Ophthalmic Devices Market to Surpass US$ 68.3 Billion Threshold by 2026 - Coherent Market Insights

Published On : Dec 01, 2018

The Global Ophthalmic Devices Market, by Product Type (Vision Care Devices (Spectacles and Contact Lenses), Surgery Devices (Cataract Surgery Devices, Refractive Surgery Devices, Vitreoretinal Surgery Devices, and Glaucoma Surgery Devices), and Diagnostic and Monitoring Devices (Fundus Camera, Optical Coherence Tomography Scanner, Retinoscope, Tonometer, Pachymeter, Optical Biometer, Autorefractor, and Others)), by End User (Hospitals, Ophthalmic Clinics and Centers, and Ambulatory Surgical Centers), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 48.7 billion in 2018 and is projected to exhibit a CAGR of 4.3% over the forecast period (2018 – 2026), as highlighted in a new report published by Coherent Market Insights.

Introduction of new ophthalmic devices that offer higher efficiency, convenience, and higher throughput results over conventional devices is expected to be a major factor for growth of the market. Moreover, new ophthalmic devices used for cataract surgery offer several benefits in capsulotomies surgery such as femtosecond laser, which provides a perfectly round and perfectly centered capsulotomy.

In June 2018, Aequus Pharmaceuticals Inc. launched the Zepto Precision Pulse Capsulotomy System (Zepto) in Canada, during the Canadian Ophthalmological Society’s 2018 Annual Meeting and Exhibition. Under the commercial agreement with Mynosys Cellular Devices, Inc., Aequus is appointed as a Canadian distributor for Zepto Precision Pulse Capsulotomy System. Zepto is used during cataract surgery to produce a consistent, high quality, and round capsulotomy in milliseconds, with convenient, cost-effective, disposable format. Zepto uses precision pulse capsulotomy method, a proprietary combination of calibrated suction and a 4-millisecond multipulse energy algorithm to produce highly accurate capsulotomies.

Iantech, Inc., an ophthalmic device manufacturing company, offers a revolutionary miLOOP technology that allows energy-free lens fragmentation through a minimally invasive clear cornea incision. This makes cataract removal more efficient, less invasive, and less dependent on capital-intensive phacoemulsification systems.

Browse 32 Market Data Tables and 39 Figures spread through 185 Pages and in-depth TOC on ‘Ophthalmic Devices Market, by Product Type (Vision Care Devices (Spectacles and Contact Lenses), Surgery Devices (Cataract Surgery Devices, Refractive Surgery Devices, Vitreoretinal Surgery Devices, and Glaucoma Surgery Devices), and Diagnostic and Monitoring Devices (Fundus Camera, Optical Coherence Tomography Scanner, Retinoscope, Tonometer, Pachymeter, Optical Biometer, Autorefractor, and Others)), by End User (Hospitals, Ophthalmic Clinics and Centers, and Ambulatory Surgical Centers), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Global Forecast to 2026’

To know the latest trends and insights prevalent in the ophthalmic devices market, click the link below:

https://www.coherentmarketinsights.com/market-insight/ophthalmic-devices-market-686

Increasing regulatory approvals of new products and launch of technologically advanced ophthalmic medical devices are expected to boost growth of the ophthalmic devices market over the forecast period.

Carl Zeiss Meditec AG in November 2016, received the U.S. Food and Drug Administration (FDA) approval for Swept-Source OCT posterior ocular imaging with PLEX Elite 9000. This new cutting-edge Swept-Source OCT and OCT Angiography platform was developed to advance retina research and is at the core of the Advanced Retina Imaging. Furthermore, NIDEK CO., LTD. in November 2016, received the U.S FDA 510K clearance for its new MP-3 Microperimeter. The device includes a wider range of stimulus intensity, from 0 to 34 dB, compared to the MP-1.

Moreover, key players in the market are focused on acquisition strategies to expand geographical their geographical presence. For instance, in 2017, Carl Zeiss Meditec AG strengthened its presence in Russia, Ukraine, the Commonwealth of Independent States (CIS), and Georgia through the acquisition of majority stakes in Optec Group. Moreover, Carl Zeiss Meditec AG, in January 2014, acquired Turkey-based Optronik AS. This acquisition allowed Carl Zeiss Meditec to expand and strengthen its presence in Turkey.

Key Takeaways of the Ophthalmic Devices Market:

  • The global ophthalmic devices market is expected to exhibit a CAGR of 3% over the forecast period, owing to introduction of advanced ophthalmic devices. Moreover, key player are also focused on adopting organic and in-organic growth strategies such as new product launch, acquisition, and divestment to enhance market share.
  • Among product type, vision care devices segment accounted for major market share in 2017. Vision care devices include spectacles and contact lens. These devices are marketed by various specialty stores, which is the major distribution channel for end users. Furthermore, technological advancements in contact lens manufacturing, increasing prevalence of eye disorders, and increasing focus on aesthetic appearance are projected to be the major factors driving the adoption of vision care devices.
  • Among end user, ophthalmic clinics and centers segment accounted for the highest share in 2017 in the market. Ophthalmic clinics and centers extensively perform various ophthalmological diagnostic tests using retinal camera, keratometer, autorefractor, tonometer, slit lamp, and retinoscope, which offer high accuracy and real-time evaluation of eye defects. Growth of ophthalmic devices is attributed to increasing public awareness regarding eye related diseases and defects and growing adoption of ophthalmic devices in the ophthalmology clinics and centers.
  • Major players operating in the global ophthalmic devices market include, Carl Zeiss Meditec Group, Escalon Medical Corp., Haag-Streit AG, Heidelberg Engineering GmbH, Heine Optotechnik GmbH & Co. KG, Essilor International S.A., NIDEK CO., LTD., Quantel Medical SAS, Luneau Technology Group, and Topcon Corporation.

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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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