According to Report, the ophthalmic surgical devices market size is expected to reach USD 14 billion by 2030 and is poised to grow at a noteworthy CAGR of 6% during the forecast period 2021 to 2030.
According to Report, the ophthalmic surgical devices market size is expected to reach USD 14 billion by 2030 and is poised to grow at a noteworthy CAGR of 6% during the forecast period 2021 to 2030.
Report Highlights
- The optical coherence tomography (OCT) segment dominated the market and accounted for the largest revenue share of more than 20.2% in 2021 and is also anticipated to exhibit a lucrative CAGR of 5.66% during the forecast period.
- The ophthalmoscopes segment is anticipated to witness the fastest growth rate of 5.34% over the forecast period.
- The cataract segment dominated the market for ophthalmic devices and accounted for the largest revenue share of 41.62% in 2021 and is expected to witness significant growth during the forecast period.
- The hospitals & eye clinics segment held the largest share of 76.92% in the ophthalmic devices market and is expected to continue its dominance over the forecast period.
- In 2021, North America held a substantial share of 43.2% of the market.
- The Asia Pacific market is anticipated to grow at the fastest CAGR of 5.7% over the forecast period.
- By application, the U.S. ophthalmic devices market was valued at USD 1.9 billion in 2021 and expected to witness growth at a CAGR of 4.62% from 2022 to 2030.
Immediate Delivery Available | Get the sample copy of report@ https://www.visionresearchreports.com/report/sample/38763
Surgical devices are used for treatment of various eye-related diseases such as cataract, glaucoma, and refractive error, which pose as a health burden globally. These devices are used mainly when the disease is not diagnosed at an early stage and thus cannot be treated by using eyeglasses or medication. There is an increasing demand for ophthalmic surgical devices to avoid visual impairment and loss of vision, which is increasing at an alarming rate worldwide.
Rising prevalence of cataract is one of the key factors fueling this market. The World Health Organization (WHO) defines cataract as “clouding of the lens of the eye which impedes the passage of light”. The WHO estimates that currently there are approximately 18 million around the world that are blind in both eyes due either to improper surgery or inaccessibility to advanced procedures. While this eye condition mostly occurs as a person ages, the WHO claims that other risk factors such as diabetes, exposure to UV light, and smoking are fast emerging as major grounds for cataract. Moreover, the International Agency for the Prevention of Blindness (IAPB) states that blindness from cataract is around 5% in developed countries and 50% in developing and underdeveloped nations. Increasing demand for ocular treatments from emerging economies is, therefore, expected to lead the Ophthalmic Surgical Devices Market trends in the upcoming decade.
Product Insights
The optical coherence tomography (OCT) segment dominated the market and accounted for the largest revenue share of more than 20.2% in 2021 and is also anticipated to exhibit a lucrative CAGR of 5.66% during the forecast period. OCT produces high-resolution cross-sectional and three-dimensional images of biological microstructure and have major application in the diagnosis of diseases such as glaucoma, related Macular Degeneration (AMD), and diabetic eye.
Technological advancements such as the integration of OCT with artificial intelligence (AI) is expected to boost the adoption rate of this device amongst healthcare providers. For instance, in August 2021, Abbott’s latest OCT imaging platform, driven by the Ultreon Software, has been approved by the US Food and Drug Administration (FDA). This cutting-edge imaging software combines OCT with artificial intelligence (AI) to give physicians a more complete picture of coronary blood flow and blockages, assisting in decision-making and determining the optimum treatment approach.
Immediate Delivery Available | Buy this Premium Research Report@ https://www.visionresearchreports.com/report/cart/38763
The ophthalmoscopes segment is anticipated to witness the fastest growth rate of 5.34% over the forecast period. Ophthalmoscopes are used in the diagnosis of diseases such as CMV retinitis, papilledema, glaucoma, AMD, and diabetic retinopathy. In August 2019, Nidek launched Mirante Scanning Laser Ophthalmoscope. It is a multimodal fundus imaging device, that combines high-resolution SLO (Scanning Laser Ophthalmoscopy) and OCT imaging with ultra-wide field imaging properties. The increasing prevalence and growing demand for accurate and early diagnosis of these diseases are expected to have a positive impact on the market growth.
Application Insights
The cataract segment dominated the market for ophthalmic devices and accounted for the largest revenue share of 41.62% in 2021 and is expected to witness significant growth during the forecast period. This can be attributed to the high adoption of ophthalmic devices for cataract surgeries. According to the World Health Organization (WHO), cataracts are the leading cause of blindness. Nearly 51% of the total cases of blindness in the world are the result of cataracts.
The refractor disorders segment is anticipated to witness the fastest growth rate over the forecast period. According to the WHO, there are about 2.2 billion people globally, who have near or far-distance vision impairment. To treat such disorders and correct refractive errors, ophthalmic devices such as phoropters and retinoscopes are highly preferred. To meet the requirements of the rising patient population, major market players are focused on introducing advanced ophthalmic diagnosis & treatment devices.
End-use Insights
The hospitals & eye clinics segment held the largest share of 76.92% in the ophthalmic devices market and is expected to continue its dominance over the forecast period. This can be attributed to the increasing adoption of ophthalmic devices in hospitals and low-cost & effective treatment provided in clinics. The increasing mergers and acquisitions between ophthalmic clinics and hospitals are likely to boost the demand for new installations in the coming years.
In October 2021, Dr. Agarwal’s eye facilities merged with Aditya Jyot Eye Hospital, improving the latter’s market footprint within India and across the globe. Moreover, several eye clinics are now coming up with separate diagnostic departments, which in turn, is boosting the adoption of ophthalmic devices. Additionally, the growing number of eye clinics that offer cost-effective treatment is expected to drive the growth of the market during the forecast period.
The market for academic & research laboratories is expected to grow at a significant rate during the forecast period. Academic & research laboratories receive funding for ophthalmic care. For instance, John Hopkins Wilmer Eye Institute, U.S., receives large funding from National Eye Institute to boost ophthalmic research.
Regional Insights
In 2021, North America held a substantial share of 43.2% of the market. The rapidly growing geriatric population and the rising prevalence of chronic eye conditions as a consequence of high stress and unhealthy lifestyles resulting in diabetic retinopathy are considered as high impact rendering drivers for the industry. Additionally, the incorporation of new reimbursement models for ophthalmologic treatment and a stringent regulatory framework aimed at patients’ safety, is expected to drive the demand for ophthalmic devices in this region.
The Asia Pacific market is anticipated to grow at the fastest CAGR of 5.7% over the forecast period owing to the rapidly improving healthcare infrastructure, rising prevalence of eye disorders such as glaucoma, and increasing awareness of patients towards it. The growth can be attributed to the increasing outsourcing activities for ophthalmology devices by key industry players, such as Alcon, Inc.. Moreover, the increasing awareness pertaining to advanced corrective vision treatments is a key growth driving factor for emerging economies such as China and India.
Key Players
Novartis AG, Abbott Laboratories, Carl Zeiss Meditec AG, Valeant Pharmaceuticals International Inc.
Market Segmentation
By Product
- Cataract Surgery Devices
- Intraocular Lenses (IOLs)
- Ophthalmic Viscoelastic Devices
- Others
- Glaucoma Surgery Devices
- Vitreoretinal Surgery Devices
- Refractive Surgery Devices
By End-user
- Hospitals
- Ambulatory Surgical Centers
- Ophthalmic Clinics
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Immediate Delivery Available | Buy this Premium Research Report@ https://www.visionresearchreports.com/report/cart/38763
You can place an order or ask any questions, please feel free to contact at sales@visionresearchreports.com | +1 9197 992 333