ALBANY, New York, Oct. 24, 2017 (GLOBE NEWSWIRE) -- The global ophthalmic surgical technologies market is driven mainly by the growing funding in the healthcare sector and the rising awareness about eye care, added to the rising prevalence of eye diseases. The ophthalmic surgical technologies market has enjoyed a supportive regulatory and economic structure in most regions in the recent past and is thus likely to continue on the strong growth trajectory it has exhibited in recent years. Increasing government support to advancement of the healthcare sector is likely to remain a major driver for the global ophthalmic surgical technologies market in the coming years.
According to Transparency Market Research, the global ophthalmic surgical technologies market is likely to end up at a valuation of US$973.4 mn by the end of 2017 and further rise to US$1,290.5 mn by 2022, exhibiting a solid 5.8% CAGR therein.
Here are the key insights into the growth prospects of the global ophthalmic surgical technologies market:
The growing adoption of robotic instrumentation in the healthcare sector is a vital driver for the global ophthalmic surgical technologies market. The increased precision offered by robotic surgical technologies has made their incorporation crucial in sectors such as eye surgery, where delicate operations can be performed much better by robots than even the best trained doctors. Ophthalmic surgical technologies are thus likely to be adopted by a rising number of major players in the healthcare industry as well as being backed by a number of governments across the world in the coming years, leading the market to steady growth.
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The growing aging population is another key driver for the global ophthalmic surgical technologies market. The geriatric population is prone to suffer from eye problems due to the natural weakening of the eye muscles and the surrounding organs. The shorter hospital stays offered by ophthalmic surgical technologies also makes them popular among the elderly, as it allows them to reunite with their families shortly after being operated upon. The rising aging populations in developed regions such as North America and Europe are thus likely to be vital to the global ophthalmic surgical technologies market in the coming years, as these regions are likely to be the leading contributors to the global market.
Apart from the growing aging population, the prevalence of eye disorders across the world has also been helped by the rising pollution problems, which has exacerbated the incidence of eye problems in several countries. Rising air pollution is a major concern in developing economies in Southeast Asia and the Middle East, where the rising disposable income of consumers has resulted in a rise in sophistication in the healthcare and medical devices industry. Advanced solutions such as ophthalmic surgical technologies are thus likely to be adopted increasingly in emerging economies such as India, China, Japan, the UAE, and Saudi Arabia in the coming years, enhancing the market’s growth prospects.
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Geographically, North America is likely to dominate the global ophthalmic surgical technologies market in the coming years, with the market’s value in the region likely to rise from US$372.6 mn to US$501.4 mn over the 2017-2022 forecast period. Europe is also a leading contributor to the global ophthalmic surgical technologies market, with the region expected to hold a valuation of US$372.6 mn by 2022. The Asia Pacific except Japan market for ophthalmic surgical technologies market is likely to exhibit a strong 6% CAGR in the 2017-2022 forecast period to emerge with a valuation of US$193 mn.
Competitive Dynamics
Leading players in the global ophthalmic surgical technologies market include Hoya Corporation, Johnson and Johnson, Topcon Corporation, Essilor, Nidek, STAAR Surgical, Alcon Laboratories, Bausch & Lomb Inc., and Carl Zeiss Meditek AG.
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