According to Report, the ophthalmic surgical devices market size is expected to reach USD 14 billion by 2030 and is poised to grow at a noteworthy CAGR of 6% during the forecast period 2021 to 2030.
Ophthalmology Surgical Devices Market (By Product: Cataract Surgery Devices (Intraocular Lenses (IOLs), Ophthalmic Viscoelastic Devices), Glaucoma Surgery Devices, Vitreoretinal Surgery Devices, Refractive Surgery Devices; By End use: Hospitals, Ambulatory Surgical Centers, Ophthalmic Clinics) – Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2021-2030
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Surgical devices are used for treatment of various eye-related diseases such as cataract, glaucoma, and refractive error, which pose as a health burden globally. These devices are used mainly when the disease is not diagnosed at an early stage and thus cannot be treated by using eyeglasses or medication. There is an increasing demand for ophthalmic surgical devices to avoid visual impairment and loss of vision, which is increasing at an alarming rate worldwide.
Rising prevalence of cataract is one of the key factors fueling this market. The World Health Organization (WHO) defines cataract as “clouding of the lens of the eye which impedes the passage of light”. The WHO estimates that currently there are approximately 18 million around the world that are blind in both eyes due either to improper surgery or inaccessibility to advanced procedures. While this eye condition mostly occurs as a person ages, the WHO claims that other risk factors such as diabetes, exposure to UV light, and smoking are fast emerging as major grounds for cataract. Moreover, the International Agency for the Prevention of Blindness (IAPB) states that blindness from cataract is around 5% in developed countries and 50% in developing and underdeveloped nations. Increasing demand for ocular treatments from emerging economies is, therefore, expected to lead the Ophthalmic Surgical Devices Market trends in the upcoming decade.
Growing Number of Aged People Worldwide to Prove Beneficial for the Market
According to the WHO, aging is the primary reason for the development of eye diseases and conditions. The condition develops slowly as the strength of the lens in the eye deteriorates with age and diminishes vision. Therefore, as world population ages, the incidence of age-related ocular disorders is likely to rise. According to the Department of Economic and Social Affairs of the UN, by 2050, there will be close to 2.1 billion people crossing the age of 60. Estimates released by AGS Health in Aging Foundation reveal that 20% of the adults above 60 years of age developed cataract in one or both eyes in 2019. Further, Mayo Clinic reports that glaucoma, which occurs due to damaged optic nerve in people over the age of 60, is one of the top causes of blindness in the world. Thus, growing global geriatric population would boost the ophthalmic surgery devices market growth.
Report HIghlights
Based on Surgery Type, the cataract surgery devices segment is expected to hold largest market share in this market in 2020 due to various product offerings of diverse cost range provided by local and leading manufacturers. In Asia-Pacific, an ever-growing demand for cataract surgeries is expected to offer significant opportunities for the growth of the intraocular lens segment as it plays a prominent role in cataract surgeries. The glaucoma surgery devices segment is expected to register a highest CAGR.
Based on End-user, the hospitals segment dominated largest revenue share in 2020 due to higher number of surgeries performed in hospitals compared to clinics and others. Increasing number of cataract and glaucoma surgeries in hospitals is one the predominant factor augmenting the growth of hospitals segment in the market. The trend is anticipated to continue during the forecast period. Certain factors, such as increasing the number of advanced healthcare facilities and evolving healthcare infrastructure in developing countries, are likely to fuel the demand for ophthalmic surgical devices in hospitals.
North America is accounted largest revenue share USD 2.90 billion in 2020. The most favorable factor for the market here is the convenient nature of healthcare policies. Apart from this, increasing prevalence of cataract, glaucoma, and refractive errors, along with strong presence of other risk factors such as smoking and diabetes, will also further the growth of the market in North America.
Asia-Pacific is expected to significantly contribute to the ophthalmic surgical instrument market revenue owing to the rising number of aging people in China and Japan and growing incidence of ocular disorders. In Europe, the market will be driven by active adoption of advanced diagnostic and surgical procedures.
Interesting New Product Launches to Fire up Competitive Spirits
The ophthalmology surgical devices market analysis points towards a period of fierce competition in this market as key players introduce novel products to strengthen their hold on the market. Additional encouragement is being provided by timely regulatory approvals to innovative offerings.
The major players in the ophthalmic surgery devices market include Novartis AG, Abbott Laboratories, Carl Zeiss Meditec AG, Valeant Pharmaceuticals International Inc., and others.
Industry Developments:
August 2019: New World Medical, a renowned company in ophthalmological devices, launched its brand new glaucoma drainage tool, Ahmed ClearPath, in the US. The device consists of a flexible plate designed to align with the curvature of the eye and anteriorly placed suture fixation points for efficient drainage.
July 2019: The Irish pharmaceutical giant, Allergan, announced that its New Drug Application for the company’s Bimatoprost Sustained-Release has been accepted by the US FDA. If successful, the product would be the first-of-its-kind biodegradable implant for treating patients with glaucoma or ocular hypertension.
Report Scope of the Ophthalmology Surgical Devices Market
| Report Coverage | Details |
| Market Size | US$ 14 Billion by 2030 |
| Growth Rate | CAGR of 6% From 2021 to 2030 |
| Base Year | 2021 |
| Forecast Period | 2021 to 2030 |
| Largest Market | North America |
| Fastest Growing Market | Asia Pacific |
| Companies Mentioned | Novartis AG, Abbott Laboratories, Carl Zeiss Meditec AG, Valeant Pharmaceuticals International Inc. |
Market Segmentation
By Product
By End-user
By Geography
The study objectives of this report are:
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