Ophthalmic Handheld Surgical Instruments Market: Increase in Awareness about Technological Advanced Products is likely Drive the Market
Ophthalmic Handheld Surgical Instruments Market: Introduction
Ophthalmology is a branch of medicine that deals with diagnosis and treatment of eye disorders. Ophthalmic instruments include cryosurgery devices and ophthalmic microscopes that are used in various applications such as cataract surgery, glaucoma surgery, and refractive surgery.
Key Drivers and Opportunities of Global Ophthalmic Handheld Surgical Instruments Market
Increase in demand for handheld ophthalmic surgical instruments owing to a surge in the geriatric population is anticipated to drive the global market. For instance, according to World Health Organization, vision impairment occurs in persons aged 50 years and older. According to the Centers for Diseases Control and Prevention, glaucoma is the second-leading cause of blindness across the world.
Inclination toward minimally invasive surgeries due to an increase in awareness about technological advaced products is likely drive the demand for handheld surgical instruments and subsequently, boost the market. For instance, according to the American Society of Cataract and Refractive Surgery (ASCRS), 3 million people in the U.S. undergo cataract surgery annually.
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Increase in government initiatives to boost awareness and financial assistance to patients for ophthalmic surgeries are likely to augment the global ophthalmic handheld surgical instruments market
Increase in focus of industry players on investments in developing regions to expand business is expected to fuel the market in the next few years and thereby, offer lucrative opportunities to key players operating in the market. For instance, in June 2020, BVI announced the European launch of CryoTreq. It is a single-use, handheld cryo-surgery device for ophthalmology.
Governments in developing countries are making significant investments toward modernization of healthcare infrastructure and the life science industry, which is likely to increase access to healthcare. This is expected to increase the demand for advanced technologies and subsequently, create significant opportunity in the market
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North America to Capture Major Share of Global Ophthalmic Handheld Surgical Instruments Market
North America is expected to account for a major share of the global ophthalmic handheld surgical instruments market due to well-established healthcare infrastructure, presence of key market players, and early adoption of advanced technologies in the region.
The ophthalmic handheld surgical instruments market in Asia Pacific is projected to expand at a rapid pace during the forecast period owing to a rise in awareness and increase in cases of ophthalmic diseases. For instance, according to the International Agency for Prevention of Blindness, in 2013, an estimated 17 million people had glaucoma in Asia, and the number is likely to reach 33 million by 2040.
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Key Players Operating in Global Ophthalmic Handheld Surgical Instruments Market
The global ophthalmic handheld surgical instruments market is highly concentrated due to the presence of key players. A large number of manufacturers hold major share in their respective regions. Demand for ophthalmic handheld surgical instruments has increased in emerging as well as developed markets owing to a rise in prevalence of ophthalmic diseases. Industry players are adopting practices of appointing third-party distributors to expand their market presence. This has led to a surge in the number of distributors and suppliers in emerging markets. For instance, Strategic Business Holdings, Inc. is a leading company that supplies surgical instruments, specialty ophthalmic instruments, and related products to members of Premier, Inc.
Growth strategies adopted by leading players are likely to drive the global market. For instance, in October 2017, Katena Products announced the acquisition of Rhein Medical Inc. This acquisition enabled Katena to expand its product portfolio and offers physicians a more complete resource for handheld instrumentation.
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Major players operating in the global ophthalmic handheld surgical instruments market are:
- Pelion Surgical
- Accutome Inc.
- HAAG-STREIT GROUP
- INKA Surgical Asia SDN BHD
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