Global Ocular Surgery Market, by Procedure Type (Cataract Surgery, Glaucoma Surgery, and Vitrectomy Surgery), by Device Type (Cataract Surgery Devices (IOL (Intraocular Lenses), OVD (Ophthalmic Viscosurgical Devices) and Phacoemulsification Devices), Glaucoma Surgery Devices (GDD (Glaucoma Drainage Device), Implants and Stents and Lasers and Systems), and Vitrectomy Surgery Devices(Vitrectomy Packs and Vitrectomy Machines),and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 1,701.0 million in 2019 and is expected to exhibit a CAGR of 7.3% over the forecast period (2019-2027).
Rising number of cataract and glaucoma surgeries provide lucrative opportunities for growth of the global ocular surgery market. Increasing aging population across the globe is expected to fuel growth of the ocular surgery market. For instance, according to the National Institute of Health, the world’s older population (aged 65 and over) was 617 million in 2016 and is expected to reach 1.6 billion by 2050.
Moreover, according to the cataract epidemiology, in 2015, around 3.6 million cataract surgeries were performed in the U.S. and 23 million surgeries were performed worldwide in 2019.
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Increasing launches of intraocular lenses is also expected to drive the market growth during the forecast period. For instance, in 2019, Johnson & Johnson Vision Company offered a broad range of eye health solution, has launched TECNIS Eyhance intraocular lens in the Europe market for the treatment of cataracts. The product is designed to provide vision at both intermediate and far distances.
Furthermore, in 2017, Alcon a company specializing in eye care product has launched AcrySof IQ PanOptix Toric presbyopia- and astigmatism-correcting intraocular lens (IOL) for patients with pre-existing corneal astigmatism undergoing cataract surgery.
Browse 26 Market Data Tables and 35 Figures spread through 155 Pages and in-depth TOC on 'Global Ocular Surgery Market, by procedure Type (Cataract Surgery, Glaucoma Surgery and Vitrectomy Surgery), by Device Type (Cataract Surgery Devices (IOL (Intraocular Lenses), OVD (Ophthalmic Viscosurgical Devices) and Phacoemulsification Devices), Glaucoma Surgery Devices (GDD (Glaucoma Drainage Device), Implants and Stents and Lasers and Systems) and Vitrectomy Surgery Devices(Vitrectomy Packs and Vitrectomy Machines), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Global Forecast to 2027'
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The need to depend on glasses or contact lenses post-surgery is reduced due to the availability of technologically advanced ocular devices such as femtosecond laser cataract surgery technology and intraocular lenses (IOLs) such as Toric IOLs. In 2016, Allergan received FDA-clearance for the XEN Gel Stent, which is a new surgical treatment that is capable of reducing intraocular pressure in patients suffering from refractory glaucoma. Also, this alternative treatment is found to be effective when compared to conventional surgeries such as Trabeculectomy. Therefore, less painful and time-efficient procedures are developed using technological advancements, thereby resulting in effective and safe surgery outcomes.
Key Takeaways of the Global Ocular Surgery Market:
The global ocular surgery market is expected to exhibit a CAGR of 7.3% over the forecast period (2019–2027), owing to increasing acquisitions, mergers and collaborations by key players
Among procedure type, the cataract surgery segment is expected to account for a major revenue share by 2027.
Major players operating in the global ocular surgery market include Johnson & Johnson Vision Care Inc., Alcon, Carl Zeiss, Meditec Medical, Bausch & Lomb, Ellex Medical Lasers, Topcon Medical Systems, Dutch Ophthalmic Research Center (International) B.V. (DORC) and Lumenis.
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