Ophthalmology Diagnostics and Surgical Devices Market

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OPHTHALMOLOGY DIAGNOSTICS AND SURGICAL
DEVICES MARKET ANALYSIS

• Ophthalmology Diagnostics and Surgical Devices
  Market, By Type (Diagnostic (Autorefractometers,
  Slit Lamps, Tonometers, Ophthalmoscopes, Fundus
  Cameras, Optical Coherence Tomography, Others),
  Surgical (Vitreoretinal Surgery, Cataract
  Surgery, Glaucoma Surgery, Refractive Surgery),
  Vision Care (Contact Lens, Spectacles Lenses)),
  and By Region (North America, Latin America,
  Europe, Asia Pacific, Middle East Africa) -
  Size, Share, Outlook, and Opportunity Analysis,
  2020 - 2027

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•  .
• 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.
• 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

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

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• 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, RD in ocular surgery is also expected
  to aid in growth of the market. For instance, in
  the May 2018 issue of American Academy of
  Ophthalmologys 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.

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

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• 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.
• 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.

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