The Ophthalmology Surgical Devices Market studied was anticipated to grow with a CAGR of nearly 5.5% during the forecast period. The major factors driving the growth of the market are the global prevalence of various ophthalmic disorders such as glaucoma, cataract, and diabetic retinopathy and rise in the geriatric population resulting in the global burden of avoidable blindness. For instance, according to the International Council of Ophthalmology reports in 2019, cataract was responsible for 51% of world blindness which represented 20 million people in 2010 which directly resulted in higher demand for cataract surgeries fueling the growth of the market. The trend of the demand has similar throughout the previous decade across multiple geographic locations. 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.
Key Market Trends
The Cataract Surgery Devices Segment is Expected to Hold the Largest Share in the Studied Market
The Cataract surgery devices segment is expected to witness the largest market revenue share in recent years and expected to do so over the forecast period. This dominance is owing to the higher demand to meet the rise in the volume of cataract surgeries globally. Also, cataract surgery remains the standard treatment to help restore vision for individuals with cataracts. For instance, according to the National Ophthalmology Database audit report published in September 2019, cataract surgery emerged as the most common surgical procedure in the United Kingdom with 414,000 cataract operations during 2017-2018. On the other hand, Glaucoma surgery devices segment is anticipated to witness the highest growth over the forecast period. The lucrative growth can be due to the global rising prevalence of diabetic glaucoma along with the technological developments in the glaucoma surgical devices fueling the market revenue.
North America Dominates the Market and Expected to do Same Over the Forecast Period.
North America is expected to dominate the overall ophthalmic surgical devices market throughout the forecast period due to a steep rise in incidences of cataract and diabetes with the rapid growth of elder individuals in the region. Furthermore, an increase in the investment by the key players and a huge pipeline of products in the ophthalmic devices sector along with a rise in approvals from the USFDA is expected to boost the growth of the market in the forecast period. 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 100kHz 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. Also, an increase in the availability of advanced healthcare infrastructure along with a huge number of hospitals and specialty clinics for effective treatment contributes to the outstanding market revenue in the region propelling the global ophthalmic surgical devices market.
The ophthalmology surgical devices market is moderately competitive and consists of several major players. Few of the key players are developing the new products with upgraded technologies to compete with the existing products trending in the market. For instance, in 2019, Bausch + Lomb Inc. launched the enVista toric MX60ET hydrophobic acrylic IOL with StableFlex technology which provides improved material properties to deliver enhanced optic recovery that increases the procedural efficiency which is likely to impel the global ophthalmology surgical devices market growth throughout the forecast period. Furthermore, few key players are entering into partnerships to develop their market position globally. Some of the companies which are currently dominating the market are Bausch & Lomb Incorporated, Johnson & Johnson, Topcon Corporation, Carl Zeiss AG, and Alcon Inc.
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