Market Trends of Ophthalmology Diagnostics Industry
This section covers the major market trends shaping the Ophthalmology Diagnostics Market according to our research experts:
The Surgical Evaluation Segment is Expected to Hold a Significant Market Share in the Ophthalmic Diagnostics Market
The surgical evaluation segment is expected to witness a significant share over the forecast period owing to the higher prevalence of cataracts and diabetic retinopathy. It will lead to cataract surgeries resulting in higher demand for surgical evaluation globally. For instance, CDC reported that 17.2% of Americans over 40 years of age have a cataract in at least one eye (about 20.5 million people). By 2028, it is expected that over 30 million people will be likely to have cataracts.
Product launches, mergers, acquisitions, and research related to the ophthalmology surgical field will fuel the market growth. For instance, in July 2021, Canon launched Xephilio OCT-S1, a wide-field swept-source Optical Coherence Tomography (OCT) capable of capturing high-resolution images of up to 23 x 20 mm in a single scan. The product was unveiled to the eyecare medical practitioners at the APACRS-SNEC joint event. Canon's deep-scanning swept-source technology enables it to operate at an extensive-angle of around 80 degrees. Furthermore, in March 2022, New World Medical, a global medical device company focused on glaucoma interventions, updated its launch plans for the STREAMLINETM Surgical System. STREAMLINE, a single-use device featuring the intuitive ClickPulse Technology is a first-line implant-free system designed to create precise goniotomies in the trabecular meshwork. It also delivers small amounts of Ophthalmic Viscosurgical Device (OVD) into the canal of Schlemm in one unified step. Additionally, in July 2021, Johnson & Johnson (J&J) Vision globally launched its phacoemulsification (phaco) system, developed to provide surgeons with improved efficiency and comfort during cataract surgery. Phacoemulsification, the most frequent cataract surgical approach, allows doctors to emulsify and remove the eye's internal lens when it becomes cloudy due to cataracts.
Hence, considering the above factors, the surgical evaluation segment will likely witness growth over the forecast period.
North America is Expected to Witness a Growth in the Ophthalmology Diagnostics Market Over the Forecast Period
North America is expected to witness healthy growth in the overall ophthalmic diagnostics market throughout the forecast period due to a steep rise in the prevalence of ophthalmic disorders, such as cataracts and diabetic retinopathy, along with the massive growth of the geriatric population in the US. For instance, in 2021, the COS-SCO, during Glaucoma Awareness Month, stated that glaucoma affects more than 800,000 Canadians annually. During the awareness month, factors such as Canada's aging population contributed to a rise in disease burden. Glaucoma has the potential to become an epidemic in Canada in the coming years, which is expected to drive market growth.
Furthermore, increased government initiatives in the field of eyecare boost market growth. For instance, World Glaucoma Week is celebrated every year on March 6 to 12 to raise awareness regarding glaucoma. In 2022, the initiative's objective was "the world is bright; save your sight." Its goal was to alert people to have regular check-ups and an early diagnosis of glaucoma. Moreover, the market players adopted various strategies, such as product launches, developments, acquisitions, collaborations, mergers, and expansions, to increase market share. For instance, in January 2021, Alcon commercially launched a non-diffractive extended depth of focus intraocular lens (IOL), AcrySof, in the United States. Furthermore, in March 2022, Epipole, a provider of handheld fundus cameras, launched its new epiCam fundus camera at the Vision Expo East 2022 in New York City. The epiCam is a high-powered, ultra-portable, wireless fundus camera that captures live high-resolution video footage of the living retina and accompanying still images using epipole's new video direct ophthalmoscopy (VDO) platform.
Considering the above facts, North America is expected to witness growth over the forecast period.
