Ophthalmic Operating Room Microscope Market: Current Analysis and Forecast (2021-2027)

Report Description

Ophthalmic operating room microscope market is the distribution of healthcare facilities, anywhere distance is a perilous aspect. The ophthalmic operating room microscope market is estimated to grow at a CAGR of 5.9% from US$ 483.5 million in 2020 to US$ 722.1 million in 2027. An ophthalmologist is a specialist in the medical and surgical treatment of the eye. They specialize in treating conditions like eye infections, optic nerve problem, cataracts, or other eye conditions. In Canada, 1 in 6 Canadians in 2020 had one of the four major eye diseases and were at a serious risk of losing their vision. This vision loss can be prevented with due care in 75% of the cases. The conference board of Canada recently revealed a new report projecting that vision treatments can save CAD$ 1.6 billion (US$ 1.32 billion) in direct healthcare costs in 2020.

Ophthalmic devices are those devices that can be used in optometry and ophthalmology. These can range from diagnosis instruments to invasive devices (such as contact lenses) and implantable devices such as intraocular lenses and glaucoma stents. Manufacturers of these devices are advised to ensure that they meet the relevant regulatory requirements before placing their products into the market.

The major factors influencing the market include the growth in aging population, rising access to healthcare in RDEs, increasing information access and awareness, growing patient load and expectations and budget constraints. 2.5 million eye injuries occur in America annually, costing US$ 200 million from hospital charges alone. The total indirect and direct costs exceed US$ 5 billion for eye treatments. There were approximately 18,512 ophthalmologists in the United States in 2017 which is a mean national density of 5.68 per 100,000 individuals. From 1995 to 2017 this mean has declined from 6.30 to 5.68 corresponding to a loss of 0.033 ophthalmologists per 100,000 individuals.

Alcon (Novartis AG), Johnson & Johnson Limited, Carl Zeiss MediTec AG, Inami & Co., Ltd., Takagi Seiko Co., Ltd., Danaher Corporation (Leica microsystems), Topcon Corporation, Karl Kaps GMBH & Co.Kg, Metall Zug group (Haag-Streit holding), Seiler Instrument inc. are some of the prominent players operating in the ophthalmic operating room microscope market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.

Insights Presented in the Report

“Amongst Type, on casters segment holds the major share”

Based on types, the ophthalmic operating room microscope market is divided into on casters, wall mount, tabletop and ceiling mounted. On caster is the most popular due to its better mobility, however one can use ceiling mount and wall mount for space management. The modern microscope has a precision motorized mechanics as supporting structure so the microscope can be balanced easily and flexibly adjusted to the right position. The fundamental task of the supporting structure is to keep the microscope stable. Various controlling methods have been developed for “hands-free” operation reducing the strain on surgeons during long surgery hours.

“Amongst Application, LASIK is anticipated to grow at the highest CAGR during the analyzed period”

Based on application, ophthalmic operating room microscope market is divided into cataract surgery, LASIK, keratoplasty surgery, trabeculectomy and other. Roughly 9.2 million Americans got LASIK surgeries in 2019 and a total of 40 million LASIK surgeries have been performed from 1991 to 2016. Additionally, 1.7 million individuals in the United States got a cataract surgery in 2019 and this number is increasing every year. Other than that, trabeculectomy is a procedure used to treat glaucoma by lowering the eye pressure. Keratoplasty on the other hand, is the replacement the natural cornea by surgery.

“Amongst End-User, ambulatory surgical centers is anticipated to grow at the highest CAGR during the analyzed period”

Based on end-user, the ophthalmic operating room microscope market is divided into hospitals, ambulatory surgical centres, ophthalmology clinics and others. Ambulatory surgical centres are forecasted to rise by the highest rate in the forecasted period. The key factor of this is the rise in surgical costs. Insurers recommend patients to undergo surgeries at ambulatory surgical centres (ASCs) rather than outpatient departments in hospitals. There are approximately 53 million outpatient surgeries performed annually in the United States. The number of cataract surgeries have increased by 73% according to the JAMA ophthalmology journal.

“North America signifies one of the largest markets of ophthalmic operating room microscope market”

For a better understanding of the market dynamics of the ophthalmic operating room microscope market, a detailed analysis was conducted for different regions across the globe including North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), Rest of World has been conducted. North America dominated the market and generated maximum revenue in 2020 owing to the increasing awareness and higher healthcare spending.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the ophthalmic operating room microscope market were the three major steps undertaken to create and analyze the adoption of ophthalmic operating room microscope in different segments across major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the ophthalmic operating room microscope sector. Post assumption and validation of market numbers through primary interviews, we employed a top-down approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the ophthalmic operating room microscope through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the ophthalmic operating room microscope market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments for major regions. Major segments included in the report are type, application, and end-user. Further country-level analyses were conducted to evaluate the overall adoption of ophthalmic operating room microscope in every region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of ophthalmic operating room microscope. Further, we conducted factor analysis using dependent and independent variables such as increasing chronic illnesses and the growing geriatric population. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the ophthalmic operating room microscope industry across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the ophthalmic operating room microscope market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of ophthalmic operating room microscope across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the ophthalmic operating room microscope market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the ophthalmic operating room microscope market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, application, and end-user of the ophthalmic operating room microscope market.

Main Objective of the Ophthalmic Operating Room Microscope Market Study

The current & future market trends of ophthalmic operating room microscope were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of ophthalmic operating room microscope in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of type, application, and end-user
• Define and analysis of the regulatory framework for the ophthalmic operating room microscope industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the ophthalmic operating room microscope market for the major region
• Major regions studied in the report include North America (the United States, Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and Rest of the World
• Company profiles of the ophthalmic operating room microscope market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry