The global market for ophthalmic surgical technologies is a highly competitive in nature with a large number of players operating in it across the globe, states a new market intelligence report by Transparency Market Research. The key players operating in the market across the globe are Bausch & Lomb Inc., Essilor, Johnson and Johnson, Hoya Corporation, Carl Zeiss Meditek AG., STAAR Surgical, Topcon Corporation, Alcon Laboratories, and Nidek.
The rapid development of the healthcare segment and the technological advancements in this field are the major factors that are enhancing the growth of the market and generate potential growth opportunities for the market players across the globe. In addition to this, the rising number of strategic collaborations and mergers and acquisitions is predicted to enhance the growth of the overall market in the coming few years.
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As per the market research study by Transparency Market Research, in 2017, the global market for ophthalmic surgical was worth US$973.4 mn and is estimated to reach a value of US$1,290.5 mn by the end of 2022. The market is projected to register a healthy 5.80% CAGR between 2017 and 2022.
Asia Pacific and Europe to Witness High Growth in Coming Years
The global ophthalmic surgical technologies market has been divided on the basis of geography into North America, Latin America, Asia Pacific, the Middle East and Africa, and Europe. Among these mentioned segments, North America is estimated to witness a strong growth in the next few years, thanks to the presence of several key players that are operating in this region. This region is likely to maintain its dominance in the next few years. Furthermore, Asia Pacific and Europe are projected to hold a significant share of the overall market in the next few years. The growing investments in the healthcare sector and the rising focus on the research and development activities are projected to encourage the growth of these two regions in the next few years.
The global market for ophthalmic surgical technologies has been categorized on the basis of product types into excimer laser systems, femtosecond systems, YAG laser systems, phacoemulsification systems, and others. Among these, the femtosecond systems segment led the global market and is projected to remain in the leading position in the next few years. As per the research study, this segment is predicted to hold a share of around 27.3% of the global market and further register a 5.20% CAGR between 2017 and 2022.
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Technological Developments in Healthcare Sector to Encourage Market Growth
The rising geriatric population around the world and the high growth of the healthcare sector are some of the key factors that are projected to encourage the growth of the global ophthalmic surgical technologies market throughout the forecast period. In addition to this, the rising awareness among consumers regarding eye care and the availability of advanced technologies are estimated to enhance the growth of the overall market in the next few years. Furthermore, the favorable regulatory environment and the rising government support are projected to accelerate the growth of the market in the next few years.