Ophthalmic Surgical Devices Market Size Is Expected To Witness Significant Growth By 2025
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A research study titled, “Ophthalmic Surgical Devices Market by Product - Global Industry Analysis and Forecast to 2025” published by Crystal Market Research, states that the ophthalmic surgical devices market is expected to witness significant growth by 2025.
Some of the most common eye related problems include cataracts, glaucoma, diabetic retinopathy, and age related macular degeneration. Cataract refers to a cloudy, painless area in the eye lens that blocks the light from reaching the retina. Cataracts can occur due to an eye injury, aging, over exposure to sunlight or after use of certain medicines. Cloudy or foggy vision is the most common symptom of cataract. Cataracts can be removed by surgery to restore the normal vision of an individual whose daily activities such as driving or reading are majorly affected.
Glaucoma refers to a disease of progressive optic neuropathy which results in loss of retinal neurons and the nerve fiber layer, which can result in blindness if left unattended. It is a disease that does not exhibit symptoms in its early stage and gradually diminishes a person’s vision. High intraocular pressure (IOP) is the most critical risk factor for glaucoma. Such pressure can result from a backup of fluid in the eye. The IOP in the eye depends on the production of aqueous fluid in the eye and its drainage. The IOP can vary within the day but usually remains within a manageable limit.
In most glaucoma cases, the drainage system in the eye becomes clogged preventing the fluid to drain out from the eye. As this fluid begins to build up, IOP in the eye starts to increase which tend to damage the sensitive optic nerve. The optic nerve carries visual information to the brain and is made up of numerous nerve cells. When the IOP in the eye increases, the nerve cells are compressed which results in their damage that can lead to their death. This can result in permanent loss of vision. Early diagnosis and treatment of glaucoma can help in preventing such vision loss.
The global ophthalmic surgical devices market is majorly driven by factors such as increasing geriatric population, rising incidence of eye-related disorders, technological advancements in ophthalmology medical devices, and increasing awareness related to glaucoma and its treatment. According to the World Health Organization (WHO), glaucoma is the second major cause of blindness worldwide. According to the Glaucoma Research Foundation, statistics published in November 2016, more than 120,000 people in the U.S. had suffered from complete vision loss due to glaucoma which accounts for 9% to 12% of overall cases of blindness. With such significant impact of glaucoma on normal vision, the demand for ophthalmic surgical devices is expected to increase in coming years leading to favorable market growth. However, unfavorable reimbursement policies related to glaucoma procedures can hinder the growth of glaucoma surgical devices market during the forecast period.
North America held a significant share of the global ophthalmic surgical devices market in 2016 owing to the presence of advanced healthcare infrastructure and high awareness related to eye disorders in the region. Asia-Pacific ophthalmic surgical devices market is expected to witness fastest growth during the forecast period as a result of high prevalence of glaucoma in the region along with increasing awareness related to its treatment in emerging countries such as China and India.
The key players operating in the global ophthalmic surgical devices market emphasize on product development to gain a competitive advantage over other players. Moreover, strategic acquisitions also play a major role in expanding their product portfolio and its reach to new marketplaces. Some of the major players operating in the global ophthalmic surgical devices market are, Alcon Laboratories, Inc. (acquired by Novartis AG), Glaukos Corporation, New World Medical, Inc., Ellex Medical Lasers Limited, Allergan, Inc. (acquired by Actavis plc), Johnson & Johnson Services, Inc., Ivantis, Inc.,NIDEK CO., LTD., A.R.C. Laser GmbH,Valeant Pharmaceuticals International Inc.,Topcon America Corporation, Lumenis Ltd., IRIDEX Corporation, Ziemer Ophthalmic Systems AG and Carl Zeiss Meditec AG.
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Key Findings of the Research Study:
- The global ophthalmic surgical devices market is expected to rapidly grow with a double-digit CAGR throughout the forecast period between 2017 and 2025 due to the increasing incidence of glaucoma worldwide.
- Cataract surgery devices segment accounted for a major share of the overall ophthalmic surgical devices market in 2016, and is projected to maintain its major share throughout the forecast period.
- North America dominated the global ophthalmic surgical devices market in 2016 while holding over two-fifth share of the overall market due to the rapid advancements in minimally invasive surgical devices in the region.
- Asia-Pacific ophthalmic surgical devices market is expected to grow with double-digit CAGR throughout the forecast period due to high prevalence of eye-related disorders in the region along with increase in awareness related to their early diagnosis and treatment.