Global Ophthalmic Surgical Instrument Market – Analysis and Forecast (2018-2024)

Industry Insights by Product (Cataract Surgery Devices, Vitreoretinal Surgery Devices, Glaucoma Surgery Devices, Refractive Surgery Devices, Ophthalmic Microscopes and Ophthalmic Surgical Accessories), by End-User (Hospitals, Specialty Clinics and Ambulatory Surgery Centers and Others)

Status : Upcoming
Report Code : VRHC1013
Available Format : PDF
Industry : Healthcare

Industry Overview

The incidence of eye disorders and vision loss is becoming a major public health problem. Ophthalmic surgical instrument are devices used for the surgery of an eye owing to treat the eye diseases. The global ophthalmic surgical instrument market is growing at significant rate due to increasing prevalence eye diseases due to growing geriatric population and technological improvement in ophthalmic surgical devices. The market has witnessed high demand for cataract surgery device over the last few years, due to the increasing prevalence of cataract and growing geriatric population.

Market Segmentation

Insight by Product

On the basis of product, the market is segment into cataract surgery devices, vitreoretinal surgery devices, glaucoma surgery devices, refractive surgery devices, ophthalmic microscopes and ophthalmic surgical accessories. The cataract surgery devices segment is estimated to account the largest share of the ophthalmic surgical instrument industry, due to increasing number of cataract surgeries owing to growing geriatric population and associated eye diseases such as age related macular degeneration (AMDs), diabetic retinopathy, and other eye disorders. In addition, the glaucoma surgery devices segment is expected to grow at the fastest rate, due to technological advancement in glaucoma surgeries and increasing prevalence of glaucoma.

The refractive surgery devices are segmented into excimer lasers, femtosecond lasers, refractive surgery instruments and kits and other refractive surgery lasers. The femtosecond lasers segment is estimated to account largest share in the refractive surgery devices market and is expected to grow at fastest rate, due to increasing number of femtosecond laser-assisted surgeries and benefits associated with the surgery such as faster uncorrected visual acuity recovery, lower incidence of dry eyes, greater safety, less intraocular pressure variation in the femtosecond-created flap and less induced aberrations.

The vitreoretinal surgery devices segment is further segmented into vitreoretinal packs, vitreotomy machines, illumination devices, vitrectomy probes, photocoagulation lasers, and vitreoretinal surgery instruments and kits. The vitreoretinal packs segment is estimated to account largest share in the market due to advantages of vitreoretinal pack such as less procedural time required to perform surgeries, and it minimizes trauma to the eye. The glaucoma surgery devices segment is further segmented into glaucoma drainage devices, glaucoma laser systems, microinvasive glaucoma surgery devices, and glaucoma surgery instruments & kits.

The glaucoma drainage devices segment is estimated to account the largest share in the market, due to the increasing use of glaucoma drainage implants for controlling surgical intraocular pressure (IOP) in patients with uncontrolled glaucoma. The microinvasive glaucoma surgery devices segment is expected to at the highest growth rate due to the increasing acceptance of MIGS devices and instruments owing to its various benefits such as efficacy & ease of use, allow surgeons to perform surgery through a very small incision and also offer safety and rapidly growing aging population.

Insight by End-User

The global ophthalmic surgical instrument market has also been segmented by end-user into hospitals, specialty clinics and ambulatory surgery centers and others. The hospital segment held the largest share due to increasing prevalence of eye disorders across the at hospitals, high acquiring power of hospitals, and increasing number of hospitals in emerging countries.

Industry Dynamics

Industry Trends

Advances in refractive surgery, minimally invasive glaucoma surgery and advanced technology in IOLS are the trends observed in the ophthalmic surgical instrument market. Femtosecond lasers-based cataract surgery is also one of the key trends in the ophthalmic surgical instrument market. Femtosecond laser technology is a tool used in corneal refractive surgical procedures, cataract surgeries, and lamellar and full-thickness corneal transplants. These lasers are used for highly precise ophthalmic surgeries.

Growth Drivers

The increasing prevalence of eye diseases such as cataract, glaucoma, technological advancement in ophthalmic surgical instrument, and increasing government initiatives to increase the awareness of visual impairment in order to control visual impairment and increasing healthcare expenditure are the primary growth drivers for ophthalmic surgical instrument market. For instance, according to the World Health Organization (WHO) in 2017 36 million people are blind and 217 million people have moderate to severe vision impairment. In addition, rapid increase in geriatric population and increasing number of ophthalmic surgeries are also fueling the growth of the market.

Challenges

The high cost of ophthalmic surgical instrument, lack of awareness, low accessibility to eye care in low income economies and reimbursement cuts for ophthalmic surgical procedure are the major challenges for the growth of ophthalmic surgical instrument market. Lack of healthcare facilities and low awareness about eye disorders is leading to increase in visual impairment.

Industry Ecosystem

The key challenge for the new entrants is the survival in capital intensive and highly regulated ophthalmic surgical instrument market. The ophthalmic surgical instrument manufacturing companies are trying to develop inexpensive devices for in order to make eye treatment more affordable.

Geographic Overview

Geographically, North America is the largest ophthalmic surgical instrument market as the region is increasing regulatory approvals, technological advancement in instruments and devices used for minimally invasive procedure and increasing healthcare expenditure. Increasing prevalence of eye diseases due to growing geriatric population is also fueling the growth of the North American industry.

Asia-Pacific is observed to witness fastest growth in the market. As the region comprises of largest population and geriatric population is increasing rapidly among them. In addition, increasing healthcare expenditure and increasing awareness on advance ophthalmic surgical devices also creating a positive impact on the ophthalmic surgical instrument market growth in the region.

Competitive Insight

Key players in the ophthalmic surgical instrument market are investing in the development of innovative and advance ophthalmic surgical products, which is strengthening their position in the market. In May 2017, Alcon launched multifocal toric IOL with multifocus optical design at American Society of Cataract and Refractive Surgery. Bausch & Lomb, Hoya, Iridex, Lumenis, Nidek, Topcon, Alcon, Carl Zeiss Meditec, Johnson & Johnson, Ellex Medical Lasers and Ziemer Ophthalmic Systems are the key players offering ophthalmic surgical devices.

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