Ophthalmology diagnostics and surgical devices include products such as lenses, laser and light sources, surgeon's chair, and surgical machines. These devices help detect disorders related to eye such as cataracts, glaucoma, diabetic retinopathy, and age-related macular degeneration (AMD) at an early stage. The surgical devices aid in conducting eye surgeries for conditions such as cataract removal, glaucoma filtration surgeries, diabetic retinopathy treatments, and AMD treatments. There is a growing demand for these products owing to the increasing prevalence of eye disorders worldwide on account of rising geriatric population, growing lifestyle diseases, and increased use of digital devices. The global Ophthalmology Diagnostics and Surgical Devices Market is estimated to be valued at US$ 60071 Bn in 2024 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 key trends: One of the key trends in the market is the growing adoption of portable and handheld ophthalmic devices. Traditionally, ophthalmology diagnostics involved bulky equipment. However, with technological advancements, many portable and handheld devices have been introduced that help detect eye disorders conveniently. For instance, devices such as retinal cameras, OCT scanners, auto refractometers, and tonometers are now available in compact sizes, making eye checkups and preliminary diagnosis easier. These devices can be taken to remote locations or patients' homes, thus improving accessibility to eye care. Their adoption is increasing globally owing to benefits such as affordability, mobility, and ease of use.
Porter's Analysis
Threat of new entrants: The threat of new entrants in the ophthalmology diagnostics and surgical devices market is moderate. High capital requirements and regulatory barriers create a barrier for new companies to enter this market. However, high growth opportunities attract new players.
Bargaining power of buyers: The bargaining power of buyers in the ophthalmology diagnostics and surgical devices market is moderate. Large hospitals and eye care centers have moderate bargaining power due to their large customer base. However, the need for advanced ophthalmology devices increases their dependence on market leaders.
Bargaining power of suppliers: The bargaining power of suppliers is low in this market. There are many raw material suppliers for ophthalmology devices reducing supplier concentration and bargaining power.
Threat of new substitutes: The threat of substitutes is low. There are limited treatment alternatives to procedures and diagnostic tools used in ophthalmology. However, virtual reality-based devices pose a moderate threat to traditional ophthalmology devices.
Competitive rivalry: The competitive rivalry is high among major players. Large multinational companies dominate the market and strive to constantly invest in R&D to launch innovative products and gain competitive advantage.
Key Takeaways
The Global Ophthalmology Diagnostics And Surgical Devices Market Demand is expected to witness high growth.
Regional analysis: North American region currently dominates the market owing to increased healthcare spending and advanced healthcare infrastructure. Asia Pacific is expected to grow at the fastest pace during the forecast period.
Key players operating in the ophthalmology diagnostics and surgical devices 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.. With rising disease prevalence eye disorders, key players are investing significantly in new product launches and mergers and acquisitions. For instance, in 2023, WGL Holdings, Inc. acquired Native Energy to strengthen its product portfolio of ophthalmology devices.
