May 20, 2024
Ophthalmology Diagnostics and Surgical Devices Market

Ophthalmology Diagnostics and Surgical Devices Market Poised to Witness Robust Growth due to Rising Prevalence of Eye-Related Disorders

Ophthalmology diagnostics and surgical devices are used for diagnosis and treatment of eye-related disorders and diseases. They comprise of instruments, tools and equipment such as retinal ultrasound scanners, auto refractors, lensmeters and spectacle lens edgers used by ophthalmologists to examine eyes and perform procedures to treat eye conditions. Growing prevalence of eye disorders like cataract, glaucoma, diabetic retinopathy and age-related macular degeneration along with increasing geriatric population is one of the major factors driving the demand for ophthalmology diagnostics and surgical devices globally.

The ophthalmology diagnostics and surgical devices market is estimated to be valued at US$60071 Billion in 2024 and is expected to exhibit a CAGR of 24% over the forecast period of 2024 to 2031.

Key Takeaways

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.

The key opportunities in the ophthalmology diagnostics and surgical devices market include rising focus on development of advanced diagnostics and treatment technologies and growing awareness regarding eye diseases. Increasing healthcare expenditure in emerging economies also provides lucrative growth opportunities.

Globally, North America dominates the ophthalmology diagnostics and surgical devices market due to ongoing technological advancements and increasing adoption. However, Asia Pacific is expected to witness fastest growth owing to growing geriatric population, improving healthcare facilities and rising medical tourism in the region.

Market drivers

The rising prevalence of eye disorders associated with aging population is a major growth driver for Ophthalmology Diagnostics and Surgical Devices Market Demand. It is estimated that by 2050, around 2.2 billion people aged over 60 years will exist globally, which will significantly impact the market. Growing cases of diabetes and obesity are other major factors leading to increased risk of eye diseases. Introduction of favorable insurance and reimbursement policies for eye care treatments is another key driver promoting the adoption of ophthalmic devices and equipment.

PEST Analysis

Political: Healthcare regulations and reimbursement policies related to eye care will have an impact on the adoption of ophthalmology diagnostics and surgical devices.

Economic: Growth in disposable incomes and rising incidence of eye disorders due to changing lifestyles will drive demand for advanced ophthalmic devices and treatments.

Social: Increasing awareness about eye care and regular vision screenings is contributing to early detection and treatment of eye diseases.

Technological: Ongoing advances in areas such as artificial intelligence, augmented reality, and laser technology are expanding capabilities of ophthalmic devices and minimally invasive surgical procedures.

The North American region accounts for the largest value share of the global ophthalmology diagnostics and surgical devices market due to developed healthcare infrastructure and availability of advanced treatment options. The increasing prevalence of eye disorders along with growing geriatric population are major demand drivers in the region.

The Asia Pacific region is expected to grow the fastest during the forecast period owing to rapidly improving healthcare infrastructure, heavy investments from both public and private sectors, and rising medical tourism. China and India have large populations with high unmet needs for eye care. Hence, they present lucrative opportunities for players in the ophthalmology diagnostics and surgical devices market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it