by Ophthalmology diagnostics and surgical devices are medical instruments and equipment used in the diagnosis and treatment of eye-related disorders. This includes retinal diagnostic devices, cataract surgical devices, glaucoma surgical devices, and ophthalmic ultrasound devices that help diagnose eye diseases and disorders. The increasing prevalence of eye disorders and rising geriatric population are key factors driving the demand for ophthalmology diagnostics and surgical devices.
The global Ophthalmology Diagnostics and Surgical Devices Market is estimated to be valued at US$ 60071 Bn in 2023 and is expected to exhibit a CAGR of 24.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Improved access to eye care represents a significant growth opportunity for the ophthalmology diagnostics and surgical devices market. A large section of the population, especially in developing regions, lacks access to eye care facilities due to limited healthcare infrastructure and low affordability of eye care services and treatment. This has contributed to a large unmet need for eye care. Efforts to expand eye care infrastructure and make diagnostic devices and surgical procedures more affordable can help address this unmet need. This, in turn, is expected to augment the demand for ophthalmology diagnostics and surgical devices over the forecast period. Investments to improve access to eye care in developing markets can drive the market growth.
Porter’s Analysis
Threat of new entrants: The high capital requirements and stringent regulations pose a threat of barriers for new entrants in the ophthalmology diagnostics and surgical devices market.
Bargaining power of buyers: The presence of many established market players provides buyers with greater bargaining power and access to a wide range of ophthalmic devices to choose from.
Bargaining power of suppliers: The bargaining power of suppliers is relatively low due to the highly fragmented nature of suppliers in the ophthalmology diagnostics and surgical devices industry.
Threat of new substitutes: There exist very few product substitutes for ophthalmic diagnostic and surgical devices presently though new minimally invasive technologies could emerge as substitutes over the long run.
Competitive rivalry: The market is characterized by high competitive rivalry owing to the presence of many global and regional players offering similar ophthalmic devices.
SWOT Analysis
Strength: Established brands, wide product portfolio, strong distribution network.
Weakness: High R&D costs, stringent regulations for new products, reliance on medical reimbursements.
Opportunity: Growing geriatric population, increasing prevalence of eye diseases, emerging markets.
Threats: Threat from new entrants, pricing pressure, technology obsolescence.
Key Takeaways
The Global Ophthalmology Diagnostics And Surgical Devices Market Demand is expected to witness high growth.
Regional analysis focused on Asia Pacific region is projected to grow at the fastest pace during the forecast period owing to rapidly aging population, increase in healthcare expenditure and rising awareness about eye diseases in countries like China and India.
Key players operating in the ophthalmology diagnostics and surgical devices market 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. Key players are focused on developing new innovative products through continuous R&D investments and pursuing inorganic growth strategies like acquisitions and collaborations to expand their global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
