Ophthalmology Surgical Devices Market Size

Ophthalmology Surgical Devices Market Analysis

The ophthalmology surgical devices market studied is expected to register a CAGR of 5.5% during the forecast period.

• During the initial wave, the COVID-19 pandemic significantly impacted the ophthalmology surgical devices market, as many ophthalmic surgeries and consultations were delayed or canceled due to the global lockdown. This resulted in a substantial backlog of patients developing advanced cataracts and other eye disorders, significantly affecting the market. However, with the resumption of transport and decreasing cases of COVID-19, the market is expected to recover from the decline over the forecast period, mainly due to the increasing demand for ophthalmic surgeries worldwide.
• The global prevalence of ophthalmic disorders such as glaucoma, cataract, and diabetic retinopathy primarily drives the market growth. The rise in the geriatric population results in the global burden of avoidable blindness. For example, according to the December 2022 update by the Centers for Disease Control and Prevention, vision impairment in the United States affects around 12 million people aged 40 years or above. This includes approximately 1 million who are blind and 3 million who have vision impairment even after correction. Similarly, according to the 2021 update by Macular Disease Foundation Australia, glaucoma prevalence among Australians is predicted to increase to 379,000 by 2025.
• The market growth is also fueled by advanced technologies in ophthalmology surgery devices and virtual reality options. Alcon, for instance, introduced its new Alcon Fidelis Virtual Reality (VR) Ophthalmic Surgical Simulator, a portable VR tool for cataract surgeons-in-training, which offers a high-fidelity, virtual operating room environment with haptic feedback to simulate the look and feel of cataract surgery.
• Additionally, government initiatives and support for the visually impaired population are likely to increase awareness and thereby drive market growth over the forecast period. For example, the Foundation Fighting Blindness launched a new social media campaign, #ShareYourVision, and WHO launched a new guide on eye care, Eye Care in Health Systems: Guide for Action, providing practical, step-by-step guidance to support Member States in planning and implementing integrated, people-centered eye care services.
• Despite these factors, the high cost of the devices and unfavorable reimbursement policies are likely to restrain the market growth. Nonetheless, due to the rise in eye diseases, increasing product launches, technological advancements, and government initiatives, the ophthalmology surgical devices market is expected to witness significant growth over the forecast period.