High Incidence of Eye Disorders to Boost Ophthalmology Surgical Devices Market

The 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 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.

According to TMR’s report, the 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.

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Geographically, North America held a major share of the 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 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 ophthalmic surgery devices market.

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This release was published on openPR.