A key factor driving the growth of the global ophthalmology devices market size is the technological advances in ophthalmology devices. With continuous advances in ophthalmic surgical technologies, ocular imaging, measuring, and lenses, technological innovations have transformed the ophthalmology sector. For instances, advances in phacoemulsification and IOL technologies, and the adoption of ultra-short pulse lasers in cataract surgery are significantly improving surgical outcomes. Similarly, contact lenses have undergone improvements such as the development of new contact lens materials, lens designs, and solution formulations. Such advances in ophthalmology devices are expected to fuel the ophthalmology devices market during the forecast period.
As per Technavio, the increasing medical tourism for low-cost ophthalmology will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global ophthalmology devices market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Ophthalmology Devices Market: Increasing Medical Tourism for Low-Cost Ophthalmology
Medical tourism has gained immense popularity in recent years mainly due to the availability of high quality of healthcare, lower costs, favorable exchange rates, shorter waiting time, and increased accessibility. Developing countries such as Singapore, India, South Korea, Thailand, and Mexico are popular destinations for medical tourism. Thus, the rise in the quality of medical services and infrastructure in developing countries is expected to boost medical tourism, thereby, fueling the growth of the global ophthalmology devices market during the forecast period.
“Apart from the increasing medical tourism for low-cost ophthalmology, other factors such as the rising focus of vendors towards strengthening their presence in emerging markets, and strategic collaborations and M&A activities will have a significant impact on the ophthalmology devices market growth during the forecast period,” says a senior analyst at Technavio.
Global Ophthalmology Devices Market: Segmentation Analysis
This market research report segments the global ophthalmology devices market by product (vision care, ophthalmology surgical devices and ophthalmology diagnostic devices), and geographic regions (North America, Europe, Asia, and ROW).
The North American region led the ophthalmology devices market in 2018, followed by Europe, Asia, and ROW respectively. The growth of the ophthalmology devices market in North America can be attributed to factors such as the rising healthcare expenditure on ocular diseases, increasing number of product approvals, and rise in the adoption of technologically advanced ophthalmology devices.
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Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
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- Market positioning of vendors
- Competitive scenario
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