According to the latest report published by Credence Research, Inc. “Ocular Surgery Devices Market - Growth, Future Prospects and Competitive Analysis, 2017-2025,” the global ocular surgery devices market was valued at US$ 1,473.3 Mn in 2016, and is expected to reach US$ 2,569.5 Mn by 2025, expanding at a CAGR of 7.2% from 2017 to 2025.
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Ocular surgery or eye surgery is a procedure to treat visual impairment caused by different factors such as cataract, glaucoma, refractive errors etc. This visual impairment, if not treated, can cause blindness. According to the WHO, an estimated of 253 million people across the globe have a visual impairment, among them 36 million people are blind. Uncorrected refractive errors and cataract are the leading causes of visual impairment. Ocular surgical procedures are performed on the eye or the area adjoining the eye depending on the disorder. Ocular surgery includes cataract surgery, laser eye surgery, eye muscle surgery, glaucoma surgery, corneal surgery, vitreoretinal surgery and oculoplastic surgery. These surgical procedures utilize different devices and equipment such as lasers, ophthalmic viscoelastic devices (OVD), intraocular lens (IOL), phacoemulsification equipment, and femtosecond laser equipment.
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Ocular surgery devices market is expanding due to advancement of products, new products innovation and application of different technologies to ocular surgical procedures. Other major drivers for ocular surgery devices market include increasing incidence of diabetes cases, increasing prevalence of cataract and glaucoma cases, smoking habits and early adoption of innovative techniques for ocular surgeries. Also, increase in healthcare expenditure and better reimbursement policies introduced to support patients contribute to the growth of the ocular surgery devices market. However, post-operative complications, lack of health care insurance, lack of skilled surgeons and general awareness among people about eye disorders, poor primary health care infrastructure and decrease in price of the devices are some of the restraints to the ocular surgery devices market. Post-operative complications comprise initial eye discomfort, dry eye, temporary or permanent increase in visually distracting floaters, sensitivity to light, posterior vitreous detachment (PVD), higher or lower intraocular pressure (IOP) and cornea rejections. These all parameters collectively affect the ocular surgery devices market.
Based on devices used in the ocular surgical procedures, the global ocular surgery devices market is segmented into cataract surgery devices, glaucoma surgery devices, refractive surgery devices and vitreoretinal surgery devices. High prevalence and diagnosis rate of cataract compared to other visual impairments is reason for its substantial market share in the ocular surgery devices market. Based on procedure, the global ocular surgery devices market is segmented into cataract surgery, glaucoma surgery, vitreoretinal surgery devices and other ocular surgeries. Other ocular surgeries is further segmented in laser eye surgery, eye muscle surgery, corneal surgery and oculoplastic surgery. These other ocular surgeries are associated with cornea, eye muscles and other structures present in vicinity of the eye such as the eyelids and lacrimal (tear) ducts. Based on the end user, global ocular surgery devices market is segmented into hospitals, clinics and others.
Geographically, the global ocular surgery devices market is studied for North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America is the current global leader and it is expected that the region will continue to dominate the global market during the forecast period. North America is followed by Europe in ocular surgery devices market due to early adoption of innovative ocular surgery devices, growing aging population and increasing healthcare spending. Ocular surgery devices involve varied products ranging from an intraocular lens (IOL) to lasers. Several manufacturers compete in ocular surgery devices market and have different product portfolio. Some of the major players include A.R.C. Laser Gmbh, Accutome, Inc., Alcon, Inc., AqueSys, Inc., Bausch & Lomb, Inc., Carl Zeiss Meditech AG, Ellex Medical Lasers Ltd., Johnson & Johnson Vision Care Inc., Lumenis Ltd., Meridian AG, NIDEK Co., Ltd., Rhein Medical, Inc., STAAR Surgical Company and Ziemer Ophthalmic Systems AG.
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