The global ophthalmology surgical devices market was valued at
approximately US$ 7,000.0 Mn in 2016 and is projected to register a
compounded annual growth rate (CAGR) of over 4.0% from 2017 to 2025,
according to a new report published by Transparency Market Research
(TMR) titled “Ophthalmology Surgical Devices Market – Global
Industry Analysis, Size, Share, Growth, Trends, and Forecast,
2017–2025”. The report suggests that technological advancements
and presence of leading players is projected to augment the demand
for ophthalmology surgical devices in the next few years (from 2017
to 2025). North America dominates the global ophthalmology surgical
devices market, due to high preference for surgical procedures for
eye treatment in the region. Emerging markets such as China, India,
Argentina, and Brazil are likely to promote growth of the market in
Asia Pacific and Latin America from 2017 to 2025.
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Strategic
Collaborations and High Unmet Needs for Refractive Surgeries to drive
Global Ophthalmology Surgical Devices Market
Globally, disorders such as cataract, glaucoma, and age-related
macular degeneration (AMD) are the leading causes of blindness and
visual impairment. The burden of eye diseases across the globe is
expected to increase significantly in the next few years. According
to a report published by the World Health Organization (WHO) in 2010,
cataract was responsible for causing blindness in 20 million people,
which represented around 51% of the world blindness. Glaucoma was
estimated to cause blindness in 4.5 million people, which was around
12% of the global blindness. The continuing worldwide demographic
trend of people developing myopia is expected to augment the demand
for refractive surgeries required to treat the disorder in the next
few years. The rate of prevalence of myopia is as high as 70% or more
in countries in East Asia. Companies in the ophthalmology surgical
devices market are increasingly collaborating with one another as
well as with research institutes in order to develop new technologies
to address the current unmet needs for eye care. In May 2016, Bausch
+ Lomb and HOYA Surgical Optics entered into an exclusive agreement,
which helped the former to market and commercialize the latter’s
wide portfolio of injectors and intraocular lenses (IOLs) in the
U.S.
Glaucoma Surgery Devices Segment to expand at a High Rate
The cataract surgery devices segment dominates the global
ophthalmology surgical devices market in terms of revenue. Factors
such as launch of new and innovative products, large number of
patients with cataract, and government initiatives for promotion of
cataract surgeries are likely to fuel the segment during the forecast
period. The glaucoma surgery devices segment is estimated to expand
at a CAGR of more than 4.0% during the forecast period. Factors such
as rising adoption of minimally invasive glaucoma surgeries,
increasing elderly population, and growing awareness among people are
driving the glaucoma surgery devices segment. According to a study
published by the American Academy of Ophthalmology, the prevalence of
glaucoma in people aged 40–80 years in the U.S. was 64.3 million in
2013 and is set to increase to 76.0 million by 2020 and 111.8 million
by 2040.
Hospitals Segment dominates in terms of Market Share
Based on end-user, the market has been classified into hospitals,
ambulatory surgical centers, and ophthalmic clinics. The hospitals
segment holds a major market share. The segment is estimated to
expand at a CAGR of more than 4.0% during the forecast period. High
preference for hospitals by patients with cataract and diabetic
retinopathy, presence of a large number of hospitals with highly
equipped technologies, and favorable health care insurance coverage
are key factors driving the hospitals segment. The segment is likely
to be followed by the ophthalmic clinics segment in the next few
years. Increase in the number of ophthalmologists and independent
optometrists is a key fueling factor for the ophthalmic clinics
segment.
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Asia Pacific to offer High Incremental Opportunity
In terms of value, North America led the global ophthalmology
surgical devices market in 2016. Rapid adoption for newer
technologies and large pool of patients with eye diseases are factors
responsible for the major share held by North America in the global
market. However, various governments in the region are offering funds
for R&D, encouraging pioneering research in the field of
ophthalmic laser. Europe is the second-largest market for
ophthalmology surgical devices. Increasing baby boomer population and
rising incidence of eye disorders in the region are likely to propel
the Europe ophthalmology surgical devices market during the forecast
period. Increased participation of governments in the development of
health care infrastructure and increasing disposable income of people
in the region fuel the Asia Pacific ophthalmology surgical devices
market. The market in Middle East & Africa was valued at
approximately US$ 190.0 Mn in 2016 and is likely to expand at a CAGR
of more than 3.0% from 2017 to 2025. Latin America and Middle East &
Africa are likely to offer immense growth opportunities to the
ophthalmology surgical devices market during the forecast period.
Large number of cataract surgeries performed in countries such as
Argentina and Bolivia, significant improvements, and initiatives by
governments in these regions are factors that fuel the ophthalmology
surgical devices market in Latin America and Middle East &
Africa.
Key Players such as Alcon, Johnson & Johnson, Vision Care, Inc.,
and Carl Zeiss Meditec AG to continue to lead Global Ophthalmology
Surgical Devices Market
The report also provides profiles of leading players operating in the
global ophthalmology surgical devices market such as Alcon, Carl
Zeiss Meditec AG, Johnson & Johnson Vision Care, Inc., Bausch &
Lomb, Inc., IRIDEX Corporation, Lumenis Ltd., NIDEK CO., LTD., STAAR
Surgical Company, HOYA Corporation, and Glaukos Corporation. Launch
of new products and strengthening of product distribution channels
across different geographies are key strategies adopted by several
major players. Carl Zeiss Meditec AG aims to maintain balanced
distribution of revenues across individual markets. The company
currently generates around 33% of its revenues from the market in
EMEA, the Americas, and APAC.
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