Tue. Aug 20th, 2019

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Latest Study by TMR Underlines the Notable Developments and Tracks the Advancements in Ophthalmology Surgical Devices Market

3 min read
Ophthalmology Surgical Devices

Ophthalmology surgical devices are systems, products, and consumables used in retinal, refractive and cataract surgeries and for the diagnosis and effective treatment of eye diseases. These devices include intraocular lenses (IOLs), ophthalmic viscoelastic devices (OVDs), glaucoma drainage systems, excimer laser systems, femtosecond laser solutions, and consumables. The global ophthalmology surgical devices market was valued at around US$ 7.0 Bn in 2016 and is expected to expand at a CAGR of over 4.0% from 2017 to 2025, to reach value of around US$ 11.0 Bn by 2025. Rising elderly population worldwide is expected to contribute to increase in the number of people with avoidable blindness. This, in turn, is projected to drive the global ophthalmology surgical devices market from 2017 to 2025.

A major contributor to growth of the ophthalmology surgical devices market is rising burden of eye disorders across the world. Globally, disorders such as cataract, glaucoma, and age-related macular degeneration (AMD) are the leading causes of blindness and visual impairment. According to a report published by the World Health Organization (WHO) in 2010, cataract was responsible for causing blindness in 20 million people across the globe, which represented around 51% of the world blindness. Glaucoma was estimated to cause blindness in 4.5 million people, which accounted for around 12% of the global blindness. In addition, AMD was the third leading cause of blindness with worldwide prevalence rate of 8.7%. The growing burden of these eye conditions coupled with rising elderly population is expected to increase the need for corrective surgeries in the near future, subsequently stimulating the need for devices and systems used in these surgeries. Another key factor driving the market is several initiatives launched by countries as well as multilateral organizations for eradicating blindness. The Action Plan for Global Eye Health 2014–2019 proposes to decrease avoidable visual impairment considering it as a public health issue and to provide the visually impaired with access to rehabilitation services.

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As per the action plan, multilateral organizations along with their member states have set a target of reducing the number of patients with avoidable visual impairment by 25% by 2019, from the baseline established by the WHO in 2010. Additionally, high unmet needs for refractive surgeries led by the large number of patients with myopia or short-sightedness are also expected to fuel the market during the forecast period. As per a report published in the ‘Ophthalmology’ journal, around 30% of the global population is myopic or short-sighted currently and it is projected to increase to 50% of the global population (around 5 billion) by 2050. On the flip side, high costs (particularly of ophthalmic laser treatments) and high risks associated with ophthalmic surgery are projected to hamper the market during the forecast period. Technological advancements in surgeries such as cataract and glaucoma have led to increased safety and efficacy of these surgeries. This has helped improve patients’ acceptance of these treatment options. Also, launch of new ophthalmology surgical devices by major manufacturers is projected to create new growth avenues for the market in the next few years.

Rising Incidence of Eye Disorders to Propel Demand

The presence of a matured domain of ophthalmology is behind the growth of the global ophthalmology surgical devices market. Diseases and disorders related to the retina have been on a rise, and this factor has also played a crucial role in the growth of the global ophthalmology surgical devices market. Furthermore, cataract surgeries are being performed across regional clinics and small healthcare centers. This has in turn driven demand for ophthalmology surgical devices in local areas and territories. Hence, there is little contention about a stellar pace of growth within the global ophthalmology surgical devices market.

Presence of Surgical Centers in Rural Areas to Aid Market Growth

It is evident that the boisterous pace of urbanization has led to the opening new clinical and surgical centers across the suburbs and cities. However, the most stellar driver of demand within the global ophthalmology surgical devices market is the commencement of surgical centers in rural areas. On the flip side, the absence of medical reimbursement for ophthalmic treatments could be a threat to market growth. Nevertheless, governments across several regions provide incentives for the development of dedicated ophthalmic clinics. This factor shall continue to aid the growth of the global ophthalmology surgical devices market in the years to come.

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