Ophthalmic Surgical Instruments Market Insights
The global ophthalmic surgical instruments’ market is projected to grow at a significant CAGR over the forecast period. Increasing incidence of diseases such as diabetes, obesity, high blood pressure, and high cholesterol often lead to several eye defects. Also, genetic disorders and excessive smoking habits are likely to leave an adverse effect on the overall individual’s health including eyes. These factors are anticipated to boost the demand for ophthalmic surgical instruments over the coming years.
Factors such as worldwide increase in the count of geriatric population coupled with growing awareness for treating eye defects, and increased use of laptops, smartphones & related devices are anticipated to boost the overall market growth.
Ophthalmic Surgical Instruments Market: Product Insights
The global ophthalmic surgical instruments market is segmented into Phacoemulsification Instruments, Ophthalmic Lasers, Intraocular Lenses, and Shunts & related Drainage Devices, and Others, by products.
Intraocular Lenses are further divided into monofocal intraocular lens and premium intraocular lens. Intraocular lenses’ segment is expected to grow at a significant rate on account of factors such as increase in geriatric population, rise in prevalence of cataract, and favourable government initiatives taken to eliminate avoidable blindness. Also, growing adoption of premium lens attributing to its benefits such as better visual performance coupled with reduced astigmatism is likely to add to the market growth.
Ophthalmic lasers are used to accurately treat a range of eye problems with little risk of infection. The combination of safety, accuracy, and relatively lower cost make lasers very useful ophthalmic tools.
Ophthalmic Surgical Instruments Market: Application Insights
Based on applications, the global ophthalmic surgical instruments market is divided into refractive surgery, diabetic retinopathy laser surgery, age-related macular degeneration, vitrectomy glaucoma-laser trabeculoplasty, filtering microsurgery, cryotherapy, laser peripheral iridotomy, cataract surgery among others.
Diabetic retinopathy segment is caused by changes in the blood vessels of the retina. It is likely to account for a substantial market share over the coming years on account of increasing number of diabetic patients across the world.
Age-related macular degeneration is a very severe eye disease that destroys the central part of vision. The segment growth is attributed to a large number of geriatric population across the world, especially in the U.S.
Ophthalmic Surgical Instruments Market: Regional Insights
North America is projected to record a significant market share over the forecast period. The regional growth is attributed to greater prevalence of the common, serious, and age-related eye diseases, particularly in the U.S.
Asia-Pacific is also likely to experience a substantial growth over the projected period due to favourable government initiatives and awareness programs to eliminate avoidable blindness. Continuous effort to improve early detection and appropriate treatment in Europe is expected to impact the regional growth.
Ophthalmic Surgical Instruments Market: End-Use Landscape
The end-use landscape includes a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase products from the global ophthalmic surgical instruments market. The major consumers of the product are Cleveland Clinic, Wilmer Eye Institute, UCLA Medical Center, and Duke University Hospital.
Ophthalmic Surgical Instruments Market: Competitor Analysis
Some of the leading players profiled in the ophthalmic surgical instruments market include Volk, Ziemer Group, Abbott Laboratories, Johnson & Johnson VISION, Carl Zeiss Meditec, IRIDEX Corporation, Lumenis, Novartis, and Valeant Pharmaceuticals among others.
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