Transparency Market Research (TMR) has published a new report
titled, “Ophthalmic Surgical Devices and Therapeutics Market - Global Industry
Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. According to
the report, the ophthalmic surgical
devices and therapeutics market is expected to reach at US$ 43,794.4 Mn by
the end of 2018. The market is anticipated to reach US$ 68,898.4 Mn by 2026 and
expand at a CAGR of 5.8% from 2018 to 2026. Rise in number of geriatric
patients, increase in awareness regarding eye disorders, and high unmet medical
needs are expected to augment the global market from 2018 to 2026. The ophthalmic
surgical devices and therapeutics market is projected to expand owing to an
increase in the prevalence of eye-related disorders among the population,
demand for better treatments, and developing healthcare infrastructure in
various countries across the globe.
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Increasing
geriatric population and rising awareness regarding eye diseases
According
to data published by the United Nations Department of Economics and Social
Affairs, the geriatric population is expected to double by the end of 2050 and
is projected to reach nearly 2.1 billion. This increasing geriatric population
is prone to significant risk of eye-related disorders, including blindness.
Public awareness regarding common eye conditions is increasing in developing
countries, leading to early diagnosis and treatment of eye diseases.
Furthermore, there are a large number of organizations dedicated to fight
blindness, restore vision, and create awareness regarding eye health. National
Eye Institute, National Association for Visually Handicapped, National
Federation of the Blind, and Prevent Blindness are some eye health
organizations concerned with prevention of eye diseases.
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Increase
in incidence rates of eye related disorders
According
to the World Health Organization (WHO), there are 285 million visually impaired
people globally, approximately 90% of them reside in low to middle income
countries. Furthermore, approximately 95 million people suffer from cataract,
and 20 million suffer from various eye conditions, including glaucoma, muscular
degeneration, infections, and childhood-related conditions. Significant rise in
incidence of eye-related diseases, especially in developed countries, is
anticipated to drive the ophthalmic surgical devices and therapeutics market
between 2018 and 2026. Patients undergoing open angle glaucoma and age related
macular degeneration (AMD) in the U.S., were 2.7 million and 2.1 million,
respectively. This number is projected to increase to 3.3 million and 2.5
million, respectively, by 2020. Increasing patient pool in developing countries
as well as developed countries is estimated to propel healthcare spending for
eye treatments in these countries and drive the ophthalmic surgical devices and
therapeutics market.
High unmet needs for refractive
corrections
According
to an article published by the British Journal of Visual Impairment, refractive
errors are the leading cause of visual impairment and at the same time, most
treatable cause of visual impairment in children. Furthermore, according to
this article, more than 90% of people with refractive errors reside in
low-income and poor countries and cost is a major obstacle to accessing glasses
and meeting the need for correction. Studies indicate that rates of willingness
to pay for glasses are low, and cost and affordability is a primary reason for
not using glasses in China, India, countries in Africa, and several developing
countries across the globe.
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Therapeutics
segment dominates the global market due to its choice as first line of
treatment for ocular diseases
In terms of
product type, therapeutics is a highly attractive segment of the global
ophthalmic surgical devices and therapeutics market, followed by surgical
devices and vision care segments. This is attributable to the preference for
drugs as the first line of treatment for any eye-related diseases. Expansion of
the segment is primarily attributed to the increased prevalence of glaucoma and
ocular infections among the population. According an article published by the
American Academy of Ophthalmology, the global prevalence of glaucoma for
population aged 40 to 80 years is 3.54%. The prevalence of primary open-angle
glaucoma is considerably high in Africa, i.e., 4.2%, and the prevalence of
primary angle-closure glaucoma (PACG) is significantly high in Asia, i.e.,
1.09%.
North America dominates the global
market owing to significant technological advancements in the region
North
America dominates the global ophthalmic surgical devices and therapeutics
market due to a large patient pool, high cost of specialty branded drugs, high
cost of ocular surgeries, and increase in the geriatric population in the
region. The region is estimated to maintain its dominance during the forecast
period. According a U.S eye disease statistics, published by the American
Academy of Ophthalmology, cataract, age-related macular degeneration, glaucoma,
and diabetic retinopathy are the most common
causes of visual impairment among the population in the U.S. Additionally,
approximately 7.32 million people in the U.S. are expected to suffer from
primary open-angle glaucoma by 2050. Moreover, rising healthcare expenditure
and increasing investments are key factors that are anticipated to boost the
ophthalmic surgical devices and therapeutics market in the next few years. The
ophthalmic surgical devices and therapeutics market in Asia Pacific is
projected to expand at a notable CAGR due to increasing awareness regarding eye
diseases in developing countries and government initiatives introduced in the
region.
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Investments by key players is
driving the global ophthalmic
surgical devices and therapeutics market.
Key players
dominating the ophthalmic surgical devices and therapeutics market include
Allergan Plc., Johnson & Johnson Services, Inc., F. Hoffmann-La Roche Ltd.,
Novartis AG, Bausch Health Companies Inc., Regeneron Pharmaceuticals, Inc.,
Santen Pharmaceutical Co., Ltd., Carl Zeiss Meditec AG, HOYA Corporation, and
Bayer AG.
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