Ophthalmic Surgical Devices Market to Rise at 4.8% CAGR till 2026; Steady Spread of Ophthalmic Disorders to Prove Advantageous for Market Growth

The global ophthalmic surgical devices market size is expected to reach USD 12.75 billion by 2026 owing to the rising number of eye surgeries. Fortune Business Insights™ shares this information in its latest report, titled “Ophthalmic Surgical Devices Market Size, Share & Industry Analysis, By Product Type (Cataract Surgery Devices, Vitreoretinal Surgery Devices, Refractive Error Surgery Devices, Glaucoma Surgery Devices), By End-user (Hospitals, Ophthalmic Clinics, Others), and Regional Forecast, 2019-2026”, which states that market value was at USD 8.79 billion in 2018. The report also says that the market will register a CAGR of 4.8% from 2019 to 2026.

Glaukos Submits IDE Application to the US FDA to Study Its iStent infinite™ System

In January 2018, Glaukos Corporation, a leading medical technology company specializing in ophthalmologic products, submitted an Investigational Device Exemption (IDE) application to the Food and Drug Administration (FDA) of the US. The application sought the FDA’s sanction to study the efficacy of the company’s iStent infinite™ Trabecular Micro-Bypass System. The unique system is engineered to reduce elevated intraocular pressure (IOP) in patients suffering from refractory glaucoma. The suite includes three titanium stents preinstalled in an auto-injection system which enables the surgeon to inject stents every five to six hours and bring down IOP in the patient. These advanced treatment options are witnessing surging demand on account of the growing incidence of age-related eye disorders such as cataract and glaucoma across the globe. With a rapidly ageing world population, the need for ocular surgical devices is set to heighten and drive the ophthalmic surgical devices market trends in the foreseeable future.

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https://www.fortunebusinessinsights.com/ophthalmic-surgical-devices-market-102054

Breakthroughs in Innovation to Enhance Market Potential

The field of ophthalmology is undergoing a period of rapid transformation as many companies operating in this domain are continuously coming up with novel products and solutions to treat ocular conditions. For instance, the US FDA cleared Alcon’s micro-invasive glaucoma surgical device (MIGS), CyPass Micro-Stent in 2018. These devices have been proven to be effective in treating not just glaucoma, but also efficiently managing the side effects of steroids meant for this disease. Furthermore, potential pipeline candidates for ocular disorders are expected to accelerate the ophthalmology surgical devices market revenue during the forecast period.

Upgradation of Existing Products to Energize Competition

Competitors in this market are focusing on redeveloping, renewing, and upgrading their existing offerings, according to one of our lead analysts. This move is expected to aid players align their offerings with the demand of the market and further consolidate their position in the market, as per the ophthalmic surgical instrument market analysis.

Industry Developments:

• August 2018: Alcon voluntarily recalled its flagship CyPass Micro-Stent made to aid glaucoma surgeries. The step was necessary as the device was causing issues related to endothelial cell loss.
• February 2016: Alcon moved to acquire Transcend Medical, a company that focuses on developing minimally invasive surgeries for glaucoma.

Key Players Covered in the Ophthalmic Surgical Devices Market Report:

• New World Medical, Inc.
• Glaukos
• STAAR SURGICAL
• ZEISS International
• Alcon (Part of Novartis AG)
• Oertli Instrumente AG
• Allergan
• Hoya Corporation
• Bausch & Lomb Incorporated
• Johnson and Johnson Services, Inc.

Further Report Findings:

• North America is foreseen to lead the ophthalmic surgical devices market share on account of rising prevalence of ocular disorders such as cataract and refractive errors. The region generated USD 2.82 billion in 2018 in revenue. The other most promising region is Asia-Pacific owing to the growing awareness regarding ocular disorders and helpful reimbursement policies, especially in Japan, China, and India.
• Cataract surgery devices segment is expected to dominate this market with a share of 74.8%. The absolute dominance of this segment is attributable to availability of products across a wide price range and the escalating demand for these surgeries in Asia-Pacific. In terms of end-user, the hospitals segment is slated to lead as majority of the surgical procedures are performed at these facilities.

Table of Segmentation