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The ophthalmology surgical devices market size is forecast to increase by USD 2.81 billion at a CAGR of 5.21% between 2023 and 2028. The market is witnessing significant growth due to the increasing prevalence of ophthalmic diseases such as cataracts, glaucoma, and severe visual impairment. The market is also driven by strategic collaborations and mergers and acquisitions among companies, leading to the development of advanced cataract surgery devices, including phacoemulsification (phaco) systems and SmartCataract solutions. However, unfavorable reimbursement policies pose a challenge to market growth. To address this, some companies are exploring virtual reality options and portable VR tools to enhance the training experience for cataract surgeons-in-training, thereby improving surgical outcomes. A recent clinical study on the use of virtual reality in ophthalmic surgery showed promising results, indicating a potential trend in this area. Despite these opportunities, the high costs associated with these advanced technologies remain a significant challenge.
The ophthalmic surgical devices market encompasses a range of advanced technologies used in diagnosing and treating various ophthalmic disorders, including cataracts and glaucoma. Cataracts, a leading cause of blindness and visual impairment, are characterized by symptoms such as blurred vision, glare, and visual changes. Ophthalmic surgeries, such as cataract surgeries, have become increasingly common due to the availability of advanced technologies like microscopes and intraocular lenses. Robotic technologies have also gained popularity in ophthalmic surgeries, offering precision and accuracy. The geriatric population, with its higher prevalence of eye disorders like cataracts, diabetic retinopathy, and glaucoma, is a significant driver for the growth of the ophthalmic surgical devices market.
The backlog of patients seeking consultations for ophthalmic disorders continues to increase, fueling the demand for these devices. Refractive errors and ocular disorders, including eye redness and symptoms related to cataracts, also contribute to the market's growth. Laser surgery and the use of artificial lenses are other key trends in the ophthalmic surgical devices market.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The cataract surgery devices segment is estimated to witness significant growth during the forecast period. Cataracts are a leading cause of vision impairment and blindness, particularly among those with advanced ophthalmic disorders such as diabetic retinopathy, glaucoma, and macular disease. According to the Macular Disease Foundation, cataracts affect millions of people worldwide, often developing as a result of aging or eye injuries. The World Health Organization (WHO) reports that at least 2.2 billion people globally experience near or distance vision impairment, with cataracts being a significant contributor to this statistic. Symptoms of cataracts include blurred vision, difficulty reading, and visual changes, among others. Despite advancements in ophthalmic technology and surgical procedures, there remains a significant backlog of patients awaiting cataract correction due to various socio-economic factors.
The prevalence of eye disorders continues to rise, making the development and availability of effective surgical devices for cataract correction a critical priority.
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The cataract surgery devices segment was valued at USD 3.39 billion in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 43% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The North American market for ophthalmology surgical devices is experiencing significant growth due to several factors. The region's major contributors to market revenue are the United States and Canada. The increasing healthcare expenditure on ophthalmic disorders, such as cataracts, glaucoma, diabetic retinopathy, age-related macular disease (AMD), and refractive errors, is a primary driver of market growth. Additionally, the high number of approvals for innovative ophthalmology surgical devices and an aging population with a higher prevalence of chronic diseases, such as diabetes, further fuel market expansion. According to the Macular Disease Foundation, an estimated 1.1 million Americans live with age-related macular degeneration, and the National Eye Institute reports that over 3 million Americans have diabetic retinopathy.
These statistics underscore the importance of advanced surgical devices in addressing the backlog of patients requiring vision correction. The market in North America is poised for continued growth during the forecast period.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing prevalence of ophthalmic diseases is the key driver of the market. The global market for ophthalmic surgical devices is witnessing significant growth due to the increasing prevalence of various eye conditions, particularly those related to refractive errors, cataracts, and glaucoma. According to the World Health Organization (WHO), approximately 2.2 billion people worldwide have a vision impairment, with uncorrected refractive errors and cataracts being the leading causes. The geriatric population is particularly vulnerable to these conditions, with approximately 400 out of every 1,000 people and 50 out of every 1,000 people developing cataracts and glaucoma, respectively, during their lifetimes. Advancements in ophthalmic surgical technologies, such as microscopes, robotic technologies, laser technology, and intraocular lenses, are enabling more effective and precise treatments for these conditions.
Refractive surgeries, including LASIK and PRK, are becoming increasingly popular for correcting vision impairments caused by refractive errors. These technologies are improving access to eye care and enabling better outcomes for patients, making ophthalmic surgeries an essential component of healthcare services.
Strategic collaborations and M&A among companies is the upcoming trend in the market. The global market for ophthalmic surgical devices is characterized by intense competition among companies. To maintain a competitive edge, companies employ various strategies, including new product launches, collaborations, partnerships, mergers and acquisitions, and expansion projects. Innovation is a key focus area for market participants, with a significant investment in developing advanced ophthalmology surgical devices to address conditions such as cataracts, glaucoma, macular degeneration, and refractive errors. For instance, in June 2022, LENSAR Inc., a leading player in the market, secured US FDA approval for its next-generation ALLY Adaptive Cataract Treatment System, further expanding its portfolio of advanced laser surgical solutions for cataract treatment.
This continuous innovation and strategic maneuvering underscore the dynamic nature of the ophthalmic surgical devices market.
High cost and limited reimbursements is a key challenge affecting the market growth. Ophthalmic surgical devices play a crucial role in addressing various eye conditions, including cataracts, glaucoma, and refractive errors. Cataract surgery, a common ophthalmic procedure, employs advanced technologies such as microscopes, laser technology, and robotic systems. Despite the benefits of these advanced technologies, the adoption of ophthalmology surgeries, particularly premium intraocular lenses (IOLs), is limited due to their high cost and insufficient reimbursement coverage. Premium IOLs, such as astigmatism-correcting and presbyopia-correcting lenses, offer superior visual function and reduced dependence on spectacles compared to standard monofocal lenses. However, their adoption remains low, accounting for approximately 15% of all IOL implants. The average cost of cataract surgery with a standard monofocal IOL is over USD 3,000 per eye, while astigmatism-correcting IOLs cost over USD 4,000, and presbyopia-correcting IOLs exceed USD 5,000.
This high cost is a significant barrier to widespread adoption, particularly among the geriatric population who are most in need of these advanced solutions. Glaucoma, another prevalent eye condition, is managed through various surgical devices, including microscopes and laser technology. The global market for ophthalmic surgical devices is expected to grow significantly due to the increasing prevalence of eye diseases, an aging population, and advancements in technology. Despite this growth, the affordability of these advanced devices and procedures remains a challenge, particularly for those without insurance coverage.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Alcon Inc. - The company offers ophthalmology surgical devices such as LensX laser system that is used in more cataract surgeries.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Ophthalmic surgical devices refer to advanced tools and technologies used in ophthalmic surgeries, including cataract and glaucoma surgeries. Cataracts, a leading cause of vision impairment and blindness, particularly affect the geriatric population and those with diabetes. Microscopes, robotic technologies, intraocular lenses, and laser technology are essential ophthalmic surgical devices used in cataract surgeries. Glaucoma, another prevalent ophthalmic disorder, affects over 80 million people worldwide. Open-angle glaucoma is the most common type, and glaucoma surgical devices such as the Hydrus microstent and Cypass micro-stent are used in its treatment. Refractive surgeries, including LASIK, correct refractive errors and improve vision in patients with symptoms like blurred vision, glare, visual changes, and eye redness.
Technological advancements in ophthalmic surgery devices, such as smartcataract solutions and phacoemulsification (phaco) systems, have significantly improved cataract surgeries' success rates. The backlog of patients awaiting ophthalmic surgeries is a significant challenge due to unfavorable reimbursement policies and the high prevalence of eye disorders like cataracts and glaucoma. The Macular Disease Foundation reports that macular degeneration affects over 10 million Americans, further increasing the demand for ophthalmic surgical devices. Virtual reality options, such as portable VR tools, are being explored to enhance the training experience for cataract surgeons-in-training. Ophthalmic equipment, including ophthalmic viscoelastic devices, consumables, and surgical products, are essential for performing various ophthalmic surgeries in hospitals and clinics.
The National Ophthalmology Database reports a high prevalence of cataract and glaucoma, making it crucial to invest in advanced ophthalmic surgical devices to address the growing demand for ophthalmic surgeries. Ophthalmology drugs and healthcare infrastructure also play a vital role in the successful implementation of these surgical interventions.
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Market Scope |
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Report Coverage |
Details |
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Page number |
150 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.21% |
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Market Growth 2024-2028 |
USD 2.81 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
4.88 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 43% |
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Key countries |
US, Germany, UK, China, and Japan |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
AbbVie Inc., Alcon Inc., Bausch Health Companies Inc., Carl Zeiss AG, Ellex Medical Lasers Ltd., EssilorLuxottica, FCI Ophthalmics, Glaukos Corp., Gulden Ophthalmics, HOYA Corp., IRIDEX Corp., Johnson and Johnson Services Inc., Katena Products Inc., LENSAR Inc., Lumenis Be Ltd., Metall Zug AG, NIDEK Co. Ltd., Nova Eye Medical Ltd., STAAR Surgical Co., Sterimedix Ltd., Topcon Corp., and Ziemer Ophthalmic Systems AG |
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Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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