The global Ocular Surgery Market size occupied USD 10.5 Billion in 2022 and is estimated to arrive at a size of around USD 17.3 Billion by 2032 rising with a CAGR of 5.2% during the forecasted years, as reported by Acumen Research & Consulting
The ocular surgery industry has grown significantly in recent years, owing to factors such as the increasing prevalence of eye diseases and disorders, increasing numbers of elderly people, technological advancements in surgical devices, and growing interest in minimally invasive surgeries. Ocular surgery is required for a variety of reasons. In some cases, it may be conducted to correct a congenital condition or to treat a chronic eye disease. In other cases, it may be necessary to repair damage caused by an injury or accident. In cases of glaucoma, for example, ocular surgery may be required to reduce intraocular pressure and protect the optic nerve. Similarly, cataract surgery might be needed to remove a clouded lens and restore vision. Finally, ocular surgery is a valuable tool for preserving and improving vision, as well as for treating a variety of ocular conditions that can have a negative impact on a person's quality of life.
Ocular Surgery Market Statistics
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Ocular Surgery Market Dynamics
Increasing Prevalence of Eye Disorders Fuels the Ocular Surgery Market Value
The increasing prevalence of eye disorders has been a major driver for the growth of the ocular surgery industry worldwide. With an aging population and changing lifestyle habits, the incidence of eye diseases such as cataracts, glaucoma, and age-related macular degeneration (AMD) has been on the rise. According to the World Health Organization, approximately 2.2 billion people worldwide have vision impairment or blindness, with cataracts being the leading cause. This has led to an increase in demand for ocular surgery procedures to restore vision and prevent further damage to the eyes. As a result, the ocular surgery industry has witnessed significant growth in recent years and is expected to continue to grow in the coming years.
Development of Innovative Products Generates Many Ocular Surgery Market Opportunities
The ocular surgery industry has seen a significant increase in the development of innovative products in recent years. Businesses have been investing heavily in research and development to incorporate new and advanced technologies that can improve ocular surgery outcomes. For example, the development of femtosecond laser technology has transformed cataract surgery by providing greater precision and accuracy. Accordingly, the introduction of minimally invasive glaucoma surgery (MIGS) devices has allowed for less invasive procedures and quicker recovery times in the treatment of glaucoma. Furthermore, new intraocular lenses (IOLs) with advanced features such as elongated depth of focus and astigmatism correction are now being developed to provide patients with better vision outcomes. The development of these novel products is anticipated to propel the ocular surgery industry forward in the coming years.
Ocular Surgery Market Segmentation
The global market has been categorized into procedure type, device type, end-user, and region.
The procedure type segment is divided into cataract surgery, glaucoma surgery, vitrectomy, refractive error surgery, corneal surgery, oculoplastic surgery, and others.
Based on device type, the segregation includes cataract surgery devices, glaucoma surgery devices, lasers and systems, vitrectomy surgery devices, refractive error surgery devices, corneal surgery devices, and others (oculoplastic surgery devices, endoscopes, etc).
The end-user segment includes ambulatory hospitals, ambulatory surgery centers, ophthalmic clinics, and others. The market is divided into five regions: North America, Latin America, Europe, Asia-Pacific, and the Middle East and Africa (MEA).
Ocular Surgery Market Share
Among all procedure types, cataract surgery dominated the ocular surgery market in 2022 and is expected to continue to do so in the coming years.
According to the ocular surgery market forecast, cataract surgery devices are expected to gain a significant market share from 2023 to 2032.
According to the ocular surgery industry analysis, the hospitals sub-segment will have the highest share in 2022, while the ambulatory surgical centers sub-segment will have a significant share in the future.
Ocular Surgery Market Regional Outlook
The market for ocular surgery is well-established in many parts of the world. Due to its growing geriatric population and high healthcare expenditure, North America is a dominant market. The region also has a well-established healthcare infrastructure and the presence of major market players. Europe is another important market, owing to increased government initiatives for eye care and favorable reimbursement policies. Asia-Pacific is expected to grow significantly due to an aging population, an increase in the incidence of eye disorders, and improved healthcare infrastructure. The region is also enticing major players to invest in the market, leading to product innovations and increased patient awareness. Latin America, the Middle East, and Africa are also experiencing growth as a result of rising healthcare spending and improved healthcare facilities. However, the market in these regions is still in its infancy and has significant growth potential in the coming years.
Ocular Surgery Market Players
Some prominent Ocular Surgery companies covered in the industry include Johnson & Johnson, Alcon (Novartis), Bausch Health Companies Inc., Carl Zeiss Meditec AG, EssilorLuxottica SA, Hoya Corporation, Nidek Co. Ltd., Topcon Corporation, Lumenis Ltd., Ellex Medical Lasers Ltd., ZEISS International, Santen Pharmaceutical Co. Ltd., Glaukos Corporation, STAAR Surgical Company, and Oculentis GmbH.
Johnson & Johnson Vision announced the introduction of its TECNIS Synergy IOL in April 2021, a first-of-its-kind intraocular lens that combines two distinct technologies to improve vision in cataract surgery patients.
In March 2021, Alcon announced that its AcrySof IQ Vivity Extended Vision IOL, an upcoming intraocular lens designed to provide strong vision at near, intermediate, and far distances, had received FDA approval.
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Mr. Frank Wilson
Acumen Research and Consulting