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Eye Care Surgical Devices Market
Global Eye Care Surgical Devices Market Outlook 2031
The global eye care surgical devices market was valued at US$ 6. 1 Bn in 2021
The global market is estimated to grow at a CAGR of 5. 5% from 2022 to 2031
The global eye care surgical devices market is anticipated to reach US$ 10. 7 Bn by the end of 2031
Overview of Eye Care Surgical Devices Market
Eye care surgical devices are used to correct vision, perform surgery, and diagnose diseases. Demand for these devices has been rising significantly since the last few years due to the increase in cases of various ophthalmic disorders such as glaucoma, cataract, and other vision-related issues. These devices range from non-invasive diagnostic devices and instruments to invasive devices such as contact lenses (and their related care products) and implantable devices including intraocular lenses & glaucoma stents. Surgical instruments and systems, such as lasers and phacoemulsification machines, are also some of the examples of these devices.
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The global eye care surgical devices market is driven by the embrace incidence of eye disorders such as cataracts and glaucoma. Recent advancements in cataract surgery equipment for eye care have improved the safety and effectiveness of common procedures. Ophthalmology and its subspecialties have always been at the forefront of medical innovation, embracing rapid technological advancements. With apodization, intraocular lens (IOL) technology has progressed from refractive to diffractive, resulting in fewer and less severe visual side effects.
Remarkable progress has been made in technologies used by ophthalmologists across the world. These technological advancements have improved outcomes by simplifying eye disease treatment procedures. This is expected to boost the demand for eye care surgical devices in the next few years. Increase in global geriatric population is also likely to propel the market during the forecast period.
High Incidence of Eye Disorders to Drive Eye Care Surgical Devices Market
The burden of eye diseases across the globe is likely to rise significantly in the next couple of years. Disorders such as cataracts, glaucoma, diabetic retinopathy, and age related macular degeneration (AMD) are the leading causes of blindness and visual impairment. The Centers for Disease Control and Prevention (CDC) provides estimates of the prevalence of the most common eye disorders. Refractive errors are the most common eye disorders in the U. S. Approximately 12 million people aged 40 and above suffered from vision impairment, with approximately a million blind, in the U. S. alone in 2021.
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Globally, the statistics are similar, According to the World Health Organization (WHO) 2021 report, at least 2 . 2 billion people across the globe suffer from near or distance vision impairment; of this, 1 billion vision impairment cases could have been prevented or are yet to be addressed. These 1 billion people include those with moderate or severe distance vision impairment or blindness due to unaddressed refractive error (88. 4 million), cataracts (94 million), glaucoma (7. 7 million), corneal opacities (4. 2 million), diabetic retinopathy (3. 9 million), and trachoma (2 million), as well as near vision impairment caused by unaddressed presbyopia (826 million).
Innovations in Implants and Stents are Augmenting Market
In terms of product type, the implants & stents segment held significant market share of the global market in 2021. Implants & stents include intraocular lenses (IOLs), bionic eyes, glaucoma drainage implants, and glaucoma stents. Intraocular lens implant is a synthetic, artificial lens placed inside the eye that replaces the focusing power of a natural lens that is surgically removed, usually as part of cataract surgery. Embrace demand for intraocular lenses (IOLs), bionic eyes, glaucoma drainage implants, and glaucoma stents is expected to drive the implants & stents segment.
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The implants & stents segment can also be expected to be driven by the surge in awareness programs for cataract patients by various government and private organizations. New eye care implants & stents for cataract surgery and glaucoma have been introduced by key players in the global eye care surgical devices market. For Instance, Bausch + Lomb launched LuxSmart and LuxGood intraocular lenses (IOLs) for presbyopia correction surgery in May 2020.
Rise in Cataract Surgeries to Propel Eye Care Surgical Devices Market
When it comes to application, the cataract surgery segment held large share of the global eye care surgical devices market in 2021. Increase in number of cataract surgeries across the world is likely to augment the segment during the forecast period. Growth of the segment can also be ascribed to the rise in prevalence of cataracts and new product launches by ophthalmic surgical device manufacturers. For Instance, in July 2021, Johnson & Johnson (J& J) launched the phacoemulsification (phaco) system to provide surgeons with improved efficiency and comfort during cataract surgery.
Around 60, 000 cataract procedures are performed every day around the globe. Increase in usage of ophthalmic lasers & surgery equipment and rise in cases of diabetic retinopathy among diabetic patients are anticipated to augment the eye care surgical devices market throughout the forecast period.
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Growth in Medical Tourism to Benefit Eye Care Surgical Device Companies
In terms of end-user, the hospitals segment is projected to account for a relatively large share of the global eye care surgical devices market during the forecast period. Hospitals are primary settings for the usage of eye care surgical devices, as they are entitled to government funds to accommodate the high cost of devices and services offered during an operation.
Hospitals are the preferred choice of patients; and are highly favorable settings for glaucoma, cataract, and diabetic retinopathy treatment procedures. Growth of medical tourism in developing countries is a key factor driving the hospitals segment. India-based Aravind Eye Care System is the largest provider of ophthalmological services in the world. It performs around 350, 000 eye operations a year; 60% of them are delivered at low or no cost. Growth of the specialty centers segment can be attributed to the increasing number of clinics globally and patient preference for specialists for treatment. Such trends are contributing to the growth of the eye care surgical devices market.
Regional Outlook of Global Eye Care Surgical Devices Market
North America held the largest share of more than 44% of the global eye care surgical devices market in 2021. It is projected to be the leading region of the global market throughout the forecast period, with high market attractiveness index. This can be ascribed to the within in prevalence of refractive errors and other eye-related diseases in the region. Additionally , surge in number of cataract surgeries and rise in number of people suffering from glaucoma are expected to drive the eye care surgical devices market in North America through the forecast period.
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The U. S. dominated the market in North America in 2021 owing to factors such as vast patient pool for eye disorders and large number of patients undergoing eye surgeries in the U. S. compared to that in other regions. Additionally , government support in the form of surplus funding for research & development in the field of eye care surgical devices is likely to propel the market in the country during the forecast period. Cataract surgery is the most common procedure performed by an ophthalmic surgeon in the U. S.
Asia Pacific is the fastest-growing market for eye care surgical devices. The market in the region is projected to grow at a highest CAGR in the forecast period. Large number of people with visual impairment and rise in awareness about correction of eye conditions among the general population are key drivers of the eye care surgical devices market in Asia Pacific. Manufacturers are investing significantly in R& D activities to deploy design improvements in ophthalmic surgical instruments and glaucoma surgery devices in Asia Pacific.
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Analysis of Key Players in Eye Care Surgical Devices Market
The global eye care surgical devices market is consolidated, with a small number of leading players accounting for a significantly large share. Most of the companies are making significant investments in research & development activities. Diversification of product portfolio and mergers & acquisitions are important strategies adopted by key players within the global eye care surgical devices market. Carl Zeiss Meditec AG, Alcon, Bausch Health Companies, Inc., Johnson & Johnson, Lumenis Ltd., Topcon Corporation, IRIDEX Corporation, NIDEK CO., LTD., Ziemer Ophthalmic Systems, Quantel Medical, and Hoya Surgical Optics are the prominent players operating in the global eye care surgical devices market.
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