Eye Care Surgical Devices Market: Increase in Prevalence of Diseases Related to Eyes Are Driving the Market
Visual impairment and eye diseases are global concerns that negatively impact the physical and mental health. Eye care surgical devices are consumables, products, and systems which are used to diagnose eye diseases, from an early stage of disease to the last stage and treatment of same by surgical devices.
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Surgical devices are used in retinal, refractive, and cataract surgeries to treat diseases such as age related macular degeneration (AMD), diabetic eye disease, and glaucoma. Surgical devices include intraocular lenses (IOLs), ophthalmic viscoelastic devices (OVDs), glaucoma drainage systems, excimer laser systems, and consumables.
According to a report published by World Health Organization, in 2010, cataract was a leading cause of visual impairment and blindness affected around 20 million people worldwide, which was around 51% of the total global blindness. Glaucoma is a second leading cause of blindness. It caused blindness in around 4.5 million people, which is around 12% of the total global blindness.
According to Prevent Blindness organization, in 2012, cataract was a leading cause of vision impairment and blindness in the U.S. It affected around 17.1% of the total people with vision problems aged 40 years and above. Diabetic retinopathy was a second leading cause of blindness affecting around 5.38% people, followed by glaucoma which affected around 1.9% people. According to the National Eye Institute, by 2050, there will be around 50 million people suffering from cataract.
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Rapid growth in the global geriatric population and increase in prevalence of diseases related to eyes are driving the eye care surgical devices market. Rise in prevalence of diabetes worldwide, nutrition deficit lifestyle, and new technological advancements are other factors fueling the market. Furthermore, initiatives taken by governments and NGOs globally are projected to boost the eye care surgical devices market during the forecast period.
According to WHO, in 2014, there were around 422 million people suffering from diabetes. Increase in prevalence of diabetes is projected to directly increase the number of people suffering from diabetic retinopathy, which is a second leading cause of eye impairment and diseases in the U.S. as per reported, in 2012, by Prevent Blindness organization. However, high cost of surgical devices, risks and safety related to surgeries, and lack of skilled professionals in the eye care industry are restraining the eye care surgical devices market.
The global eye care surgical devices market can be segmented based on product, end-user, and region. In terms of product, the market can be classified into cataract surgical devices, refractive surgical devices, glaucoma surgical devices, vitreoretinal surgical devices, ophthalmic microscopes, and accessories. The cataract surgical devices segment can be divided into intraocular lenses, viscoelastics, and phacoemulsification systems. The refractive surgical devices segment can be further classified into excimer & femtosecond lasers and microkeratomes.
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The glaucoma surgical devices segment can be categorized into implants & stents, glaucoma drainage systems, and glaucoma laser devices. The vitreoretinal surgical devices segment can be sub-segmented into vitrectomy machines & vitrectomy packs, photocoagulation lasers, and illumination devices. Based on end-user, the eye care surgical devices market can be segregated into hospitals, clinics, and others.
In terms of region, the global eye care surgical devices market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. Each region is further divided into specific countries such as the U.S., Canada, Germany, the U.K., Brazil, India, Japan, and GCC Countries. North America region is leading the eye care surgical devices market owing to increase in prevalence of refractive errors and other eye related diseases, rise in geriatric population, surge in new technological advancements, and growth in health care expenditures. The market in Asia Pacific region is expected to expand at a considerable pace during the forecast period owing to increase in support from governments and initiatives taken by NGOs.
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Prominent players in the global eye care surgical devices market include Johnson & Johnson Vision Care, Inc., Bausch & Lomb Incorporated, Carl Zeiss AG, Ellex Inc., NIDEK CO., LTD., TOPCON CORPORATION, HOYA Corporation, IRIDEX Corporation, STAAR SURGICAL, Alcon (Novartis AG), Glaukos Corporation, and Ziemer Ophthalmic Systems.
Major players are introducing new products with technological advancements to increase their market share. They also engage in different growth strategies, such as acquisitions, mergers, collaborations, partnerships, and agreements, to gain competitive advantage. Major players are able to reduce the costs of eye care surgical devices through collaborations and partnerships. This, in turn, is likely to aid in reducing the high cost of ophthalmic surgeries.
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