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.
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.
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.
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.
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Key Takeaways from the report:
- 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
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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)
- Nucleus Rotators & Choppers
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
Single Use Ophthalmic Surgical Devices End-use Outlook (Revenue, USD Million, 2015 – 2026)
- Ophthalmic Clinics
Single Use Ophthalmic Surgical Devices Region Outlook (Revenue, USD Million, 2015 – 2026)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
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Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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