SEATTLE, May 17, 2021, (MEDGADGET) — Overview:
The ophthalmology industry includes a wide range of diagnostic tools, surgical procedures, and other equipment. These are the most important factors in ensuring that the ophthalmological industry runs smoothly. The diagnostic devices help ophthalmologists perform thorough examinations of the peripheral and central regions of the eyes and diagnose ophthalmic disorders.
Rising cases of ocular disorders is expected to boost the growth of the global ophthalmology diagnostics and surgical devices market. For instance, According to the International Agency for the Prevention of Blindness, by 2020, 80 million people is expected to have glaucoma, up from 20 million in 2010.
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Furthermore, the rising geriatric population is also expected to propel the growth of the market. The U.S. geriatric population is expected to reach 77 million by 2034, according to the U.S. Census Bureau.
In terms of value, Vision Care held a 70.2 percent share of the global ophthalmology diagnostics and surgical devices market in 2019, followed by Surgical and Diagnostic, respectively.
Limitations in the applicability of some ophthalmic imaging and surgical systems is expected to hinder the growth of the global ophthalmology diagnostics and surgical devices market. Using intraoperative optical coherence tomography (iOCT) methods to photograph the peripheral retina is difficult. iOCT also has limits when it comes to showing image quality degradation.
Furthermore, the high cost of intraoperative ophthalmic imaging and surgical systems is also expected to hamper the growth of the global ophthalmology diagnostics and surgical devices market over the forecast period.
Growth in the 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 has partnered with De La Pea Eye Clinic in the United States to expand its eye surgery centers.
Furthermore, R&D in ocular surgery is also expected to fuel the growth of the market. For instance, in May 2018, Researchers from Cole Eye Institute in Ohio, United States, reported that iOCT imaging was acquired for 98.8% of PDR patients who underwent vitreoretinal surgery in the study, and surgeons reported that iOCT provided useful information for 50.6 percent 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.
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.
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Ophthalmology Diagnostics and Surgical Devices Market, By Type, is segmented into:
- Slit Lamps
- Fundus Cameras
- Optical Coherence Tomography
- Vitreoretinal Surgery
- Cataract Surgery
- Glaucoma Surgery
- Refractive Surgery
- Contact Lens
- Spectacles Lenses
- North America
- Latin America
- Asia Pacific
- Middle East
Market Trends/Key Takeaways:
The market is witnessing significant development in iOCT. For instance, The study ‘Intraoperative optical coherence tomography of a dislocated intraocular lens’, published in the Journal of Ophthalmic and Vision Research in February 2019, found that iOCT can successfully explant a dislocated intraocular lens without causing retinal breaks.
The market is also witnessing significant use of 3D technologies in ocular surgeries. For instance, the study, titled ‘THE INTEGRATIVE SURGICAL THEATER: Combining Intraoperative Optical Coherence Tomography and 3D Digital Visualization for Vitreoretinal Surgery in the DISCOVER Study,’ was published in the journal Retina in September 2018. It found that the 4K screen provided better visualization of the OCT data stream than the semi-transparent ocular view and that integration of OCT into the digital visualization system may enhance intraoperative diagnostics of vitreoretinal surgery.
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Key players involved in the global ophthalmology diagnostics and surgical devices market include Bausch & Lomb, Inc. (Valeant Pharmaceuticals), Carl Zeiss Meditec AG, CooperVision, Essilor International, Abbott Medical Optics, Inc., Alcon Laboratories, Inc., Hoya Corporation, and Johnson & Johnson.
- Major players in the market are focused on launching new services and products to expand their product portfolio. For instance, Alcon Laboratories, Inc. launched the “No Reason to Wait: Success Starts Now” programme in May 2020 to help Eye Care Professionals better understand the practice and patient benefits of treating Meibomian Gland Dysfunction, the root cause of evaporative dry eye (MGD).
- CooperVision unveiled Biofinity toric multifocal contact lenses in the United States in May 2020.
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