Ophthalmology refers to a branch of medicine that deals with the detailed study of structure, function and disorder of the eyes. Ophthalmologists, optometrists and opticians are professionals involved in the diagnosis and treatment of several eye ailments ranging from minor vision defects (myopia, hyperopia, astigmatism, etc.) to chronic eye disorders (diabetic retinopathy, macular degeneration, retinitis pigmentosa, etc.).
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
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, LENSAR, Inc. received 510(k) clearance from the U.S. Food and Drug Administration for the LENSAR Laser System with Streamline IV for the treatment of additional corneal conditions post cataract surgery.
Global Ophthalmology Diagnostics and Surgical Devices Market: Opportunities
Increasing prevalence of diabetes is expected to offer lucrative growth opportunities for players in the global ophthalmology diagnostics and surgical devices market. For instance, according to the study, “Global and regional diabetes prevalence estimates for 2019 and projections for 2030 and 2045: Results from the International Diabetes Federation Diabetes Atlas, 9th edition”, published in the journal Diabetes Research and Clinical Practice, in September 2019, 463 million people are expected to suffer from diabetes in 2019 worldwide and the number is expected to reach 578 million by 2030 and 700 million by 2045.
Global Ophthalmology Diagnostics and Surgical Devices Market: Restraints
Lower number of ophthalmologists in emerging economies is expected to hinder growth of the market. For instance, according to the study, “Estimated number of ophthalmologists worldwide (International Council of Ophthalmology update): will we meet the needs?” published in March 2020, in 2015, the ratio of ophthalmologists per million population for low-income countries was 3.7 compared to 76.2 for high-income countries.
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 during the forecast period include increasing ophthalmic diseases, and increasing geriatric population.
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. 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.
R&D in ocular surgery is boosting growth of the market. For instance, in March 2019, Dr. Yuankai Kenny K. Tao, Assistant Professor at Vanderbilt University, U.S., reported that 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 tracking for imaging of surgical dynamics and image-guided ophthalmic surgery.
High prevalence of refractive errors is also aiding in growth of the market. For instance, according to the study, “Prevalence of refractive errors, uncorrected refractive error, and presbyopia in adults in India: A systematic review”, published in the Indian Journal of Ophthalmology, in April 2019, the prevalence of refractive errors, of at least 0.50 D of spherical equivalent ametropia was 53.1%. Moreover, the prevalence of uncorrected refractive error was 10.2% in the study population.
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
May 2020: CooperVision launched an online training curriculum to help eye care professionals to certify to prescribe the Brilliant Futures Myopia Management Program featuring MiSight 1 day contact lenses
March 2020: Alcon Laboratories, Inc. launched AcrySof IQ Vivity, a first-of-its-kind intraocular lens in select European markets, with additional countries to follow throughout 2020