Rapidly growing popularity of minimally invasive surgical options such as LASIK will accelerate demand for ophthalmic surgical systems in future years.
Rapidly growing popularity of minimally invasive surgical options such as LASIK will accelerate demand for ophthalmic surgical systems in future years.
Fact.MR Rockville, MD: A new report on the ophthalmic surgical systems market by market research company Fact.MR has projected positive growth prospects for 2021. The covid-19 pandemic had resulted in temporary restrictions on non-urgent ophthalmic surgery procedures, which moderately affected the industry. However, the market is expected to display steady recovery through 2021, with the lifting of social distancing and lockdown regulations.
According to the American Academy of Ophthalmology, cataracts affect more than 24 million people in the country over the age of 40. Glaucoma affects an addition 2.7 million people. Further, there are more than 213,000 ophthalmologists operating around the world.
Further, the World Health Organization has set a cataract surgery rate of 3000 per million people per year as the minimum figure required to completely eliminate cataract blindness. Also, LASIK surgery accounts for more than 700,000 procedures performed each year. This makes it one of the most common refractive surgeries, positively contributing to the ophthalmic surgical systems market.
“Development of novel surgical techniques, the growing prevalence of eye disorders and tech developments such as surgical microscopes are key factors that are expected to bolster the growth of the global ophthalmic surgical systems market for the foreseeable future,” comments a Fact.MR analyst.
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Key Takeaways
- Laser ophthalmic surgical systems will witness increased use owing to wider scope of application including retinopathy, refractive surgery and glaucoma.
- Lowered costs of cataract treatment applications will play a key role in sales and adoption of surgical systems.
- Hospitals will remain the leading end users for surgical systems, supported by a larger patient pool and spending capacity.
- China and India will reflect high potential for growth, supported by increased popularity of medical tourism.
- United States will hold the lead in the industry owing to favorable regulations and reimbursement policies.
- High product penetration is expected to be witnessed in Germany and France in the coming decade.
Prominent Drivers
- Rising global cases of glaucoma and cataracts is a key factor driving the rise of the market.
- Increasing patient awareness levels coupled with investments towards healthcare infrastructure will sustain growth.
- Innovations aimed towards non-invasive procedures, and improved access to new drugs and devices will support long-term growth.
Key Restraints
- High costs associated to technology transfer in the ophthalmic surgical systems industry hinders growth.
- Requirement of high-level training and lack of adequate professionals is restricting adoption rates.
Discover more about the ophthalmic surgical systems market with figures data tables and table of contents. You can also find detailed market segmentation at https://www.factmr.com/report/3122/opthalmic-surgical-systems-market
Competitive Landscape
Major players in the ophthalmic surgical system market include but are not limited to Novartis, Carl Zeiss Meditec, NIDEK, DORC International, Katalyst Surgical, Aurolab, Ziemers Group, Volk, Abbott Laboratories, and IRIDEX Corporation.
Leading players in the ophthalmic surgical systems market are reflecting interest in research and development endeavors with funding efforts to expand their portfolios. For instance, in March 2021 Acusurgical SAS announced a US$ 7 million series A funding round aimed towards the development of robotic platforms for microsurgery retinal procedures.
Manufacturers are also pushing for strategic merger and acquisition agreements to consolidate their market positions. For example, Boston Scientific announced a definitive agreement with an affiliate of Baring Private Equity Asia to acquire the surgical business of Israel-based Lumenis for a value of US$ 1.07 Bn.
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More Insights on the Ophthalmic Surgical Systems Market
In its latest report, Fact.MR offers unbiased analysis of the global ophthalmic surgical systems market. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of vaccine type [laser ophthalmic surgical systems (photocoagulating lasers, photodisrupting lasers, photoablating lasers), and phacoemulsification ophthalmic surgical systems], application (glaucoma-laser trabeculoplasty, refractive surgery, macular degeneration, cataract surgery, and diabetic retinopathy laser surgery) and end user (hospitals, specialty clinics, ambulatory surgical centers, and academic & research institutes) across six regions (North America, Latin America, Europe, Asia Pacific excluding China, China, and Middle East & Africa)
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