Ophthalmology diagnostics and surgical devices market

Ophthalmology sector encompasses a wide array of various diagnostic devices, surgical procedures, and other equipment. These form the key aspects to ensure appropriate functionality of ophthalmological industry. The diagnostic devices assist the ophthalmologists to conduct detailed examination of the periphery and central areas of eyes and help in determination of ophthalmic disorders.

The global ophthalmology diagnostics and surgical devices market is 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.

Global Ophthalmology Diagnostics and Surgical Devices Market: Drivers

Increasing prevalence of ocular disorders is expected to propel growth of the global ophthalmology diagnostics and surgical devices market over the forecast period. For instance, according to The International Agency for the Prevention of Blindness, 80 million people are expected to suffer from glaucoma by 2020 compared to 20 million since 2010.

Moreover, increasing geriatric population is also expected to aid in growth of the market. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.     

Vision care held dominant position in the global ophthalmology diagnostics and surgical devices market in 2019, accounting for 70.2% share in terms of value, followed by Surgical and Diagnostic, respectively

Figure 1. Global Ophthalmology Diagnostics and Surgical Devices Market Share (%), by Value, by Type, 2019

Global Ophthalmology Diagnostics and Surgical Devices Market: Restraints

Limitations in the applicability of some ophthalmic imaging and surgical systems is expected to limit growth of the market. It is challenging to image peripheral retina using intraoperative optical coherence tomography (iOCT) technologies. iOCT also has limitations in demonstrating deterioration of the image quality.

Moreover, high cost of intraoperative ophthalmic imaging and surgical systems is expected to limit growth of the market.

Global Ophthalmology Diagnostics and Surgical Devices Market: Opportunities 

Increasing number of ophthalmology clinics & hospitals is expected to offer lucrative growth opportunities for players in the global ophthalmology diagnostics and surgical devices market. For instance, in July 2019, Covenant Surgical Partners partnered with U.S.-based De La Peña Eye Clinic to expand its eye surgery centers.

Moreover, R&D in ocular surgery is also expected to aid in growth of the market. For instance, in the May 2018 issue of American Academy of Ophthalmology’s journal Ophthalmology Retina researchers from Cole Eye Institute, Ohio, U.S., reported that iOCT imaging was obtained for 98.8% of PDR patients that underwent vitreoretinal surgery in the study and surgeons reported that iOCT provided valuable information for 50.6% of the patients.

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.

Figure 2. Global Ophthalmology Diagnostics and Surgical Devices Market Value (US$ Mn), and Y-o-Y Growth (%), 2019-2027

Market Trends/Key Takeaways

The market is witnessing significant development in iOCT. For instance, in February 2019, the study ‘Intraoperative optical coherence tomography of a dislocated intraocular lens’, published in the Journal of Ophthalmic and Vision Research, reported that iOCT can be used to successfully explant a dislocated intraocular lens without causing any retinal breaks.

The market is also witnessing significant use 3D technologies in ocular surgeries. For instance, the study, ‘THE INTEGRATIVE SURGICAL THEATER: Combining Intraoperative Optical Coherence Tomography and 3D Digital Visualization for Vitreoretinal Surgery in the DISCOVER Study’, published in September 2018, in the journal Retina, reported that the 4K screen provided improved visualization of the OCT data stream compared with the semitransparent ocular view and that integration of OCT into the digital visualization system may enhance intraoperative diagnostics of vitreoretinal surgery.

Global Ophthalmology Diagnostics and Surgical Devices Market: Competitive Landscape

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

Global Ophthalmology Diagnostics and Surgical Devices Market: Key Developments

Major players in the market are focused on launching new services and products to expand their product portfolio. For instance, in May 2020, Alcon Laboratories, Inc. launched the “No Reason to Wait: Success Starts Now” program in order to aid Eye Care Professionals better understand the practice and patient benefits of treating the root cause of evaporative dry eye, Meibomian Gland Dysfunction (MGD).

Similarly, in May 2020, CooperVision launched Biofinity toric multifocal contact lenses in the U.S.