July 19, 2024

The Rise Of AI And Big Data Analytics Is Anticipated To Openup The New Avenue For Ophthalmology Diagnostics And Surgical Devices Market

The Ophthalmology Diagnostics And Surgical Devices Market is estimated to be valued at Us$52144.96 Million or Mn in 2023 and is expected to exhibit a CAGR Of 6.6% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The ophthalmology diagnostics and surgical devices market consists of a wide range of products used for eye examination, diagnosis and surgical procedures. Some key products in this market include slits lamps, fundus cameras, ophthalmoscopes, optical coherence tomography (OCT) scanners, refractive error equipment, phoropters, aberrometers, tonometers and peripheral equipment. These devices help diagnosis of various eye diseases and disorders such as glaucoma, cataract, diabetic retinopathy and age-related macular degeneration.

Market Dynamics:

Two major drivers for the growth of ophthalmology diagnostics and surgical devices market are rapid increase in prevalence of eye diseases and disorders, and growing demand for minimally invasive glaucoma surgery devices. According to World Health Organization (WHO) data, at least 2.2 billion people have vision impairment or blindness globally. The major causes of vision impairment include uncorrected refractive errors, cataracts, glaucoma, age-related macular degeneration and diabetic retinopathy. With increasing aged population and lifestyle changes, prevalence of these eye diseases is growing significantly. This is driving the demand for advanced diagnostic devices for early detection and treatment of diseases. Furthermore, growing preference for minimally invasive surgeries over conventional procedures is propelling the demand for minimally invasive glaucoma surgery devices.

Segment Analysis

The ophthalmology diagnostics and surgical devices market is dominated by diagnostic devices segment. Within diagnostic devices, optical coherence tomography (OCT) devices hold the largest market share due to its advantages over traditional imaging techniques. OCT devices provide high resolution, cross-sectional tomographic images of ocular structures for diagnosing and monitoring of retinal diseases.

PEST Analysis

Political: The regulations governing the medical devices industry have become more stringent in recent years to ensure patient safety. This increases compliance costs for companies.

Economic: Rising healthcare spending coupled with growing geriatric population are driving the demand for ophthalmology devices. However, budgetary constraints in developing nations impact market growth.

Social: Increased public awareness about eye diseases and availability of newer treatment options are supporting market expansion. However, limited access to healthcare in remote areas hinders it.

Technological: Advances in ophthalmic imaging, lasers and lens materials have expanded treatment possibilities. Miniaturization of devices enables ambulatory surgical centers to perform procedures.

Key Takeaways

The Global Ophthalmology Diagnostics And Surgical Devices Market Demand is expected to witness high growth, exhibiting CAGR of 6.6% over the forecast period, due to increasing prevalence of eye diseases and rising investment in R&D.

North America dominates the market currently due to supportive healthcare infrastructure and policies. However, Asia Pacific is expected to witness fastest growth due to large patient population, increasing healthcare spending and growing medical tourism.

Key players operating in the ophthalmology diagnostics and surgical devices market are Abbott Medical Optics, Inc., Alcon Laboratories, Inc., Bausch & Lomb, Inc., Carl Zeiss Meditec AG, CooperVision, Essilor International, Hoya Corporation, and Johnson & Johnson. These players are focusing on new product launches, mergers & acquisitions and geographical expansion to gain market share.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it