Single Use Ophthalmic Surgical Devices Market Expected To Witness A Substantial Growth Of $8.5 Billion By 2026: Grand View Research Inc.
The global single use
ophthalmic surgical devices market
size is expected to reach USD 8.5
billion by 2026, as per a new report by Grand View Research Inc.,
registering a 6.5% CAGR over the
forecast period. Frequent introduction of advanced single use ophthalmic
surgical devices such as speculums, nucleus rotators and choppers, and OVDs,
and rising incidence of age-related disorders of the eye are some of the major
factors driving the market.
With Covid-19 infections rising globally, the
apprehension regarding a shortage of essential life-saving devices and other
essential medical supplies in order to prevent the spread of this pandemic and
provide optimum care to the infected also widens. In addition, till a
pharmacological treatment is developed, ventilators act as a vital treatment
preference for the COVID-19 patients, who may require critical care. Moreover,
there is an urgent need for a rapid acceleration in the manufacturing process
for a wide range of test-kits (antibody tests, self-administered, and others).
The report will account for Covid19 as a key market contributor.
Increasing overall life expectancy and
rising geriatric population is expected to boost demand for treatment options
for age-related ophthalmic disorders. Along with these, incidence of lifestyle
associated disorders such myopia and hypermetropia are expected boost the
adoption of single use surgical devices for refractive surgery. Most of these
conditions cannot be treated by drugs and require surgical treatment.
Increasing number of eye-related surgeries are expected to boost the market
during forecast period.
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High competition and adoption of
single use surgical devices over reusable ones by end users such as hospitals
are factors propelling market players to introduce single use ophthalmic
surgical devices at affordable prices. Major market players are focusing on
developing innovative manufacturing techniques along with advanced raw
materials to reduce device price and overall cost burden on end users.
Single Use Ophthalmic Surgical Devices Market
Report Highlights
·
Forceps held the largest market
share in 2018 owing to their affordable cost and high effectiveness in
performing ophthalmic surgeries
·
The OVDs segment is expected to
register a 7.9% CAGR during the forecast period due to various advantages
associated with it. These devices help in effectively performing surgeries like
cataract without impacting the corneal tissue surrounding the affected area
·
Cataract surgery held largest
market share by application due to increasing number of cataract patients in
various regions. Diabetic retinopathy also held a significant share and is
expected to grow at a rapid pace largely due increasing number of diabetic
patients
·
The refractive surgery
application segment is expected to grow at fastest rate due to increasing
ageing population, which is majorly suffering from ophthalmic problems like
myopia and presbyopia
·
North America captured largest
market share in 2018 owing to favorable reimbursement policies, presence of
major market players, and growing prevalence of age related ophthalmic
disorders
·
Key players in the market
comprise BVI; BLINK MEDICAL; Stephen Instruments; Surgitrac Instruments UK
Limited; Sterimedix Ltd; Accutome Inc.; Alcon Vision LLC; Rumex International
Co.; BAUSCH & LOMB INCORPORATED; APPASAMY ASSOCIATES; MANI,INC.; and Carl
Zeiss Meditec AG
Introduction of new reimbursement
policies, especially in surgeries performed by ASCs in developed countries, is
expected to propel the number of ophthalmic surgeries being performed. In
addition, growing efforts by non-profit organizations to increase awareness
about eye-related conditions and provide necessary corrective procedures in
rural regions for free or at an affordable cost are expected to boost market
growth.
Leading players in the market include BVI;
BLINK MEDICAL; Stephen Instruments; Surgitrac Instruments UK Limited;
Sterimedix Ltd; Accutome Inc.; Alcon Vision LLC; Rumex International Co.;
BAUSCH & LOMB INCORPORATED; APPASAMY ASSOCIATES; MANI, INC.; and Carl Zeiss
Meditec AG. The market is
highly fragmented with the presence of a large number of global as well as
local players.
The market is expected to witness a
significant number of strategic initiatives like mergers and acquisitions over
the coming years. In April 2017, BVI acquired Malosa Medical, a manufacturer
and supplier of single-use surgical instruments, to widen its single-use
devices product portfolio in the field of ophthalmology.
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Grand View Research has segmented the
global single use ophthalmic surgical devices market on the basis of product,
application, end use, and region:
Single Use Ophthalmic Surgical Devices Product Outlook (Revenue,
USD Million, 2015 - 2026)
·
Forceps
·
Speculum
·
Nucleus Rotators & Choppers
·
Curretes
·
Cannulas
·
Knives
·
OVD
·
Others
Single Use Ophthalmic Surgical Devices Application
Outlook (Revenue, USD Million, 2015 - 2026)
·
Diabetic Retinopathy
·
Cataract Surgery
·
Glaucoma Surgery
·
Refractive Surgery
·
Corneal Surgery
·
Vitreo-Retinal Surgery
·
Others
Single Use Ophthalmic Surgical Devices End-use Outlook
(Revenue, USD Million, 2015 - 2026)
·
Hospitals
·
ASCs
·
Ophthalmic Clinics
·
Others
About Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
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