Visual impairment and eye diseases are global concerns that negatively impact the physical and mental health. Eye care surgical devices are consumables, products, and systems which are used to diagnose eye diseases, from an early stage of disease to the last stage and treatment of same by surgical devices. Surgical devices are used in retinal, refractive, and cataract surgeries to treat diseases such as age-related macular degeneration (AMD), diabetic eye disease, and glaucoma. Surgical devices include intraocular lenses (IOLs), ophthalmic viscoelastic devices (OVDs), glaucoma drainage systems, excimer laser systems, and consumables.
According to a report published by World Health Organization, in 2010, cataract was a leading cause of visual impairment and blindness affected around 20 million people worldwide, which was around 51% of the total global blindness. Glaucoma is a second leading cause of blindness. It caused blindness in around 4.5 million people, which is around 12% of the total global blindness. According to Prevent Blindness organization, in 2012, cataract was a leading cause of vision impairment and blindness in the U.S. It affected around 17.1% of the total people with vision problems aged 40 years and above. Diabetic retinopathy was a second leading cause of blindness affecting around 5.38% people, followed by glaucoma which affected around 1.9% people. According to the National Eye Institute, by 2050, there will be around 50 million people suffering from cataract.
Rapid growth in the global geriatric population and increase in prevalence of diseases related to eyes are driving the eye care surgical devices market. Rise in prevalence of diabetes worldwide, nutrition deficit lifestyle, and new technological advancements are other factors fueling the market. Furthermore, initiatives taken by governments and NGOs globally are projected to boost the eye care surgical devices market during the forecast period. According to WHO, in 2014, there were around 422 million people suffering from diabetes. Increase in prevalence of diabetes is projected to directly increase the number of people suffering from diabetic retinopathy, which is a second leading cause of eye impairment and diseases in the U.S. as per reported, in 2012, by Prevent Blindness organization. However, high cost of surgical devices, risks and safety related to surgeries, and lack of skilled professionals in the eye care industry are restraining the eye care surgical devices market.
The global eye care surgical devices market can be segmented based on product, end-user, and region. In terms of product, the market can be classified into cataract surgical devices, refractive surgical devices, glaucoma surgical devices, vitreoretinal surgical devices, ophthalmic microscopes, and accessories. The cataract surgical devices segment can be divided into intraocular lenses, viscoelastics, and phacoemulsification systems. The refractive surgical devices segment can be further classified into excimer & femtosecond lasers and microkeratomes. The glaucoma surgical devices segment can be categorized into implants & stents, glaucoma drainage systems, and glaucoma laser devices. The vitreoretinal surgical devices segment can be sub-segmented into vitrectomy machines & vitrectomy packs, photocoagulation lasers, and illumination devices. Based on end-user, the eye care surgical devices market can be segregated into hospitals, clinics, and others.
In terms of region, the global eye care surgical devices market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. Each region is further divided into specific countries such as the U.S., Canada, Germany, the U.K., Brazil, India, Japan, and GCC Countries. North America region is leading the eye care surgical devices market owing to increase in prevalence of refractive errors and other eye related diseases, rise in geriatric population, surge in new technological advancements, and growth in health care expenditures. The market in Asia Pacific region is expected to expand at a considerable pace during the forecast period owing to increase in support from governments and initiatives taken by NGOs.
Prominent players in the global eye care surgical devices market include Johnson & Johnson Vision Care, Inc., Bausch & Lomb Incorporated, Carl Zeiss AG, Ellex Inc., NIDEK CO., LTD., TOPCON CORPORATION, HOYA Corporation, IRIDEX Corporation, STAAR SURGICAL, Alcon (Novartis AG), Glaukos Corporation, and Ziemer Ophthalmic Systems. Major players are introducing new products with technological advancements to increase their market share. They also engage in different growth strategies, such as acquisitions, mergers, collaborations, partnerships, and agreements, to gain competitive advantage. Major players are able to reduce the costs of eye care surgical devices through collaborations and partnerships. This, in turn, is likely to aid in reducing the high cost of ophthalmic surgeries.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.