Report ID: UCMIG35A2456 | Region: Global | Published Date: September, 2022 | Pages: 165 | Tables: Figures:Ultrasonic Electrosurgical Devices Market
Report ID: SQSG35A2062 | Region: Global | Published Date: September, 2022 | Pages: 157 | Tables: 66 | Figures: 75
Global Single Use Ophthalmic Surgical Devices Market size was valued at USD 43.68 billion in 2021 and is poised to grow from USD 45.9 billion in 2022 to USD 65.1 billion by 2030, growing at a CAGR of 5.1% in the forecast period (2023-2030).
Rise in types of ophthalmic complications such as cataract, myopia, retinopathy, and diabetic are expected to drive the growth of the single use ophthalmic surgical devices market over the forecast period. In addition, rapid growth in the development and innovations in the ophthalmic devices for the diagnosis of these diseases across the globe is also expected to boost the demand for the single use ophthalmic surgical devices in the coming years.
Furthermore, ophthalmic devices have gained substantial importance due to the extensive growth of various ophthalmic diseases such as glaucoma, cataracts, and other vision related problems around the world. According to the World Health Organization report, March 2022, trachoma is a type of public health issue in 44 countries across the world and is responsible for blindness or visual impairment of more than 1.9 billion people globally. It is also noted that in 2020, 42,045 people got surgical treatment for the advanced stage of the disease. Thereby, high burden of such diseases across the globe is creating lucrative opportunities for the market during the forecast period.
Moreover, high technological advancement in the sector of ophthalmology has led to increased adoption rate of these surgical devices globally. Due to this advancement, single use ophthalmic devices offer higher safety and are available in a wide range of shapes and sizes, which enables ophthalmologist to better accuracy in surgical procedures. These devices for eye surgeries reduces the chances for post operation complications. For instance, in May 2020, Icare USA released the Icare ic200 handheld tanometer for the measurement of intraocular pressure on the go. This device has many advanced features such as no air puffs, anesthetic drops, and special abilities required to assess IOP with this device.
US Single Use Ophthalmic Surgical Devices Market is poised to grow at a sustainable CAGR for the next forecast year.
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Global single use ophthalmic surgical devices market is segmented on the basis of application, end-user, and region. By application, the market is segmented into cataract surgery, glaucoma surgery, diabetic retinopathy, corneal surgery, refractive surgery, and others. By end-user, the Single Use Ophthalmic Surgical Devices Market is categorized into hospitals, ophthalmic clinics, ambulatory surgery centres, and others. By region, the market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.
Single Use Ophthalmic Surgical Devices Market Analysis by Application
By application, cataract surgery segment held the largest market share with a significant CAGR in 2021 and is expected to maintain its dominance throughout the forecast period. Increasing geriatric population and rising number of cataract surgeries across the world are factors expected to drive the segment growth during the forecast period. For instance, according to the World Health Organization report 2021, about 2.2 billion individuals worldwide have been suffering from vision impairment in 2021. In which, the majority of people who have vision impairment and blindness issues are over 50 years old.
Moreover, the refractive segment is expected to grow at the fastest CAGR during the forecast period. Rise in the myopia cases across the globe is the major factor driving the segment growth over the forecast period. Introduction to advanced IOLs and implemented contact lenses to manage and correct them is also expected to contribute to the growth of the segment.
Single Use Ophthalmic Surgical Devices Market Analysis by End User
By end-user, the hospitals segment dominated the market with a significant share in 2021. The increasing procedures volume of ophthalmic surgical procedures, improved healthcare facilities, and favorable reimbursement policies in developed countries are the major factors driving the segment growth. In addition, increased number of cataract and glaucoma surgeries in hospitals is another major factor anticipated to drive the growth in the coming years. Moreover, increased healthcare expenditures in the developed and even in developing nations for the enhancement of diagnosis facilities is likely to have a positive impact on the market in the near future. For instance, health spending in the U.S. has increased to USD 4.1 trillion with an increase of 4.3% from the last year. Similarly, health expenditure was 19.7% of GDP in 2020 compared with 17.6% of GDP in 2019.
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North America dominated the global single use ophthalmic surgical devices market holding more than 35% share in 2021, and is set to continue this over the forecast period. Increasing consumer awareness, technological advancement, and presence of strong and large market players are the key factors driving the market growth in the region. For instance, in the U.S., more than 24 million people are suffering from cataract and around 7 million people have been diagnosed with diabetic retinopathy. In addition, favourable reimbursement policies from the several government bodies in the region for various surgical procedures are also expected to contribute towards the region growth.
Furthermore, Asia Pacific is projected to register the fastest growth with a health market share during the forecast period owing to the rise in adoption of advanced technologies, increased population burden, and government initiatives. Additionally, emerging countries such as India and China provide financial support to healthcare institutions for the development and improvement in healthcare facilities. This has led to the growth in the research & development in the field of ophthalmology. All these factors are likely to drive growth of the global single use ophthalmic surgical devices over the forecast period.
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Single Use Ophthalmic Surgical Devices Market Drivers
Single Use Ophthalmic Surgical Devices Market Restraint
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Global single use ophthalmic surgical devices market is moderately competitive with the presence of many well-known market players across the globe such as Alcon Inc., Bausch Health Companies, Johnson & Johnson. In which Alcon Inc., holds the highest market share owing to their wide range of offerings for the diagnosis of cataract, glaucoma, refractive errors, and others. Moreover, acquisition, product launches, mergers, and partnerships are the few major strategies opting by major key players.
Top Players in the Global Single Use Ophthalmic Surgical Devices Market
Single Use Ophthalmic Surgical Devices Market Recent Developments
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According to our analysis, global single use ophthalmic surgical devices market is witnessing a healthy growth during the forecast period. Rapid increase in health concerns, increased per capita income, high technological advancements, and adoption of surgical devices are the factors expected to boost the market growth over the forecast period. Furthermore, government bodies of developing countries are creating a paved path for the market players by providing funds for the development and innovation of latest technology in their region is also projected to positively impact the global market. However, a major part of the world’s population is price sensitive, therefore high price for the single use ophthalmic surgical devices is out of their reach and affordability. Which can result in a negative impact on the global demand and growth in the near future.
|Market size value in 2021||USD 43.68 billion|
|Market size value in 2030||USD 45.9 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Single Use Ophthalmic Surgical Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Single Use Ophthalmic Surgical Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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