Global ophthalmology devices market to rise by $19.1b until 2028

Its growth is attributed to a trend towards medical tourism for low-cost procedures.

The global ophthalmology devices market is projected to grow by $19.1b until 2028 at an estimated compound annual growth rate of 4.31%, said Technavio.

The sector’s expansion is attributed to a rising trend towards medical tourism, with developed nations like the US and Canada sending patients to destinations such as Singapore, South Korea, and Thailand due to lower costs, accredited hospitals, and shorter waiting times.

Moreover, India has emerged as a leading medical tourism destination due to its healthcare infrastructure, skilled surgeons, and significantly lower costs.

“The cost difference for cataract surgery is also significant, with India offering prices 60-80% lower than North America and the UK,” the report said.

This market is also driven by the increasing prevalence of refractive defects and disorders such as strabismus, myopia, hyperopia, astigmatism, and presbyopia. Key products gaining traction include phoropters, premium intraocular lenses, and refurbished surgical equipment. 

“Prevent blindness initiatives and advancements in technology, including AI and cutting-edge surgical equipment like slit lamps, UV screens, and ultrasound phacoemulsification, are driving innovation,” the report added.