Advanced Ophthalmology Technologies Market Size, Share & Trends Analysis Report By Type (Diagnostic, Therapeutic), By End Use (Hospitals, ASCs, Ophthalmic Clinics), By Region, And Segment Forecasts, 2019 - 2026

Report Overview

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 the 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 the market growth. Also, 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 hampering the growth of the market.

Type Insights

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 are expected to drive this segment.

An increasing the number of training and awareness programs about ophthalmology care for proper diagnosis and treatment of ophthalmic disorders is contributing to 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 a reduction in the 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 clinic segment is expected to grow at a favorable pace during the forecast period. Increasing the 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. An increasing number of surgical centers equipped with superior ophthalmology technologies are 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

North America held 34.5% of the global revenue in 2018. The presence of a large patient pool and market players in this region is expected to drive the regional market. Moreover, the 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 the prevalence of age-related ophthalmic disorders is expected to fuel market growth in the region. Moreover, an increasing number of ophthalmologists and ophthalmology care centers in the region are contributing to 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, the presence of a large patient pool in countries like China and India is contributing to regional growth.

Advanced Ophthalmology Technologies Market Share Insights

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 the global and regional levels 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.

Advanced Ophthalmology Technologies Market Report Scope

Segments Covered in the 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 this study, Grand View Research has segmented the global advanced ophthalmology technologies market report based on type, end-use, and region:

• Type Outlook (Revenue, USD Million, 2015 - 2026)

  • 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, 2015 - 2026)

  • Hospitals

  • Ophthalmic clinic

  • ASCs

  • Others

• Regional Outlook (Revenue, USD Million, 2015 - 2026)

  • North America

    • The U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • Japan

    • India

    • Thailand

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Colombia

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE