The global ophthalmology surgical devices market was valued at approximately US$ 7,000.0 Mn in 2016 and is projected to register a compounded annual growth rate (CAGR) of over 4.0% from 2017 to 2025, according to a new report published by Transparency Market Research (TMR) titled “Ophthalmology Surgical Devices Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017–2025”.
The report suggests that technological advancements and presence of leading players is projected to augment the demand for ophthalmology surgical devices in the next few years (from 2017 to 2025). North America dominates the global ophthalmology surgical devices market, due to high preference for surgical procedures for eye treatment in the region. Emerging markets such as China, India, Argentina, and Brazil are likely to promote growth of the market in Asia Pacific and Latin America from 2017 to 2025.
Globally, disorders such as cataract, glaucoma, and age-related macular degeneration (AMD) are the leading causes of blindness and visual impairment. The burden of eye diseases across the globe is expected to increase significantly in the next few years. According to a report published by the World Health Organization (WHO) in 2010, cataract was responsible for causing blindness in 20 million people, which represented around 51% of the world blindness. Glaucoma was estimated to cause blindness in 4.5 million people, which was around 12% of the global blindness.
The continuing worldwide demographic trend of people developing myopia is expected to augment the demand for refractive surgeries required to treat the disorder in the next few years. The rate of prevalence of myopia is as high as 70% or more in countries in East Asia. Companies in the ophthalmology surgical devices market are increasingly collaborating with one another as well as with research institutes in order to develop new technologies to address the current unmet needs for eye care. In May 2016, Bausch + Lomb and HOYA Surgical Optics entered into an exclusive agreement, which helped the former to market and commercialize the latter’s wide portfolio of injectors and intraocular lenses (IOLs) in the U.S.
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The cataract surgery devices segment dominates the global ophthalmology surgical devices market in terms of revenue. Factors such as launch of new and innovative products, large number of patients with cataract, and government initiatives for promotion of cataract surgeries are likely to fuel the segment during the forecast period. The glaucoma surgery devices segment is estimated to expand at a CAGR of more than 4.0% during the forecast period. Factors such as rising adoption of minimally invasive glaucoma surgeries, increasing elderly population, and growing awareness among people are driving the glaucoma surgery devices segment. According to a study published by the American Academy of Ophthalmology, the prevalence of glaucoma in people aged 40–80 years in the U.S. was 64.3 million in 2013 and is set to increase to 76.0 million by 2020 and 111.8 million by 2040.