by The Global Ophthalmology Diagnostics And Surgical Devices Market is estimated to be valued at Us$ 52144.96 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 comprises equipment used for screening, diagnosis, and surgical purposes across various ophthalmic procedures. Key product categories include ophthalmic diagnostic devices such as optical coherence tomography, autorefractors and keratometers, fundus camera and slit lamp microscopy. Surgical devices include cataract surgery devices, vitreoretinal surgery devices, refractive surgery devices and glaucoma surgery devices. Increased prevalence of eye disorders such as cataracts, glaucoma, and diabetes-induced retinopathy have driven demand for advanced ophthalmic devices capable of early diagnosis and minimally invasive surgical procedures.
Market key trends:
One of the key trends witnessed in the market is the increasing adoption of femtosecond lasers for cataract and refractive surgeries. Femtosecond lasers enable highly precise incisions and cuts during ophthalmic procedures with reduced instances of postoperative complications compared to conventional methods. This has led to their widespread adoption across hospitals and ambulatory surgical centers. Growing accessibility to healthcare services in Asia Pacific nations coupled with rising disposable incomes support market growth. In addition, favorable government policies focused on digital health initiatives are expected to drive the Asia Pacific ophthalmology diagnostics and surgical devices market over the forecast period.
Porter’s Analysis
Threat of new entrants: The ophthalmology diagnostics and surgical devices market has moderate threat of new entrants due to significant capital requirements and regulatory hurdles.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes and focus on price. However, the specialized nature of products limits their bargaining power to some extent.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of substitutes and differentiated products.
Threat of new substitutes: The threat from substitutes is moderate as other techniques provide imperfect substitutes for ophthalmology diagnostics and surgical devices.
Competitive rivalry: The ophthalmology diagnostics and surgical devices market faces high competitive rivalry due to the presence of many regional and global players.
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 ocular diseases and aging population.
Regional analysis:
North America dominated the market in 2023 and is projected to retain its dominance over the forecast period, owing to the growing availability of advanced diagnostic devices. Asia Pacific is expected to exhibit the fastest growth over the forecast period with growing medical tourism and healthcare infrastructure development.
Key players:
Key players operating in the ophthalmology diagnostics and surgical devices market include 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 and acquisitions to strengthen their market position.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
