This growth is expected to continue steadily, with an estimated compound annual growth rate (CAGR 2024-2029) of 4.26%.
By 2029, the market volume is predicted to reach a noteworthy US$14.18bn.
When considering the global perspective, it is important to note that the United States will remain the dominant player in terms of revenue generation.
In 2024 alone, the United States is projected to generate an impressive sum of US$14.00bn in the Ophthalmic Devices market market.
Germany is leading the way in Europe with its advanced ophthalmic devices, revolutionizing the medical technology market.

Definition:
Ophthalmic devices refer to medical devices used for diagnosis of eye diseases, related surgeries, and vision correction.

Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Company examples: Essilor International, Johnson & Johnson, Bausch Health Companies. Further information on the key players can be found in the Market Shares boxes.

Ophthalmology diagnostic & surgical devices
Vision care

Ophthalmology pharmaceuticals
Ophthalmology supplements

The Ophthalmic Devices market in Europe is experiencing significant growth due to several key factors. Customer preferences for advanced and innovative technologies, increasing prevalence of eye diseases and disorders, and favorable government initiatives are driving the market expansion. Additionally, local special circumstances and underlying macroeconomic factors are contributing to the development of the market. Customer preferences in Europe are shifting towards advanced and innovative ophthalmic devices. Patients are increasingly seeking out devices that offer improved accuracy, precision, and comfort. This has led to a growing demand for products such as optical coherence tomography (OCT) devices, intraocular lenses (IOLs), and refractive surgical devices. Moreover, the aging population in Europe is more inclined towards devices that can address age-related eye conditions, such as cataracts and presbyopia. As a result, manufacturers are focusing on developing technologically advanced devices to cater to these preferences. The market is also being driven by the increasing prevalence of eye diseases and disorders in Europe. Factors such as changing lifestyles, rising pollution levels, and genetic predisposition contribute to the growing number of individuals with eye-related conditions. This has created a need for ophthalmic devices that can diagnose, treat, and manage these conditions effectively. As a result, there is a rising demand for devices such as diagnostic and monitoring devices, surgical devices, and vision care products. Government initiatives and favorable reimbursement policies are further fueling the growth of the Ophthalmic Devices market in Europe. Governments in various European countries are implementing programs to improve access to eye care services and reduce the burden of eye diseases on the healthcare system. This includes initiatives to increase the availability of ophthalmic devices, provide financial support for patients, and promote awareness about eye health. These initiatives are encouraging the adoption of ophthalmic devices and driving market growth. Local special circumstances also play a role in the development of the Ophthalmic Devices market in Europe. For example, certain countries in Europe have a higher prevalence of specific eye conditions, such as macular degeneration or glaucoma. This creates a localized demand for devices that can address these conditions. Manufacturers may tailor their product offerings to cater to these specific needs, leading to market growth in those regions. Underlying macroeconomic factors, such as economic growth and healthcare expenditure, also contribute to the development of the market. As the European economy continues to recover and healthcare expenditure increases, there is more funding available for the purchase of ophthalmic devices. This creates a favorable market environment for manufacturers and encourages investment in research and development. In conclusion, the Ophthalmic Devices market in Europe is growing due to customer preferences for advanced technologies, increasing prevalence of eye diseases, favorable government initiatives, local special circumstances, and underlying macroeconomic factors. Manufacturers are focusing on developing innovative devices to cater to customer preferences, while governments are implementing programs to improve access to eye care services. As a result, the market is expanding and creating opportunities for growth in the region.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.