Ophthalmology is a branch of medicine that deals with the treatment, diagnosis, and prevention of diseases of the visual system and the eye. The visual system, the eye, and its surrounding structures can be affected by a variety of clinical conditions. Ophthalmology involves the therapy and diagnosis of these conditions along with microsurgery. The different types of ophthalmology surgeries are vitreoretinal surgery, cataract surgery, glaucoma surgery, and refractive surgery. In addition, the devices used in ophthalmology diagnostics include auto refractometers, slit lamps, and tonometers.
COVID-19 Impact Analysis
COVID-19 is an infectious disease that originated in the Hubei province of the Wuhan city in China in late December. The highly contagious disease, caused by a virus, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), is transmitted from human to human. Since the outbreak in December 2019, the disease has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020.
Pharmaceutical and biotech companies together with governments around the globe are working to address the COVID-19 outbreak, from supporting the development of vaccines to planning for medicine supply chain challenges. Currently, around 115 vaccine candidates and 155 molecules are in the R&D pipeline. Moreover, commonly used drugs such as hydroxychloroquine have witnessed a dramatic surge in demand for the management of COVID-19. Such high demand for these drugs has presented huge opportunities for manufacturers of COVID-19 management drugs, as many developed countries are facing a shortage of these drugs. Thus, the pharmaceutical and biotechnology industries are expected to witness significant growth in the future, owing to the demand for vaccines and treatment drugs for COVID-19.
With COVID-19 the supply chain of raw materials required to manufacture ophthalmology diagnostics and surgical devices has been disrupted in many countries. In addition, the market growth of ophthalmology diagnostics and surgical devices is declining as manufacturers of these devices have slowed down their production due to the pandemic. Therefore, COVID 19 is expected to have a significant impact on the ophthalmology diagnostics and surgical devices market.
Top Impacting Factors
The rising cases of various ocular disorders such as age-related macular degeneration, diabetic retinopathy, cataract, and amblyopia is a key factor that boosts the market of ophthalmology diagnostics and surgical devices.
Furthermore, the rising geriatric population all across the world is supplementing the growth of the ophthalmology diagnostics and surgical devices market. This is attributed to the fact that the elderly population is at risk of developing ocular disorders such as glaucoma.
In addition, many patients with weak vision are now opting for laser-assisted in-situ keratomileusis (LASIK) procedures for their vision correction. This factor is hence majorly contributing to the growth of the market.
However, high cost of ophthalmology surgical systems and intraoperative ophthalmic imaging can impede the growth of the ophthalmology diagnostics and surgical devices market.
Key Market Trends
The ophthalmology diagnostics and surgical devices market is witnessing development in intraoperative optical tomography (iOCT). For instance, in 2019 a study published in the journal of Ophthalmic and Vision Research found that iOCT can help explant a dislocated intraocular lens without retinal breaks.
In September 2018, a study published in the journal Retina found that the 4K screen offers better visualization of optical coherence tomography data stream as compared to the semi-transparent ocular view. The integration of OCT in a digital visualization system may enhance vitreoretinal diagnostics and surgery.
Major players of the ophthalmology diagnostics and surgical devices market are focused on launching new products and services to expand their product portfolio. For instance, Alcon Laboratories, Inc. launched a program in May 2020 to help professionals understand the benefits of treating meibomian gland dysfunction, which is the major cause of evaporative dry eye.
North America holds the major share of the ophthalmology diagnostics and surgical devices market, owing to the presence of high penetration of technologically advanced medical devices and improved healthcare facilities for better diagnosis of ophthalmic disorders.
Key Benefits of the Report
- This study presents the analytical depiction of the ophthalmology diagnostics and surgical devices industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the market share.
- The current market is quantitatively analyzed to highlight the growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed analysis depending on competitive intensity and how the competition will take shape in the coming years.
Questions Answered in the Ophthalmology Diagnostics and Surgical Devices Report
- Which are the leading players active in the ophthalmology diagnostics and surgical devices market?
- How is each segment of the market expected to grow during the forecast period?
- What are the adoption trends for the ophthalmology diagnostics and surgical devices market in emerging economies and established economies across the world?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What future projections would help in taking further strategic steps in the market?
- What are the impacts of COVID-19 on the industry?
- What are ophthalmology diagnostics and surgical devices?
- What are the current and predicted trends of the market?
Ophthalmology Diagnostics and Surgical Devices Market Report Highlights
| Aspects | Details |
 By Diagnostic |
|
 By Surgical |
|
 By Vision Care |
|
 By Region |
|
 Key Market Players | Essilor International, SynergEyes, CooperVision, Johnson and Johnson, Alcon Laboratories, Inc., Carl Zeiss Meditec AG, Bausch & Lomb, Inc., Hoya Corporation, Topcon Corporation, Abbott Medical Optics, Inc. |
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