15 Largest Ophthalmology Companies in the World
In this article, we will take a look at the 15 largest ophthalmology companies in the world. If you want to see more companies in this selection, go to the 5 Largest Ophthalmology Companies in the World.
The ophthalmology industry encompasses the diagnosis, treatment, and prevention of eye disorders and diseases. This includes medical and surgical treatments, as well as the manufacturing and distribution of products such as eyeglasses, contact lenses, and ophthalmic instruments. The industry also includes optometry, which is the branch of healthcare that deals with the examination, diagnosis, and treatment of visual disorders. Ophthalmologists and optometrists are the primary practitioners in this field, and they work in a variety of settings, including private practices, hospitals, and clinics. The outlook for the ophthalmology industry is generally positive, with growth expected in the coming years. The ophthalmology industry has staged a recovery from the depression in 2020 due to COVID-19-related restrictions and lockdowns.
The size of the global ophthalmology industry is expected to compound at an average rate of 6.52% to $81.05 billion in 2027. Furthermore, according to the data released by the World Health Organization (WHO) in October 2022, nearly 2.2 billion people around the world have near or far vision impairment. Out of these 2.2 billion people, vision impairment-related problems could either have been avoided or addressed for one billion people. By 2050, half of the world's population, or 4.8 billion, is anticipated to be myopic.
The bright outlook of the ophthalmology industry can be attributed to several factors. Firstly, as the global population ages, the incidence of age-related eye diseases such as cataracts and age-related macular degeneration (AMD) is expected to increase, driving demand for ophthalmology services and products. Secondly, the prevalence of eye diseases such as diabetic retinopathy and glaucoma is also expected to increase, particularly in developing countries, due to factors such as diabetes and hypertension. Furthermore, the development of new technologies, such as laser-based treatments and minimally invasive surgical techniques, is expected to drive growth in the ophthalmology market. Finally, the increasing availability of healthcare in developing countries is also expected to drive growth in the ophthalmology market, as more people will have access to eye care services. Some of the largest ophthalmology companies in the world include Novartis AG (SWX:NOVN), Johnson & Johnson Vision, and Alcon Inc. (NYSE:ALC).
Photo by Ozkan Guner on Unsplash
We first conducted thorough research of the ophthalmology industry to identify the largest ophthalmology companies in the world after analyzing their drug pipelines, revenue, market share, and overall size. We then chose 15 biggest of these companies. While some of these companies are pure-play ophthalmology firms specializing in ophthalmic drug solutions or equipment, others have well-established ophthalmology divisions as a part of their healthcare unit. These divisions generate a substantial amount of annual revenue, justifying the companies' inclusion in our list. These companies have been ranked in ascending order of their revenue posted in 2021.
Largest Ophthalmology Companies in the World
15. Nidek Co., Ltd.
2021 Revenue: $162.4 million
Nidek Co., Ltd. is a Gamagori, Aichi Prefecture, Japan-based company established in 1971 that specializes in developing, manufacturing, and distributing diagnostic and therapeutic equipment for ophthalmology. The company offers a wide range of products for various ophthalmic conditions such as cataracts, glaucoma, and retinal disorders.
Nidek Co., Ltd. employs 1,641 professionals and operates overseas subsidiaries in China, the US, India, Singapore, Brazil, and Korea. Nidek Co., Ltd.’s product portfolio includes diagnostic instruments such as fundus cameras, optical coherence tomography (OCT) systems, and automated perimetry devices. The company also offers therapeutic equipment such as YAG laser systems, excimer laser systems, and femtosecond laser systems for cataract surgery and other refractive procedures. Nidek Co., Ltd. is known for its advanced technology and innovative products.
14. STAAR Surgical Company (NASDAQ:STAA)
2021 Revenue: $230.5 million
STAAR Surgical Company (NASDAQ:STAA) is a Monrovia, California-based company that specializes in the formulation, manufacture, and distribution of ophthalmic products, particularly intraocular lenses (IOLs) and related delivery systems.
STAAR Surgical Company (NASDAQ:STAA) offers a wide range of products for various ophthalmic conditions such as cataracts and presbyopia. The company’s product portfolio includes an implantable Collamer lens (ICL) for the treatment of myopia, hyperopia, and astigmatism and the EVO Visian ICL, a foldable lens that is inserted into the eye's posterior chamber. STAAR Surgical Company (NASDAQ:STAA) also have a range of IOLs for cataract surgery, such as the AcrySof IQ Toric IOL and AcrySof IQ ReSTOR IOL, which is designed to reduce the need for glasses after cataract surgery.
13. Glaukos Corp (NYSE:GKOS)
2021 Revenue: $294.01 million
Glaukos Corp (NYSE:GKOS) is a San Clemente, California-based medical technology company founded in 1998 that specializes in the creation and manufacture of glaucoma treatments. Glaucoma is a disease that causes damage to the optic nerve and can lead to blindness if left untreated.
Glaukos Corp's (NYSE:GKOS) primary focus is to develop minimally invasive glaucoma surgery (MIGS) products that lower intraocular pressure (IOP) in patients with glaucoma and ocular hypertension. The company has developed iStent, the first and only FDA-approved MIGS device for the treatment of open-angle glaucoma. iStent is a tiny device that is placed in the eye to help improve the outflow of fluid and reduce IOP. Glaukos Corp (NYSE:GKOS) also develops and markets other MIGS devices such as iStent inject and Cypass micro-stent.
2021 Revenue: $425 million
Lumenis is a Yokneam, Israel-based medical device company founded in 1991 that specializes in developing and manufacturing laser and light-based technologies for ophthalmology, aesthetic, and surgical applications.
The ophthalmology products offered by Lumenis include laser systems for cataract and glaucoma surgery, as well as photocoagulation systems for retinal disorders. The company also offers devices for laser-assisted in situ keratomileusis (LASIK) surgery and other refractive procedures. Lumenis is known for its innovative and advanced technology in the field of ophthalmology. The company is focused on providing minimally-invasive treatment for the ophthalmology and aesthetic market. Lumenis has over 220 registered patents and multiple FDA clearances for its products as of 2023.
11. Topcon Healthcare
2021 Revenue: $1.06 billion
Topcon Healthcare is a Tokyo, Japan-based medical device company that is a subsidiary of TOPCON CORPORATION (TYO:7732), a precision measurement systems and technologies company.
The product portfolio of Topcon Healthcare includes diagnostic instruments such as fundus cameras, optical coherence tomography (OCT) systems, and automated perimetry devices. The company also provides therapeutic equipment such as YAG laser systems, excimer laser systems, and femtosecond laser systems for refractive procedures. Recently, the company developed the Topcon Triton, a laser system for the treatment of glaucoma, and the Topcon KR-8000PW, a digital retinal camera. Topcon Healthcare is a renowned producer of digital phoropters and automatic lensmeters as well.
10. Carl Zeiss Meditec AG (ETR:AFX)
2021 Revenue: $2.07 billion
Carl Zeiss Meditec AG is 59% owned by Oberkochen, Germany-based Carl Zeiss AG and is also a member of the TecDAX listed company on the German stock exchange. The company is a manufacturer of optical systems, industrial measurements, and medical devices, including ophthalmic equipment.
Carl Zeiss Meditec AG’s ophthalmology division offers a wide range of products for eye examinations, including slit lamps, fundus cameras, and refractors. The company also offers surgical equipment such as microscopes and intraocular lenses. Carl Zeiss Meditec AG is known for its high-quality precision products and a diverse range of optical biometers, ophthalmic surgical microscopes, Humphrey Perimeters, and data management tools in its portfolio. The company posted $2.07 billion in revenue in 2021, making it one of the largest ophthalmology companies in the world.
9. Santen Pharmaceutical Co Ltd (TYO:4536)
2021 Revenue: $2.35 billion
Santen Pharmaceutical is an Osaka, Japan-based ophthalmic-focused pharmaceutical company founded in 1890. The company develops and markets prescription ophthalmic products to treat eye disorders.
Santen Pharmaceutical’s product portfolio includes treatments for glaucoma, retinal disorders, dry eye disease, and allergic conjunctivitis. Santen's lead product is an eye drop called EYLEA (aflibercept), which is used to treat wet age-related macular degeneration and diabetic retinopathy. The company also has a wide range of products for glaucoma treatment, such as Taflotan, a prostaglandin analog, and Sant-GLA, a Rho kinase inhibitor. Santen Pharmaceutical’s products are available in many countries worldwide, and the company is continuously investing in R&D for new treatments for ophthalmological diseases. The company sells its products in 50 countries.
8. AbbVie Inc (NYSE:ABBV)
2021 Revenue: $2.4 billion
AbbVie Inc (NYSE:ABBV) is a Chicago, Illinois-based healthcare company. The company has its own ophthalmology division involved in the production of medications that treat various eye diseases. AbbVie Inc (NYSE:ABBV) also has a pipeline of investigational drugs related to the treatment of retinal vein occlusion and diabetic macular edema. The company is renowned for developing medications to manage or treat ocular surface disease, glaucoma, retinal disease, and presbyopia. AbbVie Inc (NYSE:ABBV) bought Allergan in May 2020 to develop and progressively broaden its revenue stream with new therapeutic spheres.
Baron Funds shared its outlook on AbbVie Inc (NYSE:ABBV) in its Q3 2022 investor letter. Here's what the firm said:
“AbbVie Inc. (NYSE:ABBV) is a drug developer best known for Humira, an immunosuppressant that is the best selling drug of all time. Given outsized key product risk (patent cliff and generic launches beginning in 2023), AbbVie has broadened its pipeline, highlighted by its Allergan acquisition. Shares fell on results that missed consensus and indications that legacy franchises were outperforming newer product launches, calling into question AbbVie’s long-term strategy. With promising assets in the pipeline and its robust cash flow profile, we believe AbbVie will grow well into the future.”
2021 Revenue: $2.93 billion
CooperVision is a San Ramon, California-based manufacturer of contact lenses with a presence in over 100 countries.
The company produces a wide range of contact lens products for various vision correction needs, including spherical, toric, multifocal, and colored lenses. These products aid in treating numerous widely known conditions like myopia, hyperopia, astigmatism, and presbyopia. The company also offers daily disposable, two-week replacement, and monthly replacement contact lenses. CooperVision is known for its advanced lens technologies and commitment to providing comfortable, healthy, and effective contact lens options for its customers. CooperVision is focused on providing effective and visually satisfying contact lens wear through its research and development of advanced lens designs and materials.
6. Bausch + Lomb
2021 Revenue: $3.77 billion
Bausch + Lomb is an Ontario, Canada-based eye care, consumer health care, surgical, and pharmaceutical company with a rich history of nearly 170 years. The company develops, manufactures, and markets a wide range of ophthalmic surgical devices and instruments, eye care products, and pharmaceuticals.
The company is best known for its contact lenses, lens care products, and ophthalmic surgical devices. Some of the company's most popular products include the Bausch & Lomb ULTRA contact lenses and the Bausch & Lomb SofPort intraocular lenses. They also have a wide range of surgical instruments, such as the Stellaris Elite Vision Enhancement System and the Stellaris PC Vision Enhancement System, which are used for cataract and retinal surgery.
Miller Value Partners shared its outlook on Bausch Health Companies Inc. (NYSE:BHC) in its Q2 2022 investor letter. Here’s what the firm said:
“Bausch Health Companies Inc. (NYSE:BHC) declined during the quarter as the company consummated its Bausch+Lomb IPO at valuations far below expectations, reported disappointing Q1 2022 results, and delayed its plan to spin out its Solta (aesthetics) business due to difficult market conditions. While the company spun off 10% of Bausch+Lomb (BCLO) they retained 90% of the company which they intend to distribute once they have met their target leverage ratio of 6.5-6.7x. The future spin-off value of the Bausch+Lomb piece represents a value of $12.55 per share, 39% above where Bausch Health is currently trading. The company recently appointed John Paulsen as Chair of the Board, which should accelerate value realization.”
In addition to Bausch + Lomb, Novartis AG (SWX:NOVN), Johnson & Johnson Vision, and Alcon Inc. (NYSE:ALC) are also some of the largest ophthalmology companies in the world.
Click to continue reading and see the 5 Largest Ophthalmology Companies in the World.
Disclosure: None. 15 Largest Ophthalmology Companies in the World is originally published on Insider Monkey.