Ophthalmic Surgical Devices Market Size, Share & Industry Analysis, By Surgery Type (Cataract Surgery Devices, Vitreoretinal Surgery Devices, Refractive Error Surgery Devices, Glaucoma Surgery Devices), By End-user (Hospitals, Ophthalmic Clinics, Others), and Regional Forecast, 2019-2032

The global ophthalmic surgical devices market size stood at USD 8.79 billion in 2018 and is projected to reach USD 17.70 billion by 2032, exhibiting a CAGR of 5.2% during the forecast period. North America dominated the ophthalmic surgical devices market with a market share of 32.08% in 2018.

Among ocular disorders, cataract is one of the most common types characterized by clouding of the lens which causes blurred vision. Cataract and glaucoma are some of the leading causes of blindness among the aged population. Symptoms of cataract include blurred vision, difficulty in reading, glare, visual changes, eye redness, and others. In order to correct the blurred vision, cataract surgeries are performed where the defective lens is replaced with an artificial one. Another type of ophthalmic disorders includes refractive errors. Laser surgery corrects refractive errors. The most common laser surgery adopted is LASIK. Increasing aging population, rising prevalence of diabetes that causes glaucoma, and increasing use of technology leading to refractive errors are some of the predominant factors leading to the rising prevalence of ophthalmic disorders. High adoption of intraocular lenses due to an exponentially increasing number of cataract surgeries is a prominent factor boosting the ophthalmic equipment and ophthalmic surgical devices market during the forecast period. 

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Additionally, the advent of innovative technologies in glaucoma surgical devices is estimated to bolster sales in this market. In developing countries, increased accessibility to ophthalmology drugs and devices coupled with evolving healthcare infrastructure is estimated to fuel the demand for ophthalmic surgical equipment during the forecast period.

MARKET DRIVERS

“Rising Prevalence of Cataract and Glaucoma to Augment Market Growth”

Rising prevalence of cataract and glaucoma globally is significantly projected to drive the ophthalmic surgical equipment market growth during the forecast period. For example, according to recent estimates by the World Health Organization (WHO), around 20 million people across the globe suffer from cataract. Additionally, in a report published by the National Ophthalmology Database (U.K) in 2017 estimates that there are currently half a million people suffering from glaucoma. High prevalence of these ocular disorders is generating significant opportunities in the field of ophthalmic surgeries, which will eventually bolster the growth of this market over the forecast years. Additionally, increasing awareness and accessibility to ophthalmic devices and ophthalmic surgical instruments combined with developing healthcare infrastructure in emerging nations are projected to drive the ophthalmic surgical devices market trends. Awareness regarding advanced ophthalmic diagnostic devices and surgical equipment is also increasing, leading to a higher awareness and incidence rate of ocular diseases.

According to AGS Health in Aging Foundation, in 2019, one in five adults over the age of 65 developed a cataract. Increasing geriatric population is one of the prominent reasons which is augmenting the ophthalmic surgical instrument market growth during the forecast period.

“Increasing Innovations in Glaucoma and Cataract Surgery to Positively Impact the Demand for Ophthalmic Surgical Devices”

Major players operating in the ophthalmic surgical devices industry are constantly trying to introduce innovative surgical products to treat ocular diseases such as glaucoma, cataract, macular degeneration, and refractive errors. For instance, Alcon in 2018 received U.S FDA approval for CyPass Micro-Stent, a micro-invasive glaucoma surgical device (MIGS). MIGS devices are estimated to efficiently treat glaucoma, making it easier for patients suffering from side effects caused due to steroids indicated to treat glaucoma. Additionally, there are many pipeline MIGS products under development by major players to treat glaucoma and cataract. Such innovations are estimated to drive the ophthalmic surgical devices market demand during the forecast period.

SEGMENTATION

By Surgery Type Outlook

 “Cataract Surgery Devices to Witness the Highest CAGR in the Market”

Based on surgery type, the ophthalmic surgical devices market can be divided into cataract surgery devices, vitreoretinal surgery devices, refractive error surgery devices, and glaucoma surgery devices. Cataract surgery devices is further segmented into phacoemulsification systems, femtosecond laser, intraocular lenses, and ophthalmic viscoelastic devices & other consumables. The vitreoretinal surgery devices are bifurcated into equipment and consumables. The refractive error surgery devices segment is segregated into equipment and consumables.

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The cataract surgery devices segment is estimated to hold the major market share in this market in 2018 and is projected to grow at a considerable rate during the forecast period. This trend is credited to various product offerings of diverse cost range provided by local and leading manufacturers. In Asia-Pacific, an ever-growing demand for cataract surgeries is expected to offer significant opportunities for the growth of the intraocular lens segment as it plays a prominent role in cataract surgeries.

Additionally, the glaucoma surgery devices segment is also projected to register a significant CAGR attributed to new innovative surgical devices in the category. Regionally, Asian countries such as India and China are driving the cataract surgery devices segment growth. The vitreoretinal surgery devices and refractive error surgery devices are estimated to experience a steady CAGR owing to the increasing number of refractive errors and ocular diseases globally.

By End-user Outlook

“Hospitals to Capture a Dominant Share in the Market in Terms of Revenue”

Based on end-user, this market is segmented into hospital, ophthalmic clinics, and others.

The hospitals segment accounted for major ophthalmic surgical devices market share in 2018. This is attributed to higher number of surgeries performed in hospitals compared to clinics and others. Increasing number of cataract and glaucoma surgeries in hospitals is one the predominant factor augmenting the growth of hospitals segment in the market. The trend is anticipated to continue during the forecast period. Certain factors, such as increasing the number of advanced healthcare facilities and evolving healthcare infrastructure in developing countries, are likely to fuel the demand for ophthalmic surgical devices in hospitals.

REGIONAL ANALYSIS

North America generated a revenue of USD 2.82 billion in 2018 and is anticipated to hold a dominating position in the ophthalmic surgical devices market. High incidence of glaucoma, cataract disorders, and refractive errors, which require surgical intervention are some of the leading factors aiding the region capture a high market share. High product penetration of intraocular lenses combined with convenient healthcare policies in the U.S will bolster the market in the region.

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On the other hand, currently, Asia-Pacific is anticipated to be the second most prominent region in terms of revenue in the overall ophthalmology surgical equipment market. This is owed to a high prevalence of cataract surgeries combined with the increasing geriatric population in countries such as Japan and China. High awareness regarding ocular disorders and favorable reimbursement policies are some of the major factors driving the market growth in the region. In European countries such as Germany, France and U.K, increasing adoption of technologically advanced medical devices is projected to bolster the growth in the ophthalmic surgical devices market revenue. Latin America and the Middle East and Africa held a lower share in the market. However, Latin America is estimated to witness steady growth in the ophthalmic surgical instrument market during the forecast period.

INDUSTRY KEY PLAYERS

“Alcon and Johnson and Johnson Services, Inc., Together Account for the Largest Share in the Market”

Alcon, a part of Novartis AG, holds the highest share in this market. Following Alcon is Johnson and Johnson Services, Inc., holding the second dominating position in the ophthalmic surgical devices market share. Alcon has a wide range of product offerings that cover diverse ocular disorders including glaucoma, cataract, refractive errors, and dry eye. The company offers equipment and consumables targeted for the treatment of ocular diseases. Johnson and Johnson Services, Inc. also holds a significant share in the ophthalmic surgery devices market. The strategic acquisitions planned by Johnson and Johnson Service, Inc. has enabled the company to capture the market share in global ophthalmology diagnostics & surgical devices industry. Few of the predominant strategies followed by the key market players are constant innovation in glaucoma surgery, strategic partnerships, acquisition, among others. Other prominent players in the ophthalmic surgical devices market include ZEISS International, STAAR SURGICAL, Bausch & Lomb Incorporated, Glaukos, and others.

List Of Key Companies Covered:

• Alcon (Part of Novartis AG)


• Johnson and Johnson Services, Inc.


• ZEISS International


• Bausch & Lomb Incorporated


• STAAR SURGICAL


• Hoya Corporation


• Glaukos


• Allergan


• New World Medical, Inc


• Oertli Instrumente AG


• Other Prominent Players

KEY INDUSTRY DEVELOPMENTS:

• April 2021- Bausch + Lomb, a subsidiary of Bausch Health Companies Inc. announced that they have received a U.S. FDA approval for their product ClearVisc dispersive ophthalmic viscosurgical device for the patients having ophthalmic surgery.  


• February 2021 – Johnson and Johnson Vision, a part of Johnson & Johnson Medical Devices Companies announced that they have received approval from the U.S. FDA for TECNIS Eyhance and TECNIs Eyhance Toric II intraocular lens for the treatment of patients with cataract in the U.S. region. This approval will allow the company to launch these products commercially in the U.S. market.


• May 2020 – Bausch+ Lomb announced a launch of presbyopia correcting intraocular lens, LuxSmart and monofocal version, LuxGood. Both the products function on the preloaded delivery system and Pure Refractive Optics technology.

REPORT COVERAGE

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The ophthalmic surgical devices market report offers an in-depth analysis of the market. It further provides details on the adoption of ophthalmic surgical devices across several regions. Information on trends, drivers, opportunities, threats, and restraints of the market can further help stakeholders to gain valuable insights into the ophthalmology surgical devices market. The report offers a detailed competitive landscape by presenting information on key players, along with their strategies, in the market.

The report presents a comprehensive assessment of the global ophthalmology surgical devices market by offering valuable insights, facts, industry-related information, and historical data. These include key insights such as the introduction of new products/approvals (by major players), number of cataract surgeries - for key countries, pipeline analysis, key industry developments - mergers, acquisitions, and partnerships, technological advancements in ophthalmic surgery among others.

 REPOT SCOPE & Segmentation