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The ophthalmology surgical devices market size is forecast to increase by USD 2.81 billion and is estimated to grow at a CAGR of 5.21% between 2023 and 2028. The ophthalmic industry is experiencing significant growth due to the increasing prevalence of eye diseases worldwide. According to the World Health Organization, approximately 285 million people are visually impaired, with 80% of cases avoidable. This trend is driving demand for advanced diagnostic tools and treatments. Furthermore, there is a rising number of initiatives to increase awareness and customer training, which is leading to the early detection and prevention of eye diseases. Additionally, there is an untapped market in developing countries, where access to eye care is limited. Companies in the ophthalmic industry are expanding their reach to these regions, providing affordable solutions and improving overall eye health. This growth is expected to continue, making the ophthalmic industry an attractive investment opportunity.
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Ophthalmic surgical devices refer to advanced tools and instruments used in performing various ophthalmic surgeries to treat eye disorders, including cataracts and glaucoma. Cataracts, a clouding of the natural lens, are a leading cause of blindness worldwide, particularly among the geriatric population. Ophthalmic surgeries, such as cataract surgeries, involve the use of microscopes, intraocular lenses, and advanced technologies like robotic systems. These surgeries aim to address symptoms like blurred vision, glare, visual changes, eye redness, and other symptoms associated with cataracts, glaucoma, diabetic retinopathy, and other ophthalmic disorders. The backlog of patients seeking consultations for these conditions continues to grow, fueling the demand for ophthalmic surgical devices. Intraocular lenses, artificial lenses implanted during cataract surgeries, have gained significant popularity due to their ability to correct refractive errors. Laser surgery is another advanced technique used in ophthalmic surgeries to treat various eye conditions. Overall, the market is expected to witness significant growth due to the increasing prevalence of eye disorders and the ongoing advancements in surgical technologies. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increasing prevalence of ophthalmic diseases is notably driving market growth. The global market is witnessing significant growth due to the increasing prevalence of various eye conditions, such as refractive errors, cataracts, glaucoma, macular degeneration, and diabetic retinopathy.
According to the World Health Organization, approximately 2.2 billion people worldwide experienced near or distant vision impairment as of March 2023. Uncorrected refractive errors and cataracts are the leading causes of vision impairment and blindness. The aging population is a significant risk factor for these conditions, with an estimated 400 out of every 1,000 people and 50 out of every 1,000 people developing cataracts and glaucoma, respectively, during their lifetime. Hence, such factors are driving the market during the forecast period.
Strategic collaborations and M and A among vendors is the key trend in the market. The global market is marked by intense competition among vendors. To maintain a competitive edge, companies are focusing on innovations in ophthalmic equipment for addressing various eye conditions such as glare, visual changes, eye redness, and cataract surgeries involving artificial lenses.
Moreover, the prevalence of cataract and glaucoma, two major eye diseases, is on the rise due to aging population and the increasing prevalence of diabetes. In response, market participants are launching new surgical products, including glaucoma surgery devices like CyPass Micro-Stent and MIGS, and vitreoretinal surgery devices. LENSAR Inc., for instance, recently received USFDA approval for its advanced ALLY Adaptive Cataract Treatment System, featuring a femtosecond laser and ophthalmic viscoelastic devices as consumables. Thus, such trends will shape the growth of the market during the forecast period.
High cost and limited reimbursements is the major challenge that affects the growth of the market. The market encompasses a range of products used in various eye surgeries, including cataract surgeries, refractive errors correction through laser surgery such as LASIK, and glaucoma surgical devices. These devices aim to address visual changes, eye redness, and glare, which are common issues among aging populations and those with conditions like diabetes.
Moreover, the prevalence of cataract and glaucoma, according to the National Ophthalmology Database, necessitates the use of advanced ophthalmic equipment, such as phacoemulsification systems, femtosecond lasers, ophthalmic viscoelastic devices, and consumables. Hence, the above factors will impede the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Alcon Inc: The company offers ophthalmology surgical devices such as LensX laser system that is used in more cataract surgeries.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The cataract surgery devices segment is estimated to witness significant growth during the forecast period. Ophthalmic surgical devices play a crucial role in addressing various eye disorders, including cataracts and glaucoma. Cataracts, a leading cause of vision impairment and blindness, particularly affect the geriatric population. Ophthalmology surgery devices, such as microscopes and advanced cataract surgery devices like phacoemulsification (phaco) systems, enable cataract surgeons to correct this condition and improve patients' quality of life.
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The cataract surgery devices segment was the largest segment and valued at USD 3.39 billion in 2018. Glaucoma, another prevalent ophthalmic disorder, affects over 80 million people worldwide. Technological advancements, including laser technology and robotic systems, are revolutionizing ophthalmic surgeries, offering more precise and effective treatments for glaucoma and other eye disorders. Intraocular lenses and the Hydrus Microstent are among the innovative solutions addressing glaucoma. Hence, such factors are fuelling the growth of this segment during the forecast period.
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North America is estimated to contribute 43% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Ophthalmic surgical devices play a crucial role in addressing various eye disorders, including cataracts and glaucoma. According to the Macular Disease Foundation, an estimated 2.2 million Americans have age-related macular degeneration, and 3 million have cataracts. Cataract surgeries, which involve the removal of clouded lenses and replacement with intraocular lenses, have become increasingly common due to advancements in technology, such as laser technology and microscopes. The geriatric population, which is most susceptible to eye disorders, is driving the demand for ophthalmic surgical devices. Hence, such factors are driving the market in North America during the forecast period.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
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The market encompasses a wide range of advanced tools used in diagnosing and treating various eye disorders, including cataracts and glaucoma. Cataracts, a leading cause of vision impairment and blindness worldwide, are primarily treated through surgeries using devices such as microscopes, phacoemulsification (phaco) systems, and intraocular lenses. Glaucoma, another major ophthalmic condition, ocular disorders, reading, artificial lens, affects millions of people, particularly the geriatric population. The market for ophthalmic surgery devices includes advanced technologies like laser systems and robotic platforms for refractive surgeries and glaucoma treatments. Conditions like diabetic retinopathy and macular disease contribute significantly to the demand for ophthalmic surgical devices. With the increasing prevalence of eye disorders, there is a backlog of patients requiring consultations and advanced cataract surgery devices.
Moreover, technological advancements in ophthalmic surgery devices include virtual reality options, such as portable VR tools, for cataract surgeons-in-training. However, unfavorable reimbursement policies pose a challenge to market growth. Key devices in the market include SmartCataract solutions, Hydrus Microstent, and various lens types for correcting blurred vision and addressing symptoms of severe visual impairment. The Macular Disease Foundation highlights the importance of early detection and timely intervention for effective treatment. In summary, the market is witnessing significant growth due to the increasing prevalence of eye disorders, technological advancements, and the need for minimally invasive surgical procedures.
Market Scope |
|
Report Coverage |
Details |
Page number |
150 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.21% |
Market growth 2024-2028 |
USD 2.81 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.88 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 43% |
Key countries |
US, Germany, UK, China, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AbbVie Inc., Alcon Inc., Bausch Health Companies Inc., Carl Zeiss AG, Ellex Medical Lasers Ltd., EssilorLuxottica, FCI Ophthalmics, Glaukos Corp., Gulden Ophthalmics, HOYA Corp., IRIDEX Corp., Johnson and Johnson Services Inc., Katena Products Inc., LENSAR Inc., Lumenis Be Ltd., Metall Zug AG, NIDEK Co. Ltd., Nova Eye Medical Ltd., STAAR Surgical Co., Sterimedix Ltd., Topcon Corp., and Ziemer Ophthalmic Systems AG |
Market dynamics |
Parent market analysis, market report, market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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