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The market for Advanced Ophthalmology is expected to grow at a CAGR of 5.8% between 2022 and 2032, with a market size of USD 24.3 billion in 2022 and projected to reach USD 41.5 billion by 2032.
The need for innovation in ophthalmology technology is driven by the increasing prevalence of eye diseases such as cataracts, glaucoma, age-related macular degeneration, and diabetic retinopathy.
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The adoption of telemedicine and electronic health records (EHRs) in ophthalmology is also contributing to the growth of the market, as they enable ophthalmologists to diagnose and treat eye diseases remotely, especially in remote and impoverished communities with limited access to eye care. Government programs and funding for the development of innovative ophthalmic technology, such as the National Eye Institute (NEI) in the U.S. and the National Program for Control of Blindness and Visual Impairment in India, are also contributing to the growth of the market.
Key companies in the Advanced Ophthalmology Market –
Some of the key companies operating in the Advanced Ophthalmology market are:
- Alcon Inc.
- Topcon Corporation
- Bausch & Lomb Incorporated
- Johnson & Johnson Vision Care Inc.
- Carl Zeiss Meditec AG
- Essilor International S.A.
- NIDEK CO., LTD.
- Ziemer Ophthalmic Systems AG
- STAAR Surgical Company
- Haag-Streit AG
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The market is segmented into surgical, diagnostic and monitoring, and vision care goods. The diagnostic and monitoring segment accounts for the largest revenue share due to the increasing demand for ophthalmic diagnostic and monitoring equipment, such as Optical Coherence Tomography (OCT) and fundus cameras, as ophthalmic diseases become more prevalent.
The demand for vision care solutions such as contact lenses, eyeglasses, and other visual aids is increasing as refractive defects become more common, leading to rapid revenue growth in the vision care goods segment. Meanwhile, the surgical devices segment is expected to experience the fastest revenue growth due to the rising prevalence of eye diseases requiring surgical procedures like cataracts, corneal diseases, and refractive problems.
The market is segmented based on application into glaucoma surgery, cataract surgery, and refractive surgery. Cataract surgery has the largest revenue share due to the increasing prevalence of cataracts, the aging population, and technological advancements in ophthalmic equipment. Refractive surgery is expected to have rapid revenue growth as it can treat common eye problems such as myopia, hyperopia, and astigmatism. The introduction of new technologies, such as Femtosecond Laser-Assisted Cataract Surgery (FLACS) and Micro-Invasive Glaucoma Surgery (MIGS), is also driving market growth.
However, the growth of the market is restrained by the expensive cost of advanced ophthalmology technologies, which limits their use in developing countries with limited healthcare resources. In addition, there is a shortage of qualified specialists such as ophthalmologists and optometrists in developing nations, which also limits the growth potential of the market in those regions.
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