OCULAR SURGERY MARKET ANALYSIS

Ocular surgery is used to treat eye disorders such as glaucoma, cataract, refractive errors, and vitreoretinal diseases. Glaucoma and cataract are the major cause of blindness all around the world. Cataract refers to the cloudy appearance of the human eye lens which is caused due to build-up of protein and fibers present in the lens itself. Some symptoms of cataracts include clouded, blurred, or dim vision, sensitivity to light and glare, fading or yellowing of colors, and others. Cataract surgery can be performed to replace the cloudy eye lens with an artificial intraocular lens for restoring proper vision of the patient. Glaucoma is referred to as a group of eye conditions that damage the optic nerve, thus causing blindness. Open-angle glaucoma is one of the most common types of glaucoma and its symptom includes slow vision loss over a long period of time. Open-angle glaucoma can be treated using eye drops, laser treatment, and ocular surgery. Refractive errors of the eye can be treated by an ocular surgery using Exciplex lasers, YAG (yttrium aluminum garnet) Lasers, Microkeratomes, or Femtosecond Lasers.

The global ocular surgery market is estimated to be valued at US$ 10,444.4 million in 2022 and is expected to exhibit a CAGR of 5.1% over the forecast period (2022-2030).

Figure 1. Global Ocular Surgery Market Share (%), By Region, 2022

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The increasing prevalence of eye disorders such as cataract, glaucoma, and others is expected to drive the growth of the global ocular surgery market over the forecast period.

For instance, according to the National Glaucoma Research Fact Sheet published by the BrightFocus Foundation, an American charity, in July 2021, it is estimated that over 3 million people in the U.S. suffered from glaucoma in 2020, out of which around 2.7 million people aged 40 and older suffered from open-angle glaucoma. The same source also states that the number of people suffering from glaucoma worldwide is expected to increase from about 80 million in 2020 to over 111 million by 2040.

Figure 2. Global Ocular Surgery Market Value (US$ Mn), By Procedure Type, 2022

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The increasing research and development activities for the development of technologically advanced ocular surgery products is expected to drive the market growth over the forecast period.

For instance, in July 2021, Johnson & Johnson Vision, a U.S. based subsidiary of Johnson & Johnson Services, Inc. announced the launch of its new VERITAS Vision System, which is a next-generation phacoemulsification system that can be used by eye surgeons all around the world to carry out safe and highly efficient cataract surgery.

Key players operating in the market are focusing on submitting applications for the approval of intraocular lenses, ocular surgery devices, etc. to be used in ocular surgery, which is expected to drive growth of the global ocular surgery market over the forecast period.

For instance, in April 2021, Bausch & Lomb Incorporated, a U.S. based eye health products company received the U.S. Food and Drug Administration (FDA) approval for ClearVisc, a dispersive ophthalmic viscosurgical device (OVD) to be used in ocular surgery. ClearVisc contains sorbitol which protects from free radicals during cataract surgery.

Moreover, in February 2021, Johnson & Johnson Vision, announced that it  received the U.S. Food and Drug Administration (FDA) approval for its TECNIS Eyhance Toric II monofocal intraocular lens (IOL) that can be used in cataract surgery of patients with or without astigmatism, an imperfection in the curvature of the eye, in the U.S.

Global Ocular Surgery Market – Impact of Coronavirus (Covid-19) Pandemic

SARS-CoV-2 (Severe acute respiratory syndrome coronavirus) was first reported from Wuhan, China in December 2019, and was declared as a global pandemic by the World Health Organization (WHO), which designates this SARS-CoV-2 infection as novel Coronavirus (COVID-19). According to the Coronavirus (COVID-19), Weekly Epidemiological Update by the World Health Organization, COVID-19 has spread across the globe infecting over 370 million population leading to more than 5.6 million deaths as of January 30, 2022. The negative impact of COVID-19 on the healthcare domain is huge and it has significantly disrupted the healthcare industries’ entire supply chain, from raw materials to manufacturing and delivery. Similarly, the COVID-19 pandemic is expected to show a negative impact on the overall growth of the ocular surgery market owing to the halt of ocular surgeries during the pandemic.

For instance, according to an article published by the Indian Journal of Ophthalmology in May 2020, a survey was carried out between 1260 ophthalmologists in India and it was found that 72.5% (913/1260) ophthalmologists did not see any patients due to the lockdown and out of the 27.5% of ophthalmologists still examining patients during the lockdown were only seeing patients with critical emergencies such as trauma, retinal detachment, and others.

Moreover, according to an article published by the Clinical Ophthalmology journal in May 2021, a 92% reduction was observed in corneal elective work during the lockdown period as compared to an identical period in 2019 at Moorfields Eye Hospital, U.K.

Global Ocular Surgery Market - Restraint

The high cost of ocular surgery and lack of specialized eye surgeons in emerging economies such as Malaysia, Thailand, Liberia, and others are the factors that are expected to hinder growth of the global ocular surgery market over the forecast period. For instance, according to an article published by the European Journal of Ophthalmology in June 2020, high cost of disposables and the laser required for cataract surgery is one of the major disadvantages of femtosecond laser-assisted cataract surgery. Also, intraoperative capsular complications and the risk of intraoperative miosis are other disadvantages or risks associated with femtosecond laser-assisted cataract surgery.

Key Players

Major players operating in the global ocular surgery market include Johnson & Johnson Services, Inc., Vision Care, Alcon, Carl Zeiss AG, Meditec Medical Ltd, Bausch & Lomb Incorporated, Ellex, Ziemer Ophthalmic Systems, Topcon Corporation, D.O.R.C. Dutch Ophthalmic Research Center (International) B.V., Lumenis Be Ltd., Glaukos Corporation, Aaren Scientific Inc., HOYA Corporation, Rayner Intraocular Lenses Limited, SCHWIND eye-tech-solutions, Avedro, LENSAR, Inc., and, iVIS Technologies.