NEW YORK, Oct. 14, 2024 /PRNewswire/ -- Report with the AI impact on market trends - The Global Ophthalmology Devices Market size is estimated to grow by USD 19.1 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 4.31% during the forecast period. Increasing prevalence of ophthalmic diseases is driving market growth, with a trend towards increasing medical tourism for low-cost ophthalmology surgeries. However, high cost and limited reimbursement poses a challenge - Key market players include Alcon Inc., Bausch Health Companies Inc., Carl Zeiss AG, Danaher Corp., Digital Diagnostics Inc., EssilorLuxottica, EyeQue Corp., Glaukos Corp., HOYA CORP., IRIDEX Corp., Johnson and Johnson Services Inc., LENSAR Inc., Lumenis Be Ltd., LUMIBIRD SA, Metall Zug AG, NIDEK Co. Ltd., STAAR Surgical Co., The Cooper Companies Inc., Topcon Corp, and Ziemer Ophthalmic Systems AG.
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Forecast period |
2024-2028 |
Base Year |
2023 |
Historic Data |
2018 - 2022 |
Segment Covered |
Product (Vision care, Ophthalmology surgical devices, and Ophthalmology diagnostic devices), End-user (Hospitals and eye clinics, Academic and research laboratories, and Others), and Geography (North America, Europe, Asia, and Rest of World (ROW)) |
Region Covered |
North America, Europe, Asia, and Rest of World (ROW) |
Key companies profiled |
Alcon Inc., Bausch Health Companies Inc., Carl Zeiss AG, Danaher Corp., Digital Diagnostics Inc., EssilorLuxottica, EyeQue Corp., Glaukos Corp., HOYA CORP., IRIDEX Corp., Johnson and Johnson Services Inc., LENSAR Inc., Lumenis Be Ltd., LUMIBIRD SA, Metall Zug AG, NIDEK Co. Ltd., STAAR Surgical Co., The Cooper Companies Inc., Topcon Corp, and Ziemer Ophthalmic Systems AG |
Key Market Trends Fueling Growth
Medical tourism is a growing trend in which patients travel to countries offering high-quality, affordable healthcare services. Developed countries like the US and Canada send patients to destinations such as Singapore, India, Mexico, South Korea, and Thailand for ophthalmology procedures due to lower costs, accredited hospitals, and shorter waiting times. The Medical Tourism Association (MTA), established in 2007, supports this industry by ensuring high-quality care. In ophthalmology, popular procedures include cataract surgery, LASIK, glaucoma treatments, and refractive procedures. India is a leading medical tourism destination due to its advanced infrastructure, skilled surgeons, and affordable costs. Countries like Mexico also attract patients due to shorter travel times and skilled professionals. Accredited hospitals, such as those certified by Joint Commission International (JCI), National Accreditation Board for Hospitals & Healthcare Providers (NABH), and International Organization for Standardization (ISO), ensure quality care. The cost savings for LASIK surgery in developing countries can be up to 80% compared to the US, making it a popular choice. The cost difference for cataract surgery is also significant, with India offering prices 60-80% lower than North America and the UK. The competition among countries to offer superior medical services drives the growth of the ophthalmology devices market in this sector.
The Ophthalmology Devices Market is experiencing significant growth due to the increasing prevalence of refractive defects and disorders such as strabismus, myopia, hyperopia, astigmatism, and presbyopia. Phoropters, premium IOLs, and refurbished equipment are trending in this market. Prevent blindness initiatives and advancements in technology, including AI and cutting-edge surgical equipment like slit lamps, UV screens, and ultrasound phacoemulsification, are driving innovation. Acquisitions of key players and the aging population's growing need for eye care are also contributing factors. Retinal surgery, including retinal implants and vitreoretinal disorders treatment, are gaining popularity. Skilled staff and technicians are essential for the successful implementation of surgical ophthalmic equipment. Conditions like cataracts, uveitis, CMV retinitis, and diabetic retinopathy continue to challenge the industry. Contact lenses, corneal surgery, and refractive surgery are common treatments for various refractive disorders. Artificial corneas and bioengineered corneas offer hope for those with severe corneal damage. Overall, the market is focused on providing advanced solutions to prevent blindness and improve vision.
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Market Challenges
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Segment Overview
This ophthalmology devices market report extensively covers market segmentation by
1.1 Vision care- The global ophthalmology devices market encompasses vision care products, including spectacle lenses and contact lenses. Spectacle lenses, the most common type of eyewear, are available in two forms: glass and plastic. Plastic lenses, such as high-index, tribrid, polycarbonate, trivex, and CR-39, are popular due to their advantages, including lightweight, break resistance, and superior protection. Factors driving growth in the spectacle lens segment include the increasing adoption of high-tech plastic lenses and high-definition lenses, as well as marketing investments by vendors. Contact lenses serve as an alternative to glasses for vision correction, with rising demand due to their convenience and aesthetic appeal. The market is driven by factors such as increasing eye disorders and cosmetic applications. Soft contact lenses, the most popular type, offer comfort, ease of adjustment, and oxygen permeability. Daily disposable and extended soft lenses, as well as hybrid lenses, are driving market growth due to their advantages and technological advancements, such as multifocal toric lenses addressing presbyopia and astigmatism. Overall, the vision care segment is expected to witness significant growth in the global ophthalmology devices market.
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Research Analysis
The Ophthalmology Devices Market encompasses a range of medical devices used in the diagnosis and treatment of various optical disorders, including LASIK surgery and refractive surgery equipment for correcting vision defects. Additionally, the market includes devices for retinal and corneal surgeries, such as UV screens, phacoemulsification devices, and premium IOLs. Refurbished equipment and phacoemulsification machines are also in demand for cost-effective solutions. The market caters to the growing number of patients with conditions like cataract, glaucoma, diabetic retinopathy, and vitreoretinal disorders. Ophthalmic surgical instruments and diagnostic instruments are essential tools for ophthalmologists. The geriatric population, with a higher prevalence of eye diseases, fuels the demand for these devices. Binocular vision, strabismus, and refractive defects are other areas of focus in the market. Intraocular lenses, glaucoma stents, lasers, and optical devices are some of the key product categories.
Market Research Overview
The Ophthalmology Devices Market encompasses a wide range of medical devices used for diagnosing, treating, and managing various optical disorders. With an aging population and increasing prevalence of conditions like cataracts, glaucoma, diabetic retinopathy, and macular degeneration, the demand for advanced ophthalmic medical devices is on the rise. Cutting-edge technology, including AI-powered diagnostic instruments, femtosecond laser surgery, and retinal implants, is transforming the field. Binocular vision, corneal surgery, and refractive disorders are some of the key areas of focus. Healthcare spending rates and health insurance coverage are major factors influencing market growth. Eye clinics, hospitals, and operating rooms are the primary end-users, requiring skilled staff and surgical ophthalmic equipment, including phacoemulsification machines, intraocular lenses, and ophthalmic surgical instruments. Diagnostic instruments, such as fundus cameras, slit lamps, and ophthalmoscopes, are essential for early detection and treatment of various eye conditions. Additionally, the market includes refurbished equipment, contact lenses, and optical disorders-specific devices like UV screens for protecting against harmful radiation. Prevent Blindness and National Glaucoma Research are some of the organizations working towards increasing awareness and research in the field.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio