Eye Care Surgical Devices Market Expected to Hit US$ 10.7 Billion by 2031, Growing at 5.5% CAGR, TMR Study
Growing prevalence of chronic diseases, is another factor that is anticipated to stimulate the eye care surgical devices market share in the coming years. Increasing awareness regarding eye care is a major factor that is anticipated to escalate the market growth.
Wilmington, Delaware, United States, June 16, 2023 (GLOBE NEWSWIRE) — The global eye care surgical devices market stood at US$ 6.1 billion in 2021, and the global market is projected to reach US$ 10.7 billion by 2031. The global industry is anticipated to expand at a CAGR of 5.5% between 2022 and 2031.
Conditions such as cataracts, glaucoma, macular degeneration, and diabetic retinopathy are becoming increasingly common, particularly among the aging population. The incidence of these eye diseases is expected to rise, as the global population continues to age, thereby driving the demand for eye care surgical devices.
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Advancements in surgical techniques and technologies, is another significant factor contributing to the market growth. The development of innovative surgical devices, such as microsurgical instruments, phacoemulsification systems, vitrectomy machines, and femtosecond lasers, has revolutionized the field of ophthalmic surgery. The advanced devices offer improved precision, safety, and efficacy, resulting in better surgical outcomes and faster recovery for patients. The continuous research and development efforts by manufacturers to introduce more advanced and minimally invasive surgical devices are expected to drive market growth further.
The market prospects have been driven by factors such as increasing awareness regarding eye care and the importance of early detection & treatment. Governments, healthcare organizations, and eye care professionals are actively involved in awareness campaigns to educate the population about eye health and the available treatment options. The increased awareness has led to a higher demand for eye care services, including surgical interventions, thereby fueling the growth of the market.
The growth of the eye care surgical devices market is also rising, attributed to favorable reimbursement policies and increased healthcare expenditure in developing countries. Governments and insurance providers are taking steps to improve access to eye care services and reduce the financial burden on patients, which has led to increased affordability and accessibility of eye care surgical procedures, driving the demand for related devices and equipment.
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Key Findings of the Market Report
- On the basis of product type, implants & stents segment is likely to be most preferred, expected to expand at a significant share, attributed to the rising prevalence of cataracts, and increasing demand for refractive surgeries.
- By application, cataract surgery segment is anticipated to hold the major share, owing to the factors such as technological advancements in cataract surgery techniques, as well as increasing prevalence of cataracts.
- By end-use industry, hospitals segment is expected to boost the market growth, attributed to the factors including increasing prevalence of eye diseases & disorders, and collaboration with ophthalmic specialists.
Global Eye Care Surgical Devices Market: Growth Drivers
- The global eye care surgical devices market is projected to expand at a steady pace from 2022 to 2031, owing to growing geriatric population, and increasing technological advancements.
- Other factors that are projected to augment the market growth include growing demand for minimally invasive procedures, as well as rising healthcare infrastructure and facilities.
- Growing prevalence of chronic diseases, and favorable regulatory framework, are the major factors that are anticipated to fuel the market prospects in the near future.
Global Eye Care Surgical Devices Market: Regional Landscape
- North America is expected to dominate the eye care surgical devices market during the forecast period, attributed to increasing prevalence of eye diseases in the region.
- The regional market is witnessing an increase, due to the factors such as favorable reimbursement policies, as well as infrastructure development initiatives.
- Well-established healthcare infrastructure, and increasing healthcare expenditure in the region, are also anticipated to escalate the growth of the regional market over the analysis period.
Global Eye Care Surgical Devices Market: Key Players
Some of the key market players in the global eye care surgical devices market are:
- Carl Zeiss Meditec AG
- Bausch Health Companies, Inc.
- Johnson & Johnson
- Lumenis Ltd.
- Topcon Corporation
- IRIDEX Corporation
- NIDEK CO., LTD.
- Ziemer Ophthalmic Systems
- Quantel Medical
- Hoya Surgical Optics
- Other prominent players
Prominent players in the eye care surgical devices industry are taking advantage of the rapidly increasing demand for eye care surgical devices. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale providers. Some prominent market developments are as follows:
- In 2021, Alcon launched the Vivity Extended Depth of Focus (EDoF) intraocular lens (IOL) in the United States. This innovative lens provides a continuous range of vision, reducing the need for glasses after cataract surgery.
- In the same year, Johnson & Johnson Vision received approval from the U.S. Food and Drug Administration (FDA) for their TECNIS Synergy and TECNIS Synergy Toric II IOLs. These lenses offer extended depth of focus and improved astigmatism correction.
- Bausch + Lomb received FDA approval, in 2021, for the UltraSert Preloaded Delivery System for use with the company’s ULTRA Multifocal Toric and ULTRA Toric intraocular lenses. The UltraSert system simplifies the insertion of the IOL during cataract surgery.
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Global Eye Care Surgical Devices Market: Segmentation
- Implants & Stents
- Intraocular Lenses (IOLs)
- Bionic Eyes
- Glaucoma Drainage Implants
- Glaucoma Stents
- Viscoelastics (OVDs)
- Laser Surgery Devices
- Phacoemulsification Equipment
- Cataract Surgery
- Glaucoma Surgery
- Vitreoretinal Surgery
- Refractive Surgery
- Specialty Centers
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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