Ophthalmology Surgical Devices Market by Product and Geography - Forecast and Analysis 2022-2026

The eye care surgical devices market share is expected to increase by USD 3.13 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 5.75%.

This eye care surgical devices market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers ophthalmology surgical devices market segmentation by product (cataract surgery devices, glaucoma surgery devices, refractive surgery devices, and vitreoretinal surgery devices) and geography (North America, Europe, Asia, and Rest of World (ROW)). The eye care surgical devices market report also offers information on several market vendors, including AbbVie Inc., Alcon Inc., Bausch Health Co Inc, Carl Zeiss AG, Danaher Corp., Digital Diagnostics Inc., EssilorLuxottica SA, EyeQue Corp., Glaukos Corp, HOYA Corp., IRIDEX Corp., Johnson and Johnson, LENSAR Inc., Lumenis Ltd., LUMIBIRD SA, Metall Zug AG, NIDEK Co. Ltd, STAAR Surgical Co., The Cooper Companies Inc., and Ziemer Ophthalmic Systems AG among others.

What will the Ophthalmology Surgical Devices Market Size be During the Forecast Period?

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Ophthalmology Surgical Devices Market: Key Drivers, Trends, and Challenges

The increasing prevalence of ophthalmic diseases is notably driving the eye care surgical devices market growth, although factors such as high cost and limited reimbursements may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the ophthalmology surgical devices industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Ophthalmology Surgical Devices Market Driver

One of the key factors driving growth in the eye care surgical devices market is the global prevalence of various ophthalmic disorders. The growing prevalence of ophthalmic disorders such as refractive error, glaucoma, and diabetic retinopathy, among others, across the world is one of the factors that have propelled the demand for ophthalmic surgical devices and is driving the growth of the market. In terms of geographical differences, the prevalence of these above-mentioned ophthalmic disorders in low and middle-income economies is estimated to be four times higher than compared in high-income regions. The growing geriatric population is one of the prominent reasons which is propelling the demand for the ophthalmology industry. Thus, the growing prevalence of age-related ocular disorders has generated significant opportunities in the field of ophthalmic surgeries. These factors will drive the growth of the global ophthalmology surgical devices market during the forecast period.

Key Ophthalmology Surgical Devices Market Trend

The strategic initiative of market players is an eye care surgical devices market trend that is expected to have a positive impact in the coming years. The global ophthalmology surgical devices market is highly competitive. Vendors in the market adopt strategies such as new product launches, collaborations, partnerships, mergers and acquisitions (M and A), and expansion projects to tackle the competition in the market. Vendors invest in developing innovative ophthalmology surgical devices to increase their foothold in the market. Moreover, intense competition in the market is expected to compel established vendors to increase their market presence through partnerships and strategic alliances. The key strategies used by these market vendors focus on launching new innovative surgical products to treat ocular diseases such as glaucoma, cataract, macular degeneration, and refractive errors. These strategic initiatives of market vendors are helping them enhance their operations and increase their geographical presence. Thus, such activities will drive the growth of the global eye care surgical devices market during the forecast period.

Key Ophthalmology Surgical Devices Market Challenge

The high cost of healthcare will be a major challenge for the eye care surgical devices market during the forecast period. Developed nations such as the US, Canada, and the UK, have high healthcare costs. The US has a very expensive healthcare system when compared to other nations. The high cost of healthcare in these developed countries prevents patients from seeking surgical treatment for ophthalmic disorders, such as refractive error, cataracts, glaucoma, corneal opacities, diabetic retinopathy, and trachoma, among others. Additionally, in developing countries such as India, China, Brazil, Argentina, and others, due to the lack of financial resources and the low per capita income, many people cannot bear the high costs associated with the surgical treatment of ophthalmic disorders. The absence of proper healthcare infrastructure and the low level of government aid received in medical expense reimbursements further pose a challenge for patients in these countries.

This eye care surgical devices market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global ophthalmology surgical devices market as a part of the global healthcare equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the eye care surgical devices market during the forecast period.

Who are the Major Ophthalmology Surgical Devices Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

• AbbVie Inc.
• Alcon Inc.
• Bausch Health Co Inc
• Carl Zeiss AG
• Danaher Corp.
• Digital Diagnostics Inc.
• EssilorLuxottica SA
• EyeQue Corp.
• Glaukos Corp
• HOYA Corp.
• IRIDEX Corp.
• Johnson and Johnson
• LENSAR Inc.
• Lumenis Ltd.
• LUMIBIRD SA
• Metall Zug AG
• NIDEK Co. Ltd
• STAAR Surgical Co.
• The Cooper Companies Inc.
• Ziemer Ophthalmic Systems AG

This statistical study of the ophthalmology surgical devices market encompasses successful business strategies deployed by the key vendors. The eye care surgical devices market is fragmented and the vendors are deploying growth strategies such as developing new ophthalmology surgical devices with upgraded technologies to compete in the market.

Product Insights and News

• Alcon Inc. - Alcon Inc. is a public company headquartered in Switzerland. It is a global company generating $8,222 million in revenues and has around 24,389 employees. Its revenue from the global ophthalmology surgical devices market contributes to its overall revenues along with its other offerings, but it is not a key revenue stream for the company. 
• Alcon Inc. - The company offers ophthalmology surgical devices such as LensX laser system that is used in more cataract surgeries.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The eye care surgical devices market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Ophthalmology Surgical Devices Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the eye care surgical devices market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Ophthalmology Surgical Devices Market?

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43% of the market’s growth will originate from North America during the forecast period. The US is the key market for ophthalmology surgical devices in North America. Market growth in this region will be faster than the growth of the market in the European and ROW regions.

The growing healthcare sector in the region, the growing prevalence of ophthalmic disorders such as cataracts and glaucoma, and the strong market presence of the leading vendors will facilitate the eye care surgical devices market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, the COVID-19 pandemic negatively impacted the ophthalmology surgical devices market in the region. The US, Canada, and Mexico governments had imposed nationwide lockdowns and other pandemic-induced restrictions such as social distancing. However, in H2 2021, due to the availability of vaccines and reduced COVID-19 cases in the region, hospitals and other healthcare facilities resumed elective procedures and surgeries. Thus, the regional demand for ophthalmology surgical devices rebounded and will result in the continued growth of the regional market during the forecast period.

What are the Revenue-generating Product Segments in the Ophthalmology Surgical Devices Market?

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The eye care surgical devices market share growth by the segments.1 segment will be significant during the forecast period. There is a growing need for surgical intervention to help restore vision for patients with cataracts. As of 2021 statistics, more than 28 million cataract procedures are performed every year, and around 60,000 cataract procedures are performed every day globally. In the US alone, approximately four million cataract procedures are performed annually. These factors have driven the demand for cataract surgery devices such as intraocular lenses, viscoelastic devices, and phacoemulsification systems, particularly from emerging economies. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the ophthalmology surgical devices market size and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this Ophthalmology Surgical Devices Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive ophthalmology surgical devices market growth during the next five years
• Precise estimation of the eye care surgical devices market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behaviour
• The growth of the ophthalmology surgical devices industry across North America, Europe, Asia, and Rest of World (ROW)
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of eye care surgical devices market vendors

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