Ophthalmology diagnostics and surgical devices are medical equipment used for diagnostic and surgical procedures related to eye care. Some key ophthalmology diagnostics devices include optical coherence tomography scanners, fundus cameras, perimeters, and auto refractors & keratometers. Major ophthalmology surgical devices include cataract surgery devices, glaucoma surgery devices, refractive surgery devices, and vitreo retinal surgery devices. Cataract surgery devices dominate the market owing to high volume of cataract surgeries performed globally each year. The devices are used by ophthalmologists, optometrists, and ophthalmic technicians to examine and treat eye diseases and enable early detection of various eye disorders.
The global ophthalmology diagnostics and surgical devices market is estimated to be valued at US$ 60071 Bn or Mn in 2023 and is expected to exhibit a CAGR of 24.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing prevalence of eye diseases owing to rising geriatric population and changing lifestyle habits is a major driver fueling the growth of the ophthalmology diagnostics and surgical devices market. It is estimated that nearly 2.2 billion people suffer from vision impairment or blindness globally, with cataracts and uncorrected refractive errors being the leading causes. Furthermore, technological advancements in ophthalmic devices introducing miniature, handheld devices for diagnosis and surgeries, and growing demand for minimally invasive procedures are also propelling the market growth over the forecast period.
SWOT Analysis
Strength: The ophthalmology diagnostics and surgical devices market benefits from a growing geriatric population and rising prevalence of eye diseases. Advancements in technology are leading to development of minimally invasive surgery devices with shorter recovery times. Increased healthcare spending in developing nations is improving access to eye care.
Weakness: High costs associated with sophisticated ophthalmic devices restricts their adoption in low income regions. Lack of expertise and infrastructure in underdeveloped areas also poses challenges. Reimbursement uncertainties and regulatory approval delays can impact market revenues.
Opportunity: Untapped markets in rural areas across Asia and Africa present scope for expansion. Rise of tele-ophthalmology and e-health initiatives are expanding reach. Growing incidence of lifestyle diseases will drive demand. Innovations aimed at pediatric and specialized surgeries open new opportunities.
Threats: Stiff competition from local manufacturers offering low cost substitutes. Stringent regulations delay product launches. Economic slowdowns can impact procurement budgets of hospitals and clinics. Dependence on few global leaders makes the supply chain vulnerable to disruptions.
Key Takeaways
The Global Ophthalmology Diagnostics And Surgical Devices Market Demand is expected to witness high growth over the forecast period till 2031.
Regional analysis suggests North America dominates currently owing to favorable reimbursement scenario and healthcare infrastructure. However, Asia Pacific region is anticipated to grow at the fastest pace due to rising incomes, medical tourism and government initiatives to strengthen eye care programs.
Key players operating in the ophthalmology diagnostics and surgical devices market are WGL Holdings, Inc., Enking International, Green Mountain Energy, Native Energy, Cool Effect, Inc., Clear Sky Climate Solutions, Sustainable Travel International, 3 Degrees, terrapass, and Sterling Planet, Inc. The market is highly competitive with these major brands focusing on product innovation as well as expansion into emerging countries. Overall, increased life expectancy, growing disease burden and technological advancement will support continued growth prospects for players in this industry.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
