Ophthalmic Surgical Devices - Market Insights, Competitive Landscape, and Market Forecast - 2030

OPHTHALMIC SURGICAL DEVICES MARKET BY PRODUCT TYPE (IMPLANTS & STENTS [INTRAOCULAR LENSES {IOLS}, GLAUCOMA DRAINAGE IMPLANTS, AND OTHERS], VISCOELASTICS (OVDS), LASER SURGERY DEVICES, AND OTHERS), BY APPLICATION (CATARACT SURGERY, GLAUCOMA SURGERY, VITREORETINAL SURGERY, REFRACTIVE SURGERY, AND OTHERS), BY END-USER (HOSPITALS & CLINICS, SPECIALTY CENTERS, AND OTHERS), AND BY GEOGRAPHY IS EXPECTED TO ADVANCE AT A RESPECTABLE CAGR FORECAST till 2030 OWING TO THE INCREASING PREVALENCE OF VARIOUS OPTHALMIC DISORDERS SUCH AS CATARACT, GLAUCOMA, AMONG OTHERS, RISING PREVALENCE OF DIABETES, AND ESCALTING BURDEN OF GERATRIC POPULATION ACROSS THE GLOBE

The global ophthalmic surgical devices market was valued at USD 8.91 billion in 2022 and will grow at a CAGR of 5.09% during the forecast period from 2024 to 2030 in order to reach USD 11.97 billion by 2030. The ophthalmic surgical devices market is observing a remarkable market growth due to the factors such as the Growing prevalence of various ophthalmic disorders such as glaucoma, cataract, refractive errors, and others. Moreover, the rising burden of geriatric population, the rising prevalence of diabetes, and other risk factors for ophthalmic disorders will aid in driving the market for ophthalmic surgical devices. Additionally, the rising awareness about the vision impairment, surging technological advancements in the devices along with the increasing product launches and approvals, presence of key players in the market, and other factors will create a requisite for the ophthalmic surgical devices in the market. Therefore, the market for ophthalmic surgical devices is estimated to grow at a substantial CAGR during the forecast period from 2024 to 2030.

OPHTHALMIC SURGICAL DEVICES MARKET DYNAMICS:

One of the key aspect for driving the ophthalmic surgical devices market is the rising number of vision impairment disorders such as cataract, glaucoma, refractive errors, and others.

For instance, as per the figures provided by the Ministry of Health and Family Welfare (2023), it was stated that in India, glaucoma is one of the leading cause of irreversible blindness with at least 12 million people affected and nearly 1.2 million people blind from the disease, every year.

Also, as per the World Glaucoma Association 2022, it was estimated that 79.6 million individuals had glaucoma in 2020, globally. Moreover, this number is likely to increase to 111.8 million individuals in 2040, globally.

Furthermore, as per the World Health Organization 2022, at least 2.2 billion people had a near or distance vision impairment, in 2020, across the globe.

Thus, from the above sources it can be analyzed that the prevalence and incidence of various ophthalmic disorders is quite high across the globe, ultimately leading to the increased demand of ophthalmic surgical devices used in the treatment and management of the afore-said disorders, thereby increasing the overall market growth of the ophthalmic surgical devices.

Moreover, the rising burden of geriatric population, the increasing prevalence of diabetes and diabetes retinopathy, and other factors will drive the market of ophthalmic surgical devices. According to the latest study conducted by Center for Disease Prevention and Control (CDC), it was estimated that nearly 4.2 million adults had diabetic retinopathy and nearly 655,000 had vision threatening diabetic retinopathy. Thus, the increasing prevalence of diabetes and diabetes retinopathy will spur the demand of ophthalmic surgical devices as these devices can be used in curing the blindness caused due to diabetic retinopathy, thereby bolstering the overall market growth of the ophthalmic surgical devices in the upcoming years.

Also, an increase in the investment by the key players in the ophthalmic devices sector is expected to boost the growth of the global ophthalmology surgical devices throughout the forecast period.

Therefore, the factors stated above collectively will drive the overall ophthalmic surgical devices market during the forecast period from 2024-2030.

However, the higher cost of surgical devices, complications related to surgical procedures, unfavorable reimbursement policies pertaining to the ophthalmic surgery industry, and others may prove to be challenging factors for ophthalmic surgical devices market growth.

The ophthalmic surgical devices market was negatively impacted during the period of COVID- 19 pandemic. In order to curb the spread of infection the government across the globe imposed strict lockdown rules, resulting in the shortage of supply chains, raw materials, and other resources in the market, leading to the decreased manufacturing of all the medical devices. Moreover, the patients and physicians postponed many elective surgeries, laser therapies, and other ophthalmic therapies in order to stop the spread of the infection, thereby decreasing the number of in-patient visits in hospitals and clinics. However, vaccine development of COVID-19 has initiated the process of economic recovery with the easing of lockdown restrictions and the return of normalcy in the economic landscape, which has initiated the process of resumption of regular healthcare services such as regular out-patients visits for treatments and sessions in hospitals and clinics, thereby bringing the demand for products on track in the ophthalmic surgical devices market.

OPHTHALMIC SURGICAL DEVICES MARKET SEGMENT ANALYSIS:

Ophthalmic Surgical Devices Market by Product Type (Implants & Stents [Intraocular Lenses {IOLS}, Glaucoma Drainage Implants, and Others], Viscoelastics (OVDS), Laser Surgery Devices, and Others), By Application (Cataract Surgery, Glaucoma Surgery, Vitreoretinal Surgery, Refractive Surgery, and Others), By End-User (Hospitals & Clinics, Specialty Centers, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World).

In the application segment of the ophthalmic surgical devices market, the cataract surgery segment is expected to have a significant revenue share in the year 2023. This was primarily owing to the rising number of cataract surgery owing to the rising prevalence of cataract, availability of technological advanced products in the market, rising product launches and approvals in the market, and other advantages offered by the segment.

For instance, as per the latest study done by National Institute for Health and Clinical Excellence (NICE) and the NHS, approximately 330,000 cataract operations are performed each year in England alone.

Further, according to the National Ophthalmology Database 2019, cataract surgery emerged as the most common surgical procedure in the United Kingdom with 414,000 cataract operations during 2017-2018.

Also, according to the latest study conducted by Ophthalmology Physicians & Surgeons, there are more than 2 million cataract surgeries performed in the United States each year.

Thus, the above sources concluded that the number of cataract surgeries is high across the globe, thereby leading the increase demand of cataract surgery devices.

Moreover, the increasing product launches and approvals in the market will propel the demand of the segment. For instance, in July 2022, Johnson & Johnson (J&J) Vision has globally launched its phacoemulsification (phaco) system, developed to provide surgeons with improved efficiency and comfort during cataract surgery. The VERITAS Vision System features hybrid fluidics technology, which lowers post-occlusion surge to preserve intraocular structures and offer better chamber stability.

Therefore, owing to the above-mentioned factors, the demand of the cataract surgery rises, thereby the category is expected to witness a considerable growth eventually contributing to the overall growth of the global ophthalmic surgical devices market during the forecast period.

NORTH AMERICA IS EXPECTED TO DOMINATE THE OVERALL OPHTHALMIC SURGICAL DEVICES MARKET:

Among all the regions, North America is expected to dominate the global ophthalmic surgical devices in the year 2023 and is expected to do the same during the forecast period from 2024-2030. This can be ascribed to the easy availability of technologically advanced products and high awareness among consumers about vision impairments. Further, the increasing prevalence of ophthalmic disorders, the growing demand for non-invasive or minimally invasive surgical procedures, and the presence of key market players in the region, and other factors contribute to the growth of the ophthalmic surgical devices market in North America.

For instance, according to the CDC 2022, more than 3 million Americans had glaucoma, in 2019. The source also estimated that by 2050, that number is expected to rise to 6.3 million, in the United States.

Moreover, as per the data provided by National Eye Institute (NIH) in 2022, it was concluded that every year more than half of all Americans age 80 or older either have cataracts or have had surgery to get rid of cataracts.

Additionally, the rising burden of geriatric population, increasing number of native manufacturers, and rising awareness of vision care among the people in the region will thereby increase the demand of ophthalmic surgical devices in the forecast period.

Furthermore, the increasing product launches of technological advanced products in the local market, rising investments by the key players in the region, and other activities by the key players in the region will drive the demand of ophthalmic surgical devices in the North America during the forecast period of 2022 - 2028. For instance, in October 2019 Carl Zeiss AG, announced the launch of its next-generation product, CIRRUS 6000 in the United States. The CIRRUS 6000 is an ultra-fast 100 kHz system that ensures the ophthalmologists avoid the errors and enhance the surgical procedure efficiency which directly drives for growth of the market in the region.

Therefore, the interplay of the aforementioned factors above would provide a conducive growth environment for the North American region in the Ophthalmic Surgical Devices market.

OPHTHALMIC SURGICAL DEVICES MARKET KEY PLAYERS:

Some of the key market players operating in the ophthalmic surgical devices market includes Bausch & Lomb Incorporated, Topcon Corporation, Johnson & Johnson, Carl Zeiss AG, Alcon Inc, Lumenis Ltd, Hoya Corporation, Ellex Medical Laser Ltd, STAAR Surgical Company, Ziemer Ophthalmic Systems AG, Glaukos Corporation., AbbVie., New World Medical, Inc., Oertli Instrumente AG, NIDEK CO., LTD., IRIDEX Corporation, HumanOptics, Surgical Holdings., Madhu Instruments Pvt. Ltd, GWS Surgicals LLP, and others.

RECENT DEVELOPMENTAL ACTIVITIES IN OPHTHALMIC SURGICAL DEVICES MARKET:

In April 2022, Bausch + Lomb, a leading global eye health business of Bausch Health Companies Inc., announced that the U.S. Food and Drug Administration (FDA) has approved ClearVisc(TM) dispersive ophthalmic viscosurgical device (OVD) for use in ophthalmic surgery.

In February 2022, Johnson & Johnson Vision, a global leader in eye health and part of the Johnson & Johnson Medical Devices Companies, announced that the FDA has approved the TECNIS EyhanceTM and TECNIS EyhanceTM Toric II intraocular lens (IOL) for the treatment of cataract patients in the United States.

In December 2019, Bausch + Lomb, a leading global eye health business of Bausch Health Companies Inc., announced the introduction of the enVista® toric MX60ET hydrophobic acrylic intraocular lens (IOL) with StableFlex(TM) technology, which provides improved material properties to deliver enhanced optic recovery following delivery during cataract surgery.

KEY TAKEAWAYS FROM THE OPHTHALMIC SURGICAL DEVICES MARKET REPORT STUDY

• Market size analysis for current ophthalmic surgical devices market size (2023), and market forecast for 5 years (2024-2030)
• The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the ophthalmic surgical devices market.
• Top key product/services/technology developments, merger, acquisition, partnership, joint venture happened for last 3 years
• Key companies dominating the global ophthalmic surgical devices market.
• Various opportunities available for the other competitor in the ophthalmic surgical devices market space.
• What are the top performing segments in 2023? How these segments will perform in 2030.
• Which is the top-performing regions and countries in the current ophthalmic surgical devices market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for ophthalmic surgical devices market growth in the coming future?

TARGET AUDIENCE WHO CAN BE BENEFITED FROM THIS OPHTHALMIC SURGICAL DEVICES MARKET REPORT STUDY

• Ophthalmic surgical devices products providers
• Research organizations and consulting companies
• Ophthalmic surgical devices -related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and Traders dealing in ophthalmic surgical devices
• Various end users who want to know more about the ophthalmic surgical devices market and latest technological developments in the ophthalmic surgical devices market.

FREQUENTLY ASKED QUESTIONS FOR OPHTHALMIC SURGICAL DEVICES MARKET:

1. What is ophthalmic surgical devices?

The Ophthalmic Surgical Devices are used in retinal, refractive and cataract surgeries, and in treatment of various ophthalmic diseases such as cataract, glaucoma, and refractive error. These devices are employed majorly when the disease is not diagnosed at an early stage thus, the demand for ophthalmic surgical devices increases to prevent visual impairment and loss of vision.

2. What is the global market for ophthalmic surgical devices?

The global ophthalmic surgical devices market was valued at USD 8.91 billion in 2022 and will grow at a CAGR of 5.09% during the forecast period from 2024 to 2030 in order to reach USD 11.97 billion by 2030.

3. What are the drivers for global ophthalmic surgical devices market?

The ophthalmic surgical devices market is witnessing a positive market growth owing to the factors such as the growing prevalence of ophthalmic disorders, rising burden of geriatric population, rising prevalence of diabetes, rising awareness about the vision impairment, surging technological advancements in the devices, increasing product launches and approvals, presence of key players in the market, and others will create an exigency for the ophthalmic surgical devices market.

4. Who are the key players operating in the global ophthalmic surgical devices market?

Some of the key market players operating in the ophthalmic surgical devices market includes Bausch & Lomb Incorporated, Topcon Corporation, Johnson & Johnson, Carl Zeiss AG, Alcon Inc, Lumenis Ltd, Hoya Corporation, Ellex Medical Laser Ltd, STAAR Surgical Company, Ziemer Ophthalmic Systems AG, Glaukos Corporation., AbbVie., New World Medical, Inc., Oertli Instrumente AG, NIDEK CO., LTD., IRIDEX Corporation, HumanOptics, Surgical Holdings., Madhu Instruments Pvt. Ltd, GWS Surgicals LLP, and others.

5. Which region has the highest share in ophthalmic surgical devices market?

Among all the regions, North America is estimated to amass the significant revenue share in the global ophthalmic surgical devices market. This can be ascribed to the increasing prevalence of ophthalmic disorders, the growing demand for non-invasive or minimally invasive surgical procedures, and the presence of key market players in the region are the reasons which acts as a supportive factor for the North America ophthalmic surgical devices market growth.