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:
Ophthalmology diagnostic and surgical devices include products such as cataract surgery devices, glaucoma surgery devices, refractive surgery devices, vitreoretinal surgery devices and diagnostics and monitoring devices. These devices help detect eye diseases and disorders and aid in performing eye surgeries. The advantages of these devices include improved patient outcomes, minimally invasive surgeries and reduced recovery time.
Market key trends:
One of the key trends in the ophthalmology diagnostics and surgical devices market is the rise of wearable devices. With increasing focus on remote and home-based monitoring of eye health, wearable devices such as smart contact lenses and virtual/ augmented reality headsets are gaining popularity. These devices facilitate non-invasive monitoring of key ocular parameters such as tear production, intraocular pressure and real-time imaging of the retina. The data collected can be shared with eye-care professionals for timely diagnosis and intervention. This is expected to revolutionize eye care and help manage chronic conditions more effectively.
Segment Analysis
The global ophthalmology diagnostics and surgical devices market is segmented on the basis of product, application, end-user and region. Based on product, the ophthalmology diagnostics and surgical devices market is segmented into diagnostic devices and surgical devices. The surgical devices segment dominated the market in 2022 due to the increasing prevalence of eye diseases and rising demand for minimally invasive glaucoma surgeries. The diagnostic devices segment is expected to witness high growth during the forecast period.
Key Takeaways
The Global Ophthalmology Diagnostics And Surgical Devices Market Demand is expected to witness high growth, exhibiting a CAGR of 6.6% over the forecast period, due to increasing prevalence of eye diseases and growing aging population.
Regional analysis:
North America dominated the global market in 2022 and is expected to continue its dominance over the forecast period. This is attributed to the growing prevalence of eye diseases and presence of key players in the region. Asia Pacific is expected to exhibit the highest growth rate during the forecast period due to rising healthcare expenditure, increasing medical tourism and growing initiatives by governments to create awareness about eye diseases.
Key players:
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 R&D activities to develop innovative products in order to gain competitive advantage in the market. For instance, in 2021, CooperVision launched myday toric contact lenses for astigmatism patients.
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