The global ophthalmology diagnostics and surgical devices market comprises devices that aid in the diagnosis and treatment of ophthalmic disorders and diseases. Some key product segments include optical coherence tomography scanners, fundus cameras, perimeters, ophthalmic ultrasound imaging systems, ophthalmic knives, and others. These devices assist ophthalmologists in retinal diagnosis and surgery. Optical coherence tomography scanners provide high-resolution cross-sectional retinal imaging, enabling early diagnosis of various retinal disorders. Fundus cameras capture high-quality images of the retina and optic disc for evaluation. Ophthalmic ultrasound devices help in the diagnosis of retinal detachments and posterior segment abnormalities. Surgical knives and lasers aid in procedures such as cataract surgery, vitrectomy, and glaucoma surgery.
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 between 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 companies are focusing on new product development and market expansion strategies to enhance their market presence. For instance, in 2021, Carl Zeiss Meditec AG launched its new Visulas 620/Visulas 622 imaging systems with enhanced OCT capabilities for retinal diagnosis.
The demand for ophthalmic devices is growing rapidly mainly due to the rising prevalence of ophthalmic disorders globally. According to a recent study, over 2.2 billion people suffer from vision impairment or blindness around the world. Cataract, glaucoma, diabetic retinopathy, and age-related macular degeneration are the major causes of vision loss. This is creating a high need for early screening and treatment, favoring the uptake of ophthalmic diagnostics and surgical devices.
The leading market players are focusing on geographical expansion into high growth emerging economies to tap the increasing unmet needs. For instance, in 2021, Haag-Streit Diagnostics expanded its operations in Latin America with a new subsidiary in Colombia to cater to the rising demand. Similar expansion strategies by other players are indicative of the globalization of the ophthalmic devices market in the coming years.
Market drivers
The major driver for the Ophthalmology Diagnostics and Surgical Devices Market Growth is rapid technological advancements leading to development of innovative products. Ophthalmic device manufacturers are integrating newer technologies such as artificial intelligence, augmented reality, and virtual reality in their products. For instance, new generation OCT machines are integrated with AI algorithms for automated retinal disease diagnosis and tracking. Similarly, augmented reality is enabling guided surgeries with real-time image overlay. This is improving the accuracy and effectiveness of ophthalmic procedures. Such innovations are expected to bolster the demand for advanced ophthalmic devices over the forecast period.
Geopolitical Impact on the Ophthalmology Diagnostics and Surgical Devices Market
The current geopolitical tensions among various nations are posing challenges for the global ophthalmology diagnostics and surgical devices market. Restrictions on trade and commerce due to political instability or regional conflicts make it difficult for market players to expand their operations and reach consumers. Movement of goods, raw materials, components and medical professionals across borders has become complicated. This affects the timely supply of ophthalmic devices for clinicians. Manufacturers may face disruptions in their supply chains.
To counter such challenges, companies need to diversify their manufacturing and supplier base globally. Establishing facilities in politically stable regions can help secure production. Market players must also focus on building strategic partnerships locally to cater to regional demands. Adopting advanced technologies like machine learning and artificial intelligence can help automate processes, making operations less dependent on human resources. Telehealth and remote surgery technologies should be leveraged to continue serving patients when travel is restricted. Overall, geopolitical risks require the industry to have flexible, resilient and distributed business models.
Geographical Regions with Highest Market Value
North America currently holds the largest share of the global ophthalmology diagnostics and surgical devices market in terms of value. Advanced healthcare infrastructure, rising geriatric population prone to eye diseases, and high adoption of new technologies drive the North American market. The United States accounts for the major market revenue due to presence of many key players and availability of reimbursements for ophthalmic treatments. Growth opportunities also exist in countries like Canada and Mexico on account of increasing healthcare spending.
Fastest Growing Regional Market
The Asia Pacific region is poised to witness the fastest growth in the ophthalmology diagnostics and surgical devices market over the forecast period. This is attributed to the rising awareness about eye care, growing geriatric population, improving healthcare infrastructure and increasing healthcare spending in emerging nations like China and India. The large untapped patient pool makes Asia Pacific an attractive market for both international and domestic players. Governments are also supportive with regulations and policies to boost the healthcare sector. All these factors will fuel the demand for ophthalmic devices in Asia Pacific.
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