The Global Ocular Surgery Market, by device type (Cataract surgery devices, Glaucoma surgery devices, and Vitrectomy surgery devices) and region was valued at US$ 1,517.5 million in 2017 and is projected to exhibit a CAGR of 7.2% over the forecast period (2017–2025), as highlighted in a new report published by Coherent Market Insights. Growing aging population and high incidence rate of diabetes coupled with technological advancement are drivers fueling growth of the ocular surgery market.
Rise in number of cataract and glaucoma surgeries provide lucrative opportunities for growth of the global ocular surgery market. Increasing aging population globally is expected to fuel growth of the ocular surgery market. According to World Health Organization (WHO), in 2010, around 285 million people were recorded to be suffering from visual impairment, which included 39 million blind people, of which 80% were 50 years of age and above. Cataract surgery segment is expected to grow at a rapid rate, which in turn, is expected to favor growth of the ocular surgery market in near future. High occurrence rate of diabetes, exposure to ultraviolet sunlight, and family medical history are some of the various factors expected to boost growth of the global market. According to the International Diabetes Federation, in 2010, around 285 million people were affected by diabetes mellitus, which signifies a high risk of glaucoma and cataract among these people.
Browse 50 Market Data Tables and 25 Figures spread through 170 Pages and an in-depth TOC on ‘Ocular Surgery Market by Procedure (Cataract surgery, Glaucoma surgery, and Vitrectomy), Device type (Cataract surgery devices, Glaucoma surgery devices, and Vitrectomy surgery devices) and Region - Global Forecast to 2025’
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Increasing adoption of technologically advanced ocular devices and procedures such as femtosecond laser cataract surgery technology and intraocular lenses (IOLs), which include Toric IOLs has reduced dependency on glasses or contact lenses post-surgery.
In 2016, Allergan received FDA approval for the XEN Gel Stent, a new surgical treatment intended to reduce intraocular pressure of patients suffering from refractory glaucoma. Xen Gel stent is an effective alternative to conventional surgeries such as Trabeculectomy. Therefore, such advanced devices are less painful and time-efficient, which in turn is improving surgery outcomes of ocular surgical procedures.
Asia Pacific and Africa are expected to witness maximum growth in the global ocular surgery market, owing to increasing aging population. According to NCBI, in 2010, around 11.2 million people age 40 years and above suffered from glaucoma in India. Furthermore, in 2016, around 1 in 30 people was hospitalized due to eye-related problems in Australia.
According to American Academy of Ophthalmology, in 2015, Africa was highly affected by glaucoma, with the highest prevalence of Primary Open Angle Glaucoma (POAG), which is expected to fuel regional growth of the market over the forecast period.
Key takeaways of the market:
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