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.
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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.
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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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