Ophthalmic Handheld Surgical Instruments Market: Introduction
- Ophthalmology is a branch of medicine that deals with diagnosis and treatment of eye disorders. Ophthalmic instruments include cryosurgery devices and ophthalmic microscopes that are used in various applications such as cataract surgery, glaucoma surgery, and refractive surgery.
Key Drivers and Opportunities of Global Ophthalmic Handheld Surgical Instruments Market
- Increase in demand for handheld ophthalmic surgical instruments owing to a surge in the geriatric population is anticipated to drive the global market. For instance, according to World Health Organization, vision impairment occurs in persons aged 50 years and older. According to the Centers for Diseases Control and Prevention, glaucoma is the second-leading cause of blindness across the world.
- Inclination toward minimally invasive surgeries due to an increase in awareness about technological advaced products is likely drive the demand for handheld surgical instruments and subsequently, boost the market. For instance, according to the American Society of Cataract and Refractive Surgery (ASCRS), 3 million people in the U.S. undergo cataract surgery annually.
- Increase in government initiatives to boost awareness and financial assistance to patients for ophthalmic surgeries are likely to augment the global ophthalmic handheld surgical instruments market
- Increase in focus of industry players on investments in developing regions to expand business is expected to fuel the market in the next few years and thereby, offer lucrative opportunities to key players operating in the market. For instance, in June 2020, BVI announced the European launch of CryoTreq. It is a single-use, handheld cryo-surgery device for ophthalmology. Governments in developing countries are making significant investments toward modernization of healthcare infrastructure and the life science industry, which is likely to increase access to healthcare. This is expected to increase the demand for advanced technologies and subsequently, create significant opportunity in the market
North America to Capture Major Share of Global Ophthalmic Handheld Surgical Instruments Market
- North America is expected to account for a major share of the global ophthalmic handheld surgical instruments market due to well-established healthcare infrastructure, presence of key market players, and early adoption of advanced technologies in the region.
- The ophthalmic handheld surgical instruments market in Asia Pacific is projected to expand at a rapid pace during the forecast period owing to a rise in awareness and increase in cases of ophthalmic diseases. For instance, according to the International Agency for Prevention of Blindness, in 2013, an estimated 17 million people had glaucoma in Asia, and the number is likely to reach 33 million by 2040.
Key Players Operating in Global Ophthalmic Handheld Surgical Instruments Market
The global ophthalmic handheld surgical instruments market is highly concentrated due to the presence of key players. A large number of manufacturers hold major share in their respective regions. Demand for ophthalmic handheld surgical instruments has increased in emerging as well as developed markets owing to a rise in prevalence of ophthalmic diseases. Industry players are adopting practices of appointing third-party distributors to expand their market presence. This has led to a surge in the number of distributors and suppliers in emerging markets. For instance, Strategic Business Holdings, Inc. is a leading company that supplies surgical instruments, specialty ophthalmic instruments, and related products to members of Premier, Inc. Growth strategies adopted by leading players are likely to drive the global market. For instance, in October 2017, Katena Products announced the acquisition of Rhein Medical Inc. This acquisition enabled Katena to expand its product portfolio and offers physicians a more complete resource for handheld instrumentation.
Major players operating in the global ophthalmic handheld surgical instruments market are:
- Pelion Surgical
- Accutome Inc.
- HAAG-STREIT GROUP
- INKA Surgical Asia SDN BHD
Global Ophthalmic Handheld Surgical Instruments Market: Research Scope
Global Ophthalmic Handheld Surgical Instruments Market, by Products
- Cryosurgery Devices
- Ophthalmic Microscopes
Global Ophthalmic Handheld Surgical Instruments Market, by End-user
- Hospitals & Specialty Clinics
- Ambulatory Surgical Centers
Global Ophthalmic Handheld Surgical Instruments Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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.