Market Trends of Ophthalmology Surgical Devices Industry
The Cataract Surgery Devices Segment is Expected to Hold a Significant Share in the Studied Market
- The segment of cataract surgery devices is projected to witness a substantial market revenue share in recent years and is expected to continue to do so over the forecast period. This growth can be attributed to several factors, including the rising number of cataract cases that require surgery, an increase in the launch of new products, and technological advancements in cataract surgery devices. It is worth noting that cataract surgery remains the primary treatment for individuals with cataracts, as it helps to restore vision.
- Moreover, the growth of this segment is expected to be driven by an increase in government initiatives aimed at supporting the population affected by cataracts. For instance, in May 2022, the Central government of India announced plans to conduct a special campaign over the next three years to clear the backlog in cataract surgeries and severe visual impairment. Such initiatives are expected to create a conducive environment for market growth.
- Additionally, the market is expected to benefit from ongoing technological advancements and product launches in ophthalmology surgery devices. For instance, in July 2021, Johnson & Johnson (J&J) Vision globally launched its phacoemulsification (phaco) system, which is designed to provide surgeons with improved efficiency and comfort during cataract surgery. Phacoemulsification, the most frequent cataract surgical approach, allows doctors to emulsify and remove the eye's internal lens when it becomes cloudy due to cataracts. Furthermore, in April 2022, Alcon released data from a clinical study supporting the use of its SmartCataract solutions for cataract surgery.
- In summary, the cataract surgery devices segment is expected to experience significant growth over the forecast period due to the rise in cataract cases, an increase in product launches, technological advancements, and government initiatives to support the cataract-affected population.
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North America Anticipated to Hold a Significant Share in the Market Over the Forecast Period
- North America is anticipated to maintain a substantial market share in the ophthalmic surgical devices market during the forecast period due to various factors. Firstly, there has been a rise in the prevalence of eye diseases in the region. According to the Bright Focus Foundation's October 2022 update, more than 3 million Americans are living with glaucoma, with open-angle glaucoma affecting 2.7 million people aged 40 and above. Moreover, 3.3 million Americans aged 40 and over experience blindness or low vision, indicating a significant need for ophthalmic surgical devices in the region.
- The increase in the prevalence of eye diseases is a primary factor driving the market growth in North America. Additionally, technological advancements in ophthalmic surgery devices and product launches are contributing to the growth of the market. Government initiatives to support visually impaired populations are also expected to fuel the market's growth over the forecast period. For example, World Glaucoma Week is celebrated every year from March 6 to 12 to raise awareness about glaucoma. In 2022, the initiative aimed to "save your sight" by urging people to have regular check-ups and early diagnosis of glaucoma.
- Furthermore, market players are adopting various strategies to increase their market share, such as product launches, developments, acquisitions, collaborations, mergers, and expansions. For instance, Alcon, a company focused on eye care, completed the acquisition of Ivantis, a developer of the novel Hydrus Microstent, in January 2022. This minimally invasive glaucoma surgery (MIGS) device is designed to lower eye pressure for open-angle glaucoma patients in connection with cataract surgery.
- To sum up, North America is expected to hold a significant market share in the ophthalmic surgical devices market throughout the forecast period due to the rise in eye diseases, an increase in product launches, technological advancements, government initiatives, and market players' strategic efforts.
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