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Published Date: 2014-04-04Number of Pages: 132

Ophthalmology Diagnostics and Surgical Devices Market (Optical Coherence Tomography, Echography, Corneal Topographers, Specular Microscopes, Cataract, Refractive, Glaucoma and Vitreoretinal Surgery Devices) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019

Ophthalmology industry is witnessing a rapid pace of technological advances in order to achieve efficient diagnosis and treatment platforms. Maintenance of normal vision is vital as eyes are one of the most crucial sensory organs. Defects in vision and other infections, inflammations may result in complete loss vision. Hence, various ophthalmological diagnostic and surgical treatment devices play an utmost important role so as to avoid vision loss and improve the quality of life of patients. The ophthalmic diagnostic platforms aid the ophthalmologist to have a detailed view of the internal eye structure and helps in examination of the microvasculature of the eye. Thus, providing appropriate diagnosis of the ophthalmic condition. Post diagnosis the patients are either prescribed vision care products in case of normal vision corrections (refractive errors) or surgeries are performed based on ophthalmic condition. The major factors attributing towards the growth and proliferation of ophthalmological devices market are its persistent product modifications and continuous rise in geriatric population. Furthermore, high demand for efficient diagnostic platforms, minimally invasive surgeries, and improved healthcare infrastructure is also propelling the growth of this market. On the contrary, high cost of the high end advanced diagnostic platforms, technologically advanced surgical procedures coupled with lack of professional expertise might restrain the growth of ophthalmology devices market. The global market for ophthalmology devices market was valued at USD 26,012.6 million in 2012 and is estimated to reach USD 40,381.6 million by 2019 growing at a CAGR of 6.6 % from 2013 to 2019.
 
Ophthalmology devices market can be analyzed by product type, applications and geography. The product type is further segmented into several diagnostic, surgery devices and vision care products. Vision care segment accounted for the largest market segment and was valued at USD 17,615.8 million in 2012 growing at CAGR of 7.1% throughout the forecast period from 2013 to 2019. This growth has been attributed towards the growth of large consumer base, rise in the number of advanced software applications along with increase in the incidence of ophthalmic refractive errors. As per the data published by World Health organization (WHO) in the year 2013, around 82% of the people aged 50 and above are currently living with blindness. Also, it had stated that uncorrected refractive errors have led to visual impairments especially in the low and middle income economies.
 
Innovation and novelty in several diagnostic platforms such as the use of mobile smart phone applications for eye visualization and hand held instruments has boosted the growth and uptake of several diagnostic platforms. Also with the extensive use of lasers such as femtosecond, excimer and YAG (yttrium aluminum garnet) lasers, ophthalmology surgery devices market is now exhibiting a tremendous growth potential. Moreover, with the use of LASIK (Laser-Assisted in Situ Keratomileusis) surgery techniques, Vitreoretinal techniques, Intra ocular lenses (IOLs) and retinal implants are anticipated to push the growth of surgical equipment market. The applications market of ophthalmology devices represents the diagnosis, surgery and vision care. The diagnostic and surgical applications are interdependent to a certain extent. Post diagnosis of the ophthalmological condition, the mode of treatment is decided.
 
Regional analysis of ophthalmology devices market covers four major geographic regions namely North America, Europe, Asia-Pacific and Rest of the World (RoW). North America and Europe dominated the global ophthalmology devices market and accounted for largest percentage share accounting for around more than 55% of the total market. This has been justified through the presence and ready acceptance of technological sophistication, improved healthcare policies and well trained ophthalmology professionals in these regions as compared to other developing regions. In addition, growing awareness in patient population has further augmented the growth and development of ophthalmology devices market in these regions. Asia-Pacific region is anticipated to record high growth rate owing to increased efforts of the respective governments of the nations in this region. In addition, improvement in the overall healthcare sector and huge untapped customer base in this region has triggered the market growth. The rapidly flourishing middle class families and increased preference of patient population to avail technologically advanced medical solutions would further support the growth of ophthalmology devices market in the Asia-Pacific region. However, high cost of the diagnostic devices along with minimal standardization along with unstructured reimbursement policies may limit the growth prospects for the development of effective diagnostic and surgical devices.
 
The overall ophthalmology devices market is highly fragmented with the presence of both well established as well as emerging companies in this field which includes Alcon Laboratories (Novartis), Topcon Corporation, Bausch & Lomb, Inc. and Carl Zeiss Meditec AG, Nidek Corporation, Cooper Vision, Ciba Vision and others. 
 
 

Global Ophthalmology Diagnostics and Surgical Devices Market: Overview

Any defect in vision or other kind of inflammations may cause complete loss of vision and hence, various ophthalmological diagnostic and surgical treatment devices play a very important role in preventing vision loss and improving the quality of life of patients. Ophthalmology diagnostics enable ophthalmologists to have a detailed view of the internal eye structure and in examining the microvasculature of the eye. Post diagnosis, the patients are either prescribed vision care products in case of normal vision corrections or surgeries are performed based on the ophthalmic condition. 

Several factors such as a rise in geriatric population, demand for minimally invasive surgeries, and improved healthcare infrastructure across emerging economies are driving the market for ophthalmology diagnostics and surgical devices. However, high cost of these advanced diagnostic platforms and lack of professional expertise are some of the reasons that will curtail the growth of the market. The report forecasts a healthy CAGR of 6.6% in global ophthalmology diagnostics and surgical devices market from 2013 to 2019, estimating it to value US$40.38 bn by the end of the duration. 

Ophthalmology Diagnostics and Surgical Devices Market: Trends and Opportunities

According to a report published by the World Health organization (WHO), in 2013, around 82% of the global population aged over 50 years were living with blindness. The report also states that uncorrected refractive errors are a contributory factor to visual impairment. The rising geriatric population is prone to low vision, dry eye, glaucoma, and cataract which in turn is propelling the demand for ophthalmology diagnostics and surgeries. New and improved devices that have been developed in recent times are not only providing quick and more accurate diagnostics but are also inspiring confidence among end-users in terms of outcomes and recovery time. Moreover, healthcare infrastructure is rapidly improving across the world which also augurs well for the market for ophthalmology diagnostics and surgical devices. 

Conversely, these improved ophthalmology diagnostics and surgical devices often come at a premium which acts as a major restraint on the market. Another factor that is mitigating the growth of the market is that these high-end advanced diagnostic platforms require skilled professionals to operate. These professionals are not readily available across all regional markets. 

According to the report, emerging economies such as China and India are investing heavily on their healthcare infrastructure and thus presenting a lucrative market for ophthalmology diagnostics and surgical devices. 

Global Ophthalmology Diagnostics and Surgical Devices Market: Region-wise Outlook

The report presents a detailed analysis of the ophthalmology diagnostics and surgical devices market by dividing it into four major geographic regions, namely North America, Europe, Asia-Pacific, and Rest of the World. North America and Europe dominate the global ophthalmology devices market, accounting for the most substantial share of more than 55% of the market in 2012. The reason for the thriving ophthalmology diagnostics and surgical devices market in North American countries such as the U.S. and Canada as well as Europe is the presence and easy acceptance of technological sophistication. These regions have robust healthcare policies and well-trained ophthalmology professionals as compared to other developing territories. Moreover, growing awareness among patients has further augmented the growth and development of the ophthalmology devices market in North America and Europe. 

Asia Pacific is anticipated to register the highest growth rate during the forecast period owing to increased efforts of the respective governments of those nations. Additionally, improvement in the overall healthcare sector and huge untapped customer base in this region has propelled market growth. The rising income of the middle class and increased preference of patient population to avail technologically advanced medical solutions will also further the growth of the ophthalmology devices market in the Asia Pacific region. However, the premium prices of these diagnostic devices and unstructured reimbursement policies are expected to limit the market’s growth prospects. 

Companies Mentioned in the Research Report

In order to offer recommendations and reveal the strategies of both new entrants and established market players, several key players have been profiled in the report. These include Alcon Laboratories (Novartis), Abbott Medical Optics, and Topcon Corporation. 

Key Segments of the Ophthalmology Diagnostics and Surgical Devices Market

  • Diagnostic Devices
    • Autorefractometers
    • Slit lamps
    • Tonometers
    • Ophthalmoscopes
    • Fundus Cameras
    • Fluorescein Angiography
    • Optical coherence Tomography (OCT) Systems
    • Ophthalmic Echography (Ultrasound)
    • Keratometers
    • Gonioscopes
    • Pachymeters
    • Perimeters
    • Corneal Topographers
    • Specular Microscopes
    • Others
  • Ophthalmology Surgery Devices
    • Cataract Surgery Devices
    • Refractive Surgery Devices
    • Glaucoma Surgery Devices
    • Vitreoretinal Surgery Devices
  • Vision Care
    • Contact Lenses
    • Spectacle Lenses 

Ophthalmology Diagnostics and Surgical Devices Market, by Applications

  • Diagnostics
  • Surgical
  • Vision Care 

Ophthalmology Diagnostics and Surgical Devices Market, by Geography

  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World (RoW) 

This report gives you access to decisive data such as:

  • Market growth drivers
  • Factors limiting market growth
  • Current market trends
  • Market structure
  • Market projections for the coming years 

Key highlights of this report

  • Overview of key market forces propelling and restraining market growth
  • Up-to-date analyses of market trends and technological improvements
  • Pin-point analyses of market competition dynamics to offer you a competitive edge
  • An analysis of strategies of major competitors
  • An array of graphics and SWOT analysis of major industry segments
  • Detailed analyses of industry trends
  • A well-defined technological growth map with an impact-analysis
  • Offers a clear understanding of the competitive landscape and key product segments 


 
 
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