The global ophthalmology surgical devices market is forecasted to witness a steady growth in coming years, according to Transparency Market Research (TMR). The players in the market are expected to focus on new product launches and fortifying their geographical presence and distribution channels. Key vendors in the global ophthalmology surgical devices market are Bausch & Lomb, Inc., HOYA Corporation, Johnson & Johnson Vision Care, Inc., STAAR Surgical Company, Carl Zeiss Meditec AG, IRIDEX Corporation, and Alcon.
According to TMR’s report, the global ophthalmology surgical devices market was valued at around US$ 7.0 bn in 2016 and is expected to exhibit a steady CAGR of 4.0% from 2017 to 2025, to reach value of around US$ 11.0 bn by 2025.Among end-users, hospitals was the largest segment in 2016 and is anticipated to marginally gain market share by 2025. This is attributable to presence of the large number of hospitals, use of technologically advanced safety products, and favorable health care insurance coverage.
Geographically, North America held a major share of the global ophthalmology surgical devices market, in terms of revenue, in 2016. The trend is projected to continue from 2017 to 2025, primarily due to large pool of patients with eye disorders and the larger number of patients undergoing eye surgeries in North America than other regions.
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High Incidence of Eye Related Disorders to Offer Market Opportunity
According to a report published by the World Health Organization (WHO) in 2010, cataract was responsible for causing blindness in 20 million people across the globe, which represented around 51% of the world blindness. Glaucoma was estimated to cause blindness in 4.5 million people, which accounted for around 12% of the global blindness. In addition, AMD was the third leading cause of blindness with worldwide prevalence rate of 8.7%. The growing burden of these eye conditions coupled with rising elderly population is expected to increase the need for corrective surgeries in the near future, subsequently stimulating the need for devices and systems used in these surgeries.