Advanced Ophthalmology Technologies Market Worth $9.6 Billion By 2026

Advanced Ophthalmology Technologies Market Growth & Trends

The global advanced ophthalmology technologies market size is expected to reach USD 9.6 billion by 2026, expanding at a CAGR of 6.5%, as per a new report by Grand View Research Inc. Frequent introduction of advanced ophthalmology technologies incorporated in various ophthalmic devices such as optical coherence tomography scanner, specular microscopes, excimer lasers, and femtosecond lasers is expected to drive the overall market growth.

Rising geriatric population is contributing toward the growing prevalence of age-related ophthalmic disorders such as cataract, diabetic retinopathy, and myopia. This growing prevalence of ophthalmic disorders is boosting the adoption of ophthalmic treatments, and thus, advanced ophthalmic devices. Major players in the market are focusing on adopting advanced technologies such as SWEPT Source OCT, Partial coherence interferometry (PCI), and Polatest technology. These technologies will help in developing effective ophthalmic devices for efficient diagnosis and treatment of ophthalmic disorders.

Ophthalmic ultrasound imaging systems are one of the most preferred advanced ophthalmic diagnostic device and is expected to grow at a significant pace. The optical biometry systems segment is also expected to grow at steady rate during the forecast period in comparison to the ophthalmic ultrasound imaging systems segment. This is because optical biometry provides more accurate data in comparison to ultrasound as the refinements in its technology help in measuring lens thickness, anterior chamber depth, and other axial length parameters.

Surgical devices held the largest share among advanced ophthalmic therapeutic devices in 2018. This is because of the increasing number of ophthalmic surgeries. Major ophthalmic surgical devices are microkeratome and Vitreo retinal surgery devices. Microkeratome is largely preferred for LASIK and ALK surgery. Excimer lasers are also preferred as one of the advanced ophthalmic lasers because these lasers produce very small and precise spots at a very low wavelength.

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Advanced Ophthalmology Technologies Market Report

Advanced Ophthalmology Technologies Market Report Highlights

  • North America captured the largest market share in 2018 owing to factors such as presence of major market players, growing prevalence of age-related ophthalmic disorders, and frequent approvals of advanced ophthalmic devices in the U.S.
  • The diagnostic segment held the dominant market share in 2018 and is expected to witness the fastest growth rate. This is because of the growing need for early diagnosis of ophthalmic disorders
  • Optical coherence tomography scanners are highly preferred products under advanced diagnostic ophthalmic devices as these scanners provide accurate results via high resolution images
  • The therapeutic segment is expected to showcase a lucrative growth rate. Ophthalmic lasers are expected to grow at a significant pace during the forecast period. These lasers are safe and effective in the treatment of ophthalmic disorders
  • Ambulatory surgery centers are expected to exhibit the fastest growth rate owing to favorable reimbursement provided by these centers for ophthalmology procedures
  • Key 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.

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