The ophthalmic devices market is expected to showcase considerable growth by 2027 owing to surging demand for eye surgeries across the globe. In addition, increasing emphasis on product development with the integration of advanced technologies is anticipated to further support market adoption through the forecast timeline.

Recently, industry players have been focusing on product innovation to boost their market presence, which has improved product outlook worldwide. For instance, in June 2021, EyeYon Medical, an Israel-based start-up developing ophthalmic products, received CE Mark for its EndoArt after clinical trials proved the device to be safe and effective for the treatment of chronic corneal edema.

EndoArt is the first and only synthetic implant in the world that can replace the human endothelium, which the human body does not regenerate. In May 2021, EndoArt also became the only ophthalmic device in the world to be granted both the Breakthrough Device Designation from the U.S. FDA as well as China's Innovative Device Status.

Additionally, market entrants are adopting lucrative strategies to extend their presence across key regions, which has positively impacted the global business landscape. For instance, in June 2021, Sight Sciences, a California-based provider of surgical and medical devices for underserved eye diseases, filed with the SEC for an initial public offering to raise up to $100 million.

The company currently offers two products - the TearCare System and the OMNI Surgical System. The TearCare System, which is a wearable open-eye system, is used in the treatment of dry eye syndrome while the OMNI Surgical System, a handheld and single-use therapeutic device, is used in minimally invasive surgeries to decrease intraocular pressure in adult glaucoma patients.

The ophthalmic devices market has been categorized on the basis of product, end-use, and region. In terms of product, the market has been segregated into surgical devices, vision care products, diagnostic and monitoring devices, and ophthalmic accessories.

In 2020, the ophthalmic accessories sub-segment was valued at more than USD 2,616 million and is projected to witness significant growth by 2027, progressing at a CAGR of over 3.4% through the assessment period. Increasing product application in different surgical procedures, including glaucoma surgery, refractive surgery, and cataract surgery, among others, coupled with improved outcomes through the use of ophthalmic accessories, is estimated to fuel segmental adoption in the coming years.

Based on end-use, the ophthalmic devices market has been bifurcated into consumers, specialty clinics, hospitals, ambulatory surgical centers, and others. In 2020, the consumers sub-segment valuation surpassed USD 18,872 million and is calculated to exhibit substantial growth at over 3.2% CAGR over the study timeframe. Technological development in ophthalmic procedures, coupled with increasing consumer consciousness related to physical appearance, is speculated to support industry expansion over the following years.

In the regional landscape, the Middle East & Africa ophthalmic devices market was valued at over USD 1,202 million in 2020 and is expected to grow at nearly 3.8% CAGR through the forecast timeline. Growing awareness related to ophthalmic diseases across the countries in the region is likely to foster business outlook in the future.