Ophthalmic Devices Market to Surpass USD 68.3 Billion Threshold by 2026

The global ophthalmic devices market was valued at USD 48.7 billion in 2018 and is projected to exhibit a CAGR of 4.3 percent from 2018 – 2026. Introduction of new ophthalmic devices that offer higher efficiency, convenience, and higher throughput results over conventional devices is expected to be a major factor for growth of the market. Moreover, new ophthalmic devices used for cataract surgery offer several benefits in capsulotomies surgery such as femtosecond laser, which provides a perfectly round and perfectly centered capsulotomy.

In June 2018, Aequus Pharmaceuticals Inc. launched the Zepto Precision Pulse Capsulotomy System (Zepto) in Canada, during the Canadian Ophthalmological Society’s 2018 Annual Meeting and Exhibition. Under the commercial agreement with Mynosys Cellular Devices, Inc., Aequus is appointed as a Canadian distributor for Zepto Precision Pulse Capsulotomy System. Zepto is used during cataract surgery to produce a consistent, high quality, and round capsulotomy in milliseconds, with convenient, cost-effective, disposable format. Zepto uses precision pulse capsulotomy method, a proprietary combination of calibrated suction and a 4-millisecond multipulse energy algorithm to produce highly accurate capsulotomies.

Iantech, Inc., an ophthalmic device manufacturing company, offers a revolutionary miLOOP technology that allows energy-free lens fragmentation through a minimally invasive clear cornea incision. This makes cataract removal more efficient, less invasive, and less dependent on capital-intensive phacoemulsification systems.

Increasing regulatory approvals of new products and launch of technologically advanced ophthalmic medical devices are expected to boost growth of the ophthalmic devices market. Carl Zeiss Meditec AG in November 2016, received the U.S. Food and Drug Administration (FDA) approval for Swept-Source OCT posterior ocular imaging with PLEX Elite 9000. This new cutting-edge Swept-Source OCT and OCT Angiography platform was developed to advance retina research and is at the core of the Advanced Retina Imaging. Furthermore, NIDEK CO., LTD. in November 2016, received the U.S FDA 510K clearance for its new MP-3 Microperimeter. The device includes a wider range of stimulus intensity, from 0 to 34 dB, compared to the MP-1.

Moreover, key players in the market are focused on acquisition strategies to expand geographical their geographical presence. For instance, in 2017, Carl Zeiss Meditec AG strengthened its presence in Russia, Ukraine, the Commonwealth of Independent States (CIS), and Georgia through the acquisition of majority stakes in Optec Group. Moreover, Carl Zeiss Meditec AG, in January 2014, acquired Turkey-based Optronik AS. This acquisition allowed Carl Zeiss Meditec to expand and strengthen its presence in Turkey. – Coherent Market Insights

Share this:

Related Post

Stay Updated on Medical Equipment and Devices industry.
Receive our Daily Newsletter.