Alcon (Switzerland), Johnson & Johnson Vision Care (US), and Carl Zeiss Meditec (Germany) are Prominent Players in the Global Ophthalmic Surgical Instruments Market
The global ophthalmic surgical instruments market is expected to reach USD 11.18 Billion by 2022 from USD 8.36 Billion in 2017, at a CAGR of 6.0%. Rapid growth in the geriatric population, increasing number of ophthalmic surgeries owing to the rising prevalence of eye diseases & diabetes in the overall population across the globe, and technological advancements in ophthalmic surgical instruments are the factors contributing to the growth of this market.
The global ophthalmic surgical instruments market is oligopolistic with four players accounting for the majority share of the market. Alcon (Switzerland), Johnson & Johnson Vision Care (US), and Carl Zeiss Meditec (Germany) are the major players in this market.
In 2016, Alcon held the leading position in the ophthalmic surgical instruments market. This can be attributed to its highly diversified ophthalmic surgical portfolio, which includes surgical products for cataract, refractive, glaucoma, vitreoretinal, and ophthalmic surgical accessories. The company focuses on increasing its presence in this market through continuous R&D to provide technologically advanced products to its customers. The company has a well-established presence in the US market with a strong and wide distribution network across the globe with 25,000 employees and presence in about 75 countries. The company mainly focuses on product development to enhance its presence in the ophthalmic surgical instruments market. For instance, in October 2017, Alcon launched new Clareon, the intraocular lens (IOL) used for cataract surgery. Alcon also focuses on agreements and alliances with other organizations to improve and expand the company’s technologies, product offerings, and sales & services infrastructure.
In 2016, Johnson & Johnson Vision Care held the second largest share of the ophthalmic surgical instruments market. The company offers advanced intraocular lenses under its brand name, TECNIS. The company provides a wide range of ophthalmic surgical instruments that include products such as surgical laser system, IOLs, ophthalmic viscoelastic devices (OVDs), and many other products for cataract surgery. The company focuses on strategic acquisitions to grow in the ophthalmic surgical instruments market. For instance, in February 2017, Johnson & Johnson Vision Care acquired Abbott Medical Optics to expand Johnson & Johnson’s ophthalmic product offerings in cataract surgery, laser refractive surgery, and consumer eye health. The company also focuses on expansion strategy in order to strengthen their market presence.
In the past three years, a majority of the top players adopted product launches, agreements, partnerships, collaborations, geographic expansions, mergers, and acquisitions as their key growth strategies. Product launches were the most adopted strategy by key players in the ophthalmic surgical instruments market in the past three years.
Related Reports:
Ophthalmic Surgical Instruments Market by Product (Cataracts (IOL, OVD), Refractive (Femtosecond, Excimer Laser) Glaucoma, Vitreoretinal (Vitrectomy Machine & Packs) Surgical Microscope] End User (Hospital, Specialty Clinic) - Global Forecast to 2022
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