The global ophthalmic surgical instruments market is projected to reach USD 11.18 Billion by 2022 from USD 8.36 Billion in 2017, at a CAGR of 6.0%.
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Growth in this market is attributed to the rapid growth in the geriatric population, increasing number of ophthalmic surgeries owing to the rising prevalence of eye diseases, technological advancement in ophthalmic surgical instruments, and government initiatives to increase awareness about visual impairment across the globe.
The cataract surgery devices segment to dominate the ophthalmic surgical instruments market during the forecast period
Based on product, the ophthalmic surgical instruments market is segmented into cataract surgery devices, vitreoretinal surgery devices, refractive surgery devices, glaucoma surgery devices, ophthalmic microscopes, and accessories. The cataract surgery devices segment accounted for the major share of the global ophthalmic surgical instruments market.
The large share of this segment can primarily be attributed to the growing number of cataract surgeries across the globe. Glaucoma surgery devices segment is expected to register the highest growth during the forecast period. The high growth of this segment is attributed to the rising prevalence of glaucoma and technological advancements in the glaucoma surgical devices throughout the world.
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Femtosecond lasers to witness the highest growth rate during the forecast period
On the basis of refractive surgery devices, the ophthalmic surgical instruments market is segmented into femtosecond lasers, excimer lasers, other lasers, and refractive surgery instruments & kits. The femtosecond lasers segment accounted for the major share of the refractive surgery devices market and is also expected to register the highest CAGR during the forecast period.
The large share and high growth of this segment is attributed to its benefits such as lower incidence of dry eyes, less induced aberrations, greater safety, faster uncorrected visual acuity recovery, less intraocular pressure (IOP) variation in the femtosecond-created flap, and growing number of femtosecond laser-assisted surgeries being performed across the globe.
Vitreoretinal packs dominated the vitreoretinal surgery devices market in 2016
On the basis of vitreoretinal surgery devices type, the ophthalmic surgical instruments market is segmented into vitreoretinal packs, vitrectomy machines, photocoagulation lasers, illumination devices, vitrectomy probes, and vitreoretinal surgery instruments & kits. In 2016, the vitreoretinal packs segment accounted for the major share of the vitreoretinal surgery devices market. The advantages of vitreoretinal packs, such as it minimizes trauma to the eye and less procedural time required to perform surgeries, are driving the growth of the vitreoretinal surgery devices market.
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North America dominated the market in 2016
North America accounted for the largest share of the ophthalmic surgical instruments market in 2016, followed by Europe. The large share of this region is attributed to rising prevalence of ocular disorders owing to growing geriatric population in North America, increase in healthcare expenditure, technological advancements in instruments & devices used for minimally invasive surgeries, and increasing regulatory approvals.
The prominent players in the ophthalmic surgical instruments market are Alcon (Switzerland), Carl Zeiss Meditec (Germany), Johnson & Johnson Vision Care (US), Hoya Corporation (Japan), Bausch + Lomb (US), NIDEK (Japan), Topcon Corporation (Japan), Ellex Medical Lasers (Australia), IRIDEX Corporation (US), Lumenis (Israel), STAAR Surgical Company (US), and Ziemer Ophthalmic Systems (Switzerland).
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