The ophthalmology diagnostics and surgical devices market include retinal devices, glaucoma devices, refractive devices and cataract devices which are used for diagnosis, surgical treatments and other applications in ophthalmology. These devices help detect various eye related conditions such as cataracts, glaucoma and diabetic retinopathy. With advantages like precision, minimally invasive surgeries and faster recovery time, these devices are increasingly adopted by ophthalmologists and patients.
The Global Ophthalmology Diagnostics and Surgical Devices Market is estimated to be valued at US$ 60071 Bn in 2024 and is expected to exhibit a CAGR of 24% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the ophthalmology diagnostics and surgical devices 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. These players are investing heavily in r&d to introduce advanced devices with improved functionalities. For instance, WGL Holdings, Inc. recently launched a new tonometer device that performs measurement of eye pressure in a quicker and painless manner.
The growing geriatric population and increasing prevalence of eye disorders are major factors boosting the demand for ophthalmology diagnostics and surgical devices. As per statistics, around 185 million are projected to suffer from cataracts worldwide by 2050. This rising cases require regular screenings and treatments using these devices.
The market is also witnessing rapid global expansion with players focusing on emerging markets through acquisitions and partnerships. For example, Enking International recently partnered with a chain of eye hospitals in Asia pacific to distribute its new generation phacoemulsification systems across the region. This will help the company cater to the growing needs in APAC.
Market Key Trends
One of the key trends witnessed in the Ophthalmology Diagnostics and Surgical Devices Market Size is growing adoption of femtosecond laser technology. This advanced technology enables precise corneal incisions and capsulotomies during cataract surgery minimising risks. It also leads to faster visual recovery for patients. Many new devices incorporating this technology are being launched which is expected to drive the demand over the forecast period.
Porter’s Analysis
Threat of new entrants: High capital requirements and patents held by existing large players make entry difficult for new players.
Bargaining power of buyers: Individual consumers have low bargaining power whereas large hospitals and institutions have higher bargaining power due to bulk purchasing ability.
Bargaining power of suppliers: A few big multinational suppliers exist with specialized components requiring high investments, giving them a monopoly situation.
Threat of new substitutes: Though many alternative treatments exist, substitutes for core ophthalmology procedures and devices are limited.
Competitive rivalry: Fierce competition exists between global giants controlling majority of market share through continuous innovation and patenting.
Geographical Regions
North America accounts for the largest share of the ophthalmology diagnostics and surgical devices market currently, owing to the advanced healthcare infrastructure and rising prevalence of eye conditions in the US and Canada. The availability of favorable reimbursements further boosts the regional market.
Asia Pacific is poised to grow at the fastest rate during the forecast period. This can be attributed to the growing geriatric population, increasing healthcare spending, expanding base of eye care professionals and hospitals in China and India, and growing medical tourism in these countries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
