Ophthalmic Instruments Market

The ophthalmic instruments market is expected to show a slight decrease in performance over the next eight years, with a forecasted decline in both volume and value. Consumption and production have seen significant growth in recent years, with key players like the United States, Germany, and China leading the way. Imports and exports of ophthalmic instruments are also on the rise, with countries like Germany and the United States being major players in the export market. Overall, the global ophthalmic instruments market is evolving, with varying trends in consumption, production, and trade.

Market Forecast

The ophthalmic instruments market is expected to start a downward consumption trend over the next eight years. The performance of the market is forecast to decrease slightly, with an anticipated CAGR of -1.4% for the eight-year period from 2022 to 2030, which is projected to depress the market volume to 258M units by the end of 2030.

In value terms, the market is forecast to contract with an anticipated CAGR of +0.9% for the period from 2022 to 2030, which is projected to bring the market value to $47.2B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Ophthalmic Instruments And Appliances

Global ophthalmic instruments consumption soared to 289M units in 2022, growing by 93% against the previous year. In general, consumption recorded buoyant growth. As a result, consumption reached the peak volume and is likely to continue growth in the immediate term.

The global ophthalmic instruments market revenue soared to $44B in 2022, rising by 91% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption saw prominent growth. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the United States (79M units), Germany (78M units) and China (32M units), together accounting for 65% of global consumption.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Germany (with a CAGR of +36.4%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($20.4B) led the market, alone. The second position in the ranking was taken by India ($4.3B). It was followed by Germany.

In the United States, the ophthalmic instruments market increased at an average annual rate of +27.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (+7.2% per year) and Germany (+33.4% per year).

In 2022, the highest levels of ophthalmic instruments per capita consumption was registered in Germany (938 units per 1000 persons), followed by the UK (336 units per 1000 persons), the United States (236 units per 1000 persons) and France (71 units per 1000 persons), while the world average per capita consumption of ophthalmic instruments was estimated at 36 units per 1000 persons.

From 2012 to 2022, the average annual rate of growth in terms of the ophthalmic instruments per capita consumption in Germany amounted to +36.1%. In the other countries, the average annual rates were as follows: the UK (+1.7% per year) and the United States (+28.7% per year).

Production

World Production of Ophthalmic Instruments And Appliances

In 2022, approx. 281M units of ophthalmic instruments and appliances were produced worldwide; rising by 97% against the previous year's figure. In general, production posted a resilient expansion. As a result, production attained the peak volume and is likely to continue growth in the immediate term.

In value terms, ophthalmic instruments production fell modestly to $21.7B in 2022 estimated in export price. Over the period under review, the total production indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -5.1% against 2019 indices. The most prominent rate of growth was recorded in 2017 with an increase of 16% against the previous year. Over the period under review, global production hit record highs at $22.9B in 2019; however, from 2020 to 2022, production remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were Germany (84M units), the United States (80M units) and China (26M units), together comprising 67% of global production.

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +36.3%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Ophthalmic Instruments And Appliances

In 2022, the amount of ophthalmic instruments and appliances imported worldwide skyrocketed to 40M units, growing by 19% on 2021. In general, total imports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +7.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +100.5% against 2015 indices. The most prominent rate of growth was recorded in 2021 with an increase of 43% against the previous year. Over the period under review, global imports reached the maximum in 2022 and are likely to continue growth in the near future.

In value terms, ophthalmic instruments imports expanded significantly to $5.9B in 2022. Overall, total imports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +34.9% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 25%. Global imports peaked in 2022 and are expected to retain growth in years to come.

Imports By Country

China (8.2M units) and the United States (6.6M units) were the largest importers of ophthalmic instruments and appliances in 2022, amounting to near 21% and 17% of total imports, respectively. France (2.4M units) held a 6% share (based on physical terms) of total imports, which put it in second place, followed by the Netherlands (4.8%) and Spain (4.7%). Germany (1.7M units), Belgium (1.5M units), the UK (1.4M units), Italy (1.2M units), Japan (1.1M units), Malaysia (0.8M units), Russia (0.7M units) and India (0.6M units) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by China (with a CAGR of +30.5%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest ophthalmic instruments importing markets worldwide were China ($1.1B), the United States ($596M) and the Netherlands ($391M), together accounting for 35% of global imports.

In terms of the main importing countries, China, with a CAGR of +16.6%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average ophthalmic instruments import price amounted to $150 per unit, dropping by -8.7% against the previous year. Over the period under review, the import price continues to indicate a perceptible descent. The growth pace was the most rapid in 2018 when the average import price increased by 6% against the previous year. Over the period under review, average import prices reached the maximum at $203 per unit in 2019; however, from 2020 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Russia ($315 per unit), while Malaysia ($58 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+8.7%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Ophthalmic Instruments And Appliances

In 2022, shipments abroad of ophthalmic instruments and appliances increased by 20% to 32M units, rising for the sixth year in a row after two years of decline. Over the period under review, exports saw a resilient increase. The pace of growth appeared the most rapid in 2021 with an increase of 40%. The global exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, ophthalmic instruments exports expanded notably to $5.4B in 2022. The total export value increased at an average annual rate of +4.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 26%. The global exports peaked in 2022 and are likely to see gradual growth in the immediate term.

Exports By Country

Germany (8.1M units) and the United States (7M units) represented the major exporters of ophthalmic instruments and appliances in 2022, resulting at near 25% and 22% of total exports, respectively. Belgium (3.4M units) took the next position in the ranking, followed by China (2M units) and the Netherlands (1.9M units). All these countries together held approx. 23% share of total exports. The UK (1,430K units), Japan (1,240K units), France (1,088K units), Italy (725K units), Switzerland (700K units), Singapore (689K units) and South Korea (549K units) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +19.3%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest ophthalmic instruments supplying countries worldwide were the United States ($1.2B), Germany ($1.2B) and the Netherlands ($412M), together accounting for 51% of global exports. Switzerland, Japan, Belgium, Singapore, France, the UK, Italy, China and South Korea lagged somewhat behind, together accounting for a further 37%.

Singapore, with a CAGR of +13.2%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average ophthalmic instruments export price stood at $167 per unit in 2022, with a decrease of -9.5% against the previous year. Over the period under review, the export price saw a pronounced decrease. The growth pace was the most rapid in 2015 an increase of 13%. The global export price peaked at $245 per unit in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Switzerland ($479 per unit), while China ($70 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+7.5%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform