Ophthalmic Surgical Technologies Market to Become Worth US$ 1,290.5 Mn by 2022
Global Ophthalmic Surgical Technologies Market: Snapshot
The global ophthalmic surgical technologies market is a growing market thanks to the rising investment flooding into the healthcare sector at present. The ophthalmic surgical technologies market has exhibited rapid growth in the recent past and is likely to continue a steady growth trajectory in the coming years on the back of a favorable financial and regulatory situation. The increasing funding in the healthcare sector has enabled steady product development in the global ophthalmic surgical technologies market, which has further led to improved growth prospects for the market in the near future. The ophthalmic surgical technologies market has thus emerged as a promising market for players across the economic spectrum, with the leading players likely to enjoy steady growth in revenue in the coming years.
The global ophthalmic surgical technologies market is likely to grow to a valuation of US$1,290.5 mn by 2022, exhibiting a 5.8% CAGR in its rise from its 2017 valuation of US$973.4 mn.
Femtosecond Systems Likely to Dominate Ophthalmic Surgical Technologies Market
By product type, the global ophthalmic surgical technologies market is segmented into femtosecond systems, excimer laser systems, YAG laser systems, phacoemulsification systems, and others. Of these, femtosecond systems are likely to dominate demand from the global ophthalmic surgical technologies market in the coming years. Femtosecond systems held a total valuation of US$286 mn in 2017, representing 27.3% of the global ophthalmic surgical technologies market. Exhibiting a 5.2% CAGR, the femtosecond systems segment is likely to rise to US$369.3 mn by 2022.
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North America to Dominate Geographical Classification of Ophthalmic Surgical Technologies Market
Geographically, North America is likely to be the leading contributor to the global ophthalmic surgical technologies market in the coming years. The North America ophthalmic surgical technologies market is likely to grow from US$372.6 mn to US$501.4 mn over the 2017-2022 forecast period. The market’s robust 6.1% CAGR over the 2017-2022 forecast period is aided by the strongly favorable economic and regulatory framework in place in the healthcare sector in countries such as the U.S. and Canada and is likely to enable sustained dominance of North America in the global ophthalmic surgical technologies market in the coming years.
By end use, hospitals and eye care centers are likely to remain the leading category of the global ophthalmic surgical technologies market in the coming years, dominating ASCs due to the increasing awareness about the importance of eye care.
APEJ to Exhibit Steady Growth, Europe’s Share to Decline
Europe and Asia Pacific except Japan (APEJ) are likely to remain leading contributors to the global ophthalmic surgical technologies market in the coming years, though the two are expected to face contrasting fortunes. The Europe market for ophthalmic surgical technologies is likely to rise to US$372.6 mn by 2022, but will likely suffer from a drop in its market share due to its projected 5.5% CAGR over the 2017-2022 forecast period. The APEJ market for ophthalmic surgical technologies, on the other hand, is likely to exhibit a strong 6% over the 2017-2022 forecast period to emerge with a valuation of US$193 mn.
Japan is also likely to remain a key contributor to the global ophthalmic surgical technologies market in the coming years, and is expected to exhibit a strong 5.7% CAGR in the 2017-2022 forecast period to emerge with a valuation of US$112 mn.
Leading companies 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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