The global ophthalmology surgical devices market is forecasted to
witness a steady growth in coming years, according to Transparency
Market Research (TMR). The players in the market are expected to
focus on new product launches and fortifying their geographical
presence and distribution channels. Key vendors in the global
ophthalmology surgical devices market are Bausch & Lomb, Inc.,
HOYA Corporation, Johnson & Johnson Vision Care, Inc., STAAR
Surgical Company, Carl Zeiss Meditec AG, IRIDEX Corporation, and
Alcon.
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According to TMR’s report, the global ophthalmology surgical
devices market was valued at around US$ 7.0 bn in 2016 and is
expected to exhibit a steady CAGR of 4.0% from 2017 to 2025, to reach
value of around US$ 11.0 bn by 2025.
Among end-users, hospitals was the largest segment in 2016 and is
anticipated to marginally gain market share by 2025. This is
attributable to presence of the large number of hospitals, use of
technologically advanced safety products, and favorable health care
insurance coverage.
Geographically, North America held a major share of the global
ophthalmology surgical devices market, in terms of revenue, in 2016.
The trend is projected to continue from 2017 to 2025, primarily due
to large pool of patients with eye disorders and the larger number of
patients undergoing eye surgeries in North America than other
regions.
High Incidence of Eye Related Disorders to Offer Market
Opportunity
According to a report published by the World Health Organization
(WHO) in 2010, cataract was responsible for causing blindness in 20
million people across the globe, which represented around 51% of the
world blindness. Glaucoma was estimated to cause blindness in 4.5
million people, which accounted for around 12% of the global
blindness. In addition, AMD was the third leading cause of blindness
with worldwide prevalence rate of 8.7%. The growing burden of these
eye conditions coupled with rising elderly population is expected to
increase the need for corrective surgeries in the near future,
subsequently stimulating the need for devices and systems used in
these surgeries.
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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.
Technical Advances in Eye Surgeries to Boost Growth
Increasing demand for efficient treatment methodologies, rapid
technological advancements and rising incidence rate of ocular
disorders such as corneal abrasion, cataract, dry eyes are some major
drivers of the ophthalmology diagnostics and surgical devices market.
Enhanced cataract surgery techniques such as implantable intraocular
lenses and the introduction of retinal implants are also expected to
enhance market growth during the forecast period. Moreover,
introduction of new products in line with the changing healthcare
dynamics such as drug eluting contact lenses and handheld devices
enabled with improved technology for early detection of macular
degeneration and glaucoma are anticipated to improve usage rates.
Although these factors encourage the growth of the market, a dearth
of skilled professionals with expertise in ophthalmic surgery, low
awareness related to the ocular diseases, and lack of healthcare
infrastructure mainly in developing countries can restrain the growth
of global ophthalmic surgery devices market.
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