Ophthalmic Surgical Devices and Therapeutics Market – Snapshot
The global ophthalmic surgical devices and therapeutics market is expected to reach a value of US$ 68898.4 Mn by the end of 2026, expanding at a significant CAGR of 5.8% during the forecast period. Increase in prevalence and incidence rates of eye-related disorders, high unmet needs in patients with ocular diseases, increased geriatric population, and raised awareness about eye diseases in developing countries are expected to boost the ophthalmic surgical devices and therapeutics market during the forecast period. Moreover, significant rise in incidence of eye-related diseases, especially in developed countries, is anticipated to drive the ophthalmic surgical devices and therapeutics market between 2018 and 2026. According to the Prevent Blindness Report, the number of people in the U.S. suffering from cataract is expected to increase from 24.4 million in 2010, to 30.5 million by 2020, and the number of people suffering from diabetic retinopathy in the U.S. is projected to rise from 7.7 million in 2010 to reach 9.2 million by 2020.
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The global ophthalmic surgical devices and therapeutics market has been segmented based on product type, end-user, and region. In terms of product type, the global market has been classified into therapeutics, surgical devices, and vision care. The therapeutics segment dominates the ophthalmic surgical devices and therapeutics market, in terms of value. The therapeutics segment has been segmented further into anti-inflammatory drugs, anti-infective drugs, anti-glaucoma drugs, anti-allergy drugs, anti-VEGF agents, and others. The wide acceptance of therapeutics as the first line of treatment for any eye-related disorder is likely to drive the segment. The vision care segment is expected to expand at a significant CAGR during forecast period. This is primarily attributed to the increased prevalence of refractive errors among the population, including the young population. According to an article published by Journal of Current Ophthalmology, in 2018, astigmatism is a highly common refractive error among children and adults, followed by hyperopia and myopia. Myopia and astigmatism are highly prevalent among adults in Southeast Asia, and a considerably high prevalence of hyperopia is found among the children and adults in the U.S. population.
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In terms of end-user, the ophthalmic surgical devices and therapeutics market has been segregated into hospitals, ophthalmic clinics, and ambulatory surgery centers. The hospitals segment held a major share of the market in 2017, followed by ophthalmic clinics. The hospitals segment is expected to maintain its market share during the forecast period due to increased preferences for hospitals for any eye-related diseases. The ophthalmic clinics segment is projected to expand at a considerable CAGR during the forecast period. The high growth rate of this segment is due to its convenience, improved security, one-stop service offered by clinics, improved infrastructure, and increased preferences to ophthalmic clinics for IVT (Intravitreal) administration.
In terms of region, the ophthalmic surgical devices and therapeutics market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the ophthalmic surgical devices and therapeutics market, owing to the high awareness about eye-related disorders in the U.S., increased prevalence of eye diseases, technological advancements, and healthcare spending in the region. The market in Asia Pacific is anticipated expand at a considerably high CAGR during the forecast period, owing to the increased awareness regarding ocular diseases in developing countries, such as India, and governments’ initiatives for prevention of blindness in the region.
Major players operating in the ophthalmic surgical devices and therapeutics market include Allergan Plc., Johnson & Johnson Services, Inc., F. Hoffmann-La Roche Ltd., Novartis AG, Bausch Health Companies Inc., Regeneron Pharmaceuticals, Inc., Santen Pharmaceutical Co., Ltd., Carl Zeiss Meditec AG, HOYA Corporation, and Bayer AG. Key players are expanding their product portfolios through mergers & acquisitions and partnerships & collaborations with leading pharmaceutical companies, which is expected to increase product availability, and thereby boost the market.
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