Ophthalmology Diagnostics and Surgical Devices Market – Launching New Services and Products to Expand Growth

Ophthalmology is a branch of medicine that studies the structure, function, and disorders of the eyes in detail. Ophthalmologists, optometrists, and opticians are medical professionals who diagnose and treat a variety of eye conditions, ranging from minor vision problems (myopia, hyperopia, astigmatism, etc.) to chronic eye diseases (diabetic retinopathy, macular degeneration, retinitis pigmentosa, etc ).

Drivers:

Increasing approval and launch of products is expected to propel growth of the global ophthalmology diagnostics and surgical devices market over the forecast period. For instance, in May 2019, The LENSAR Laser System with Streamline IV received 510(k) clearance from the US Food and Drug Administration for the treatment of additional corneal conditions following cataract surgery.

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Opportunities:

Rising cases of diabetes is expected to offer lucrative growth opportunities for players in the global ophthalmology diagnostics and surgical devices market. For instance, According to a study published in September 2019 in the journal Diabetes Research and Clinical Practice, “Global and regional diabetes prevalence estimates for 2019 and projections for 2030 and 2045: Results from the International Diabetes Federation Diabetes Atlas, 9th edition,” 463 million people are expected to have diabetes in 2019, with the number expected to rise to 578 million by 2030 and 700 million by 2045.

Restraints:

Lower number of ophthalmologists in emerging economies is expected to hinder growth of the market. For instance, “Estimated number of ophthalmologists worldwide (International Council of Ophthalmology update): will we meet the needs?” according to the study. In 2015, the ratio of ophthalmologists per million population in low-income countries was 3.7, compared to 76.2 in high-income countries, according to a study released in March 2020.

Key Takeaways:

Approval and launch of products is expected to propel growth of the global ophthalmology diagnostics and surgical devices market over the forecast period.

The global ophthalmology diagnostics and surgical devices market was valued at US$ 40,381.6 Mn in 2019 and is forecast to reach a value of US$ 67,449.1 Mn by 2027 at a CAGR of 6.6% between 2020 and 2027. Major factor driving the growth of global ophthalmology diagnostics and surgical devices market are increasing ophthalmic diseases, and growing geriatric population.

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The global ophthalmology diagnostics and surgical devices marketis estimated to account for US$ 43,047.7 Mn in terms of value in 2020 and is expected to reach US$ 67,449.1 Mn by the end of 2027.

Vision care held dominant position in the global ophthalmology diagnostics and surgical devices market in 2019, accounting for 2%share in terms of value, followed by Surgical and Diagnostic, respectively. Vision care products include eyeglasses, and lenses which are easy to use, and adds to aesthetic as well which is expected to support growth of the market.

Market Trends:

R&D in ocular surgery is boosting growth of the market. For instance, in March 2019, Clinical translation of ophthalmic imaging using surgical microscope-integrated intraoperative spectrally-encoded coherence tomography and reflectometry (iSECTR) will benefit real-time instrument and field of view monitoring for imaging of surgical dynamics and image-guided ophthalmic surgery, according to Dr. Yuankai Kenny K. Tao, Assistant Professor at Vanderbilt University in the United States.

High prevalence of refractive errors is also supporting in growth of the market. According to a study published in the Indian Journal of Ophthalmology in April 2019, the prevalence of refractive errors, uncorrected refractive error, and presbyopia in adults in India: A systematic review, the prevalence of refractive errors of at least 0.50 D of spherical equivalent ametropia was 53.1 percent. Furthermore, 10.2 percent of the study participants had uncorrected refractive error.

Competitive Landscape: 

Key players involved in the global ophthalmology diagnostics and surgical devices market include, Carl Zeiss Meditec AG, CooperVision, Essilor International, Hoya Corporation, Abbott Medical Optics, Inc., Alcon Laboratories, Inc., Bausch & Lomb, Inc. (Valeant Pharmaceuticals), and Johnson & Johnson.

Key Developments:

In May 2020, CooperVision has launched an online training programme to help optometrists become certified to prescribe the Brilliant Futures Myopia Management Program with MiSight 1 day contact lenses.

In March 2020, Alcon Laboratories, Inc. launched AcrySof IQ Vivity, a first-of-its-kind intraocular lens, with more countries to follow throughout 2020.

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Table of Content

Global Ophthalmology Diagnostics and Surgical Devices Market Research Report

Section 1: Global Ophthalmology Diagnostics and Surgical Devices Industry Overview

Section 2: Global Economic Impact on Ophthalmology Diagnostics and Surgical Devices Industry

Section 3: Global Market Competition by Industry Producers

Section 4: Global Productions, Revenue (Value), according to Regions

Section 5: Global Supplies (Production), Consumption, Export, Import, geographically

Section 6: Global Productions, Revenue (Value), Price Trend, Product Type

Section 7: Global Market Analysis, on the basis of Application

Section 8: Ophthalmology Diagnostics and Surgical Devices Market Pricing Analysis

Section 9: Market Chain, Sourcing Strategy, and Downstream Buyers

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