Advanced Ophthalmology Technologies Market, Market Research and Industry Forecast Report, 2026 (Includes Business Impact of COVID-19)

                                          
Industry Insights, Market Size, CAGR, High-Level Analysis: Advanced Ophthalmology Technologies Market


The global advanced ophthalmology technologies market size was valued at USD 5.8 billion in 2018 and is projected to witness a CAGR of 6.5% by 2026. Large geriatric population base and increasing prevalence of age-associated ophthalmic disorders such as myopia, hyperopia, cataract, and presbyopia are key factors expected to drive the market.

Growing awareness regarding ophthalmology care and early diagnosis of ophthalmic disorders is driving the demand for various advanced ophthalmic devices. End users such as hospitals, clinics, and surgical centers prefer to install advanced ophthalmology technologies to minimize turnaround time and improve accuracy in procedures. Advanced ophthalmic devices provide high resolution images which, in turn, simplifies and accelerates the diagnosis of ophthalmic disorders.

Advanced ophthalmic devices are integrated with various technologies that help in proper measurement of corneal surface. For instance, IOLMaster 700 by ZIESS comes along with swept-source biometry and Total Keratometry technology. Swept-source biometry helps in measuring the posterior corneal surface and Total Keratometry helps in measuring the anterior corneal surface.

Market players are frequently coming up with advanced ophthalmology technologies for efficient ophthalmic care. Topcon Corporation introduced SP-3000P, a specular microscope technology that helps practitioners meet the demand for advanced endothelial and pachymetry. Moreover, this technology helps in pre and post-surgical evaluation.

On the other hand, factors such as high cost of ophthalmic surgeries and advanced ophthalmic devices are expected to hinder market growth. In addition, penetration of advanced ophthalmology technologies and devices in rural regions and lack of skilled ophthalmologists to effectively operate and monitor these advanced ophthalmic devices, is also hampering the growth of the market.

Type Insights of Advanced Ophthalmology Technologies Market

Based on type, advanced ophthalmology technologies are segmented into diagnostic and therapeutic. The diagnostic segment held the largest market share in 2018 and is expected to grow at the fastest rate during the forecast period. Increasing awareness for ophthalmic disorders and rising demand for accurate and faster diagnostic tools is expected to drive this segment.

Increasing number of training and awareness programs pertaining to ophthalmology care for proper diagnosis and treatment of ophthalmic disorders is contributing toward the growth of the diagnostic segment. Some of the advanced ophthalmology technologies used for diagnosis are optical coherence tomography scanner, ophthalmic ultrasound imaging systems, wavefront aberrometers, optical biometry systems, corneal topography systems, and specular microscopes. The optical coherence tomography scanners segment is expected to grow at the fastest rate. These scanners use low-coherence light for capturing micrometer-resolution detailed images. In the field of ophthalmology, these scanners help in obtaining high-resolution images of the anterior eye and retina.

The therapeutic segment covers advanced ophthalmic lasers such as Excimer and Femtosecond lasers and surgical devices such as microkeratome and vitreoretinal. Among these product segments, the ophthalmic lasers segment held the largest share in 2018 and is expected to grow at the fastest rate. The growth of these ophthalmic lasers is due to advantages associated with them such as reduction in risk involved with contact lenses, higher precision, accuracy, and safety.

End-use Insights

Based on end-use, the advanced ophthalmology technologies market is segmented into hospitals, ophthalmic clinics, ambulatory surgery centers (ASCs), and others. Hospitals held the largest market share in 2018. Installation of advanced ophthalmic devices such as optical coherence tomography scanners, ophthalmic ultrasound imaging systems, and optical biometry systems is expected to drive segment growth.

The ophthalmic clinics segment is expected to grow at a favorable pace during the forecast period. Increasing patient pool of ophthalmic disorders and rising demand for ophthalmic care is creating opportunities for ophthalmologists and optometrists to offer individual services. Moreover, growing accessibility to advanced ophthalmology technologies in ophthalmic clinics in various untapped regions is expected to contribute toward segment growth.

Ambulatory surgery centers are expected to register the fastest growth rate during the forecast period. Increasing number of surgical centers equipped with superior ophthalmology technologies is expected to fuel the growth of this segment. In 2015, ASCs accounted for around 10.0% of the total surgeries revenue. Moreover, ASCs are now preferred over hospitals because they have lower overhead costs compared to hospitals and hence are reimbursed at a lower rate.

Regional Insights of Advanced Ophthalmology Technologies Market

North America held 34.5% of the global revenue in 2018. Presence of a large patient pool and market players in this region is expected to drive the regional market. Moreover, frequent launch of ophthalmic devices based on advanced ophthalmology technologies in the U.S. is expected to fuel the market. For instance, in June 2018, NIDEK launched RS-3000 Advance 2 Optical Coherence Tomography. This incorporates laser ophthalmoscope (SLO) and helps in comprehensive imaging and analysis of retina and glaucoma.

Europe accounted for the second largest share in the market for advanced ophthalmology technologies in 2018. Increasing prevalence of age-related ophthalmic disorders is expected to fuel market growth in the region. Moreover, increasing number ophthalmologists and ophthalmology care centers in the region is contributing toward the growth of the market for advanced ophthalmology technologies.

The Asia Pacific market is expected to grow at the fastest rate during the forecast period. This growth of the market is contributed by factors like improving healthcare facilities, growing favorable reimbursement, and increasing healthcare expenditure in the region. Moreover, presence of a large patient pool in countries like China and India is contributing toward the regional growth.

Market Share Insights of Advanced Ophthalmology Technologies Market

Leading players in the market include Johnson & Johnson Services, Novartis AG, Alimera Sciences, Teva Pharmaceuticals, Bausch & Lomb Incorporated, CooperVision, Alcon Vision LLC, Carl Zeiss Meditec AG, Essilor International S.A., Ziemer Ophthalmic Systems Ltd., Nidek Co. Ltd., and Topcon Corporation. Numerous players at global and regional level are competing in the market, thus, making it fragmented. These players are frequently introducing advanced ophthalmology technologies and devices. In September 2016, VisuMax Femtosecond Laser was approved by the U.S. FDA for small incision lenticule extraction (SMILE) procedure.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Advanced Ophthalmology Technologies Market Research Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2026. For the purpose of this study, this market research report has segmented the global advanced ophthalmology technologies market report on the basis of type, end use, and region:

  
Type Outlook (Revenue, USD Million, 2019 - 2030)
  
Diagnostic
  
Optical Coherence Tomography Scanners
  
Ophthalmic Ultrasound Imaging Systems
  
Wavefront Aberrometers
  
Optical Biometry Systems
  
Corneal Topography Systems
  
Specular Microscopes
  
Others

Therapeutic

  
Ophthalmic Lasers
  
Surgical Devices

End-use Outlook (Revenue, USD Million, 2019 - 2030)

  
Hospitals
  
Ophthalmic clinic
  
ASCs
  
Others