Ophthalmic Surgical Devices Market Growth, Size, Trends, Analysis and Forecast to 2026

[Nita Sonwane]

The global “ophthalmic surgical devices” market size is anticipated to reach USD 12.75 billion by 2026, registering a CAGR of 4.8% during the forecast period. Rising prevalence of cataract is one of the key factors fueling this market. The World Health Organization (WHO) defines cataract as “clouding of the lens of the eye which impedes the passage of light”. The WHO estimates that currently there are approximately 18 million around the world that are blind in both eyes due either to improper surgery or inaccessibility to advanced procedures.

While this eye condition mostly occurs as a person ages, the WHO claims that other risk factors such as diabetes, exposure to UV light, and smoking are fast emerging as major grounds for cataract. Moreover, the International Agency for the Prevention of Blindness (IAPB) states that blindness from cataract is around 5% in developed countries and 50% in developing and underdeveloped nations. Increasing demand for ocular treatments from emerging economies is, therefore, expected to lead the ophthalmic surgical devices market trends in the upcoming decade.

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Growing Number of Aged People Worldwide to Prove Beneficial for the Market

According to the WHO, aging is the primary reason for the development of eye diseases and conditions. The condition develops slowly as the strength of the lens in the eye deteriorates with age and diminishes vision. Therefore, as world population ages, the incidence of age-related ocular disorders is likely to rise. According to the Department of Economic and Social Affairs of the UN, by 2050, there will be close to 2.1 billion people crossing the age of 60. Estimates released by AGS Health in Aging Foundation reveal that 20% of the adults above 60 years of age developed cataract in one or both eyes in 2019. Further, Mayo Clinic reports that glaucoma, which occurs due to damaged optic nerve in people over the age of 60, is one of the top causes of blindness in the world. Thus, growing global geriatric population would boost the ophthalmic surgery devices market growth.

Patient-friendly Healthcare Policies to Propel the Market in North America

North America is predicted to dominate the ophthalmic surgical devices market share over the forecast period, having generated a revenue of USD 2.82 billion in 2018. The most favorable factor for the market here is the convenient nature of healthcare policies. Apart from this, increasing prevalence of cataract, glaucoma, and refractive errors, along with strong presence of other risk factors such as smoking and diabetes, will also further the growth of the market in North America.