The global ophthalmic surgical instrument market is growing at 4.9% CAGR owing to the rising geriatric population suffering from ophthalmic disorders, rising number of ophthalmic surgeries due to the rising prominence of eye diseases, technological and initiatives by the government to increase awareness about visual impairment will drive the growth of the ophthalmic surgical instrument market. Moreover, the novel launch of ophthalmic devices will further be led to improvements like clear visualization by adopting ophthalmic microscopes, smartphone-related with ophthalmic devices, and devices being used for glaucoma and cataract surgeries.

The COVID-19 crisis has led to disruption in the ophthalmic surgical instrument market as it is an elective surgery that can be avoided during the pandemic situation.

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Based on product, cataract surgery devices dominate the market owing to the increasing number of cataract surgeries globally as a result of the old-aged population suffering from age-related macular degeneration (AMD), diabetic retinopathy, and other eye disorders. The glaucoma surgery devices segment is anticipated to be the fastest-growing segment owing to the snowballing adoption of glaucoma drainage implants to control surgical intraocular pressure (IOP) in patients having uncontrolled glaucoma.

North America dominates the ophthalmic surgical instrument market owing to the increasing prominence of ocular disorders due to the growing geriatric population in the region, the surge in healthcare expenditure, technological developments in instruments & devices adopted in minimally invasive surgeries, and growing regulatory approvals. However, a growing market with new entrants is the foremost factor boosting the development of the regional market.

Bausch + Lomb, has received a U.S. Food and Drug Administration (FDA) approval for ClearVisc dispersive ophthalmic viscosurgical device (OVD) for use in ophthalmic surgery.

The prominent players in the ophthalmic surgical instrument industry include Bausch & Lomb, Hoya, Iridex, Lumenis, Nidek, Topcon, Alcon, Carl Zeiss Meditec, Johnson & Johnson, Ellex Medical Lasers, and Ziemer Ophthalmic Systems.

Source: VynZ Research