The Global Ocular Surgery Market, by device type (Cataract surgery devices, Glaucoma surgery devices, and Vitrectomy surgery devices) and region was valued at US$ 1,517.5 million in 2017 and is projected to exhibit a CAGR of 7.2% over the forecast period (2017–2025), as highlighted in a new report published by Coherent Market Insights. Growing aging population and high incidence rate of diabetes coupled with technological advancement are drivers fueling growth of the ocular surgery market.
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Rise in number of cataract and glaucoma surgeries provide lucrative opportunities for growth of the global ocular surgery market. Increasing aging population globally is expected to fuel growth of the ocular surgery market. According to World Health Organization (WHO), in 2010, around 285 million people were recorded to be suffering from visual impairment, which included 39 million blind people, of which 80% were 50 years of age and above. Cataract surgery segment is expected to grow at a rapid rate, which in turn, is expected to favor growth of the ocular surgery market in near future. High occurrence rate of diabetes, exposure to ultraviolet sunlight, and family medical history are some of the various factors expected to boost growth of the global market. According to the International Diabetes Federation, in 2010, around 285 million people were affected by diabetes mellitus, which signifies a high risk of glaucoma and cataract among these people.
Browse 50 Market Data Tables and 25 Figures spread through 170 Pages and an in-depth TOC on ‘Ocular Surgery Market by Procedure (Cataract surgery, Glaucoma surgery, and Vitrectomy), Device type (Cataract surgery devices, Glaucoma surgery devices, and Vitrectomy surgery devices) and Region – Global Forecast to 2025’
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Development of technologically advanced ocular devices, including femtosecond laser cataract surgery technology and intraocular lenses (IOLs), such as Toric IOLs, reduce dependency on glasses or contact lenses post-surgery. In 2016, Allergan received FDA-clearance for the XEN Gel Stent, a new surgical treatment that reduces intraocular pressure for patients with refractory glaucoma. Xen Gel stent is an effective alternative to conventional surgeries such as Trabeculectomy. Technological advancements are thus, creating less painful and time-efficient procedures, which in turn, is improving surgery outcomes in an effective, safe, and predictable manner.
Asia Pacific and Africa are expected to witness maximum growth in the global ocular surgery market, owing to rapid increase in aging population in these region. According to NCBI, 2010, around 11.2 million people 40 years of age and above suffered from glaucoma, in India; while in Australia, in 2016, around 1 in 30 people were hospitalized due to eye-related problems.
According to American Academy of Ophthalmology, in 2015, Africa was highly affected by glaucoma, with the highest prevalence of Primary Open Angle Glaucoma (POAG) in African countries and is expected to experience meteoric growth over the forecast period.
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Key takeaways of the market:
- The global ocular surgery market is expected to exhibit a CAGR of 7.2% over the forecast period (2017–2025), due rampant growth in precursor diseases such as diabetes
- Among device types, the cataract surgery devices segment holds a dominant position, as cataracts remain the leading cause of blindness. According to World Health Organization (WHO), in 2014, 47.8% of blindness, globally, was caused by cataracts.
- Some of the major players involved in global ocular surgery market are Johnson & Johnson Vision Care Inc., Alcon, Carl Zeiss, Meditec, Bausch & Lomb, Ellex Medical Lasers, Topcon Medical Systems, Dutch Ophthalmic Research Center (International) B.V. (DORC), and Lumenis.
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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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