Disposable Designs will Drive Ophthalmic Surgical Instruments Market to $1.64B by 2023

February 1, 2018: By Matthew Douty

Market Scope expects global market revenues for ophthalmic surgical instruments to exceed $1.64 billion by 2023 at a compounded annual growth rate of just over 5 percent, fueled by increases in the number of surgeries performed worldwide and rising demand for disposable instruments.

Aging populations and greater access to health care are spurring a rise of 4 percent per year in ophthalmic surgeries worldwide. In Market Scope’s 2018 Ophthalmic Surgical Instruments Report: A Global Market Analysis for 2017 to 2023, there is focus on five categories of surgical instruments: reusable instruments, disposable instruments, reusable knives, disposable knives, and cautery devices.

Market Scope expects all surgical instrument categories, reusable and disposable, to benefit from worldwide growth in ophthalmic surgeries. We look for total global surgeries to grow from nearly 43 million in 2018 to 52 million in 2023.

Surgical instruments are used in all ophthalmic subspecialties, but cataract surgery is the most common procedure and offers the largest market opportunity, accounting for nearly two-thirds of global ophthalmic surgeries in 2018 and generating more than 56 percent of surgical instrument revenues. Retinal surgery represents only 4 percent of global ophthalmic surgeries, but it is the second largest segment and accounts for 22 percent of revenues. Fueled by an expanding variety of surgical instruments used in vitrectomy and a growing trend toward disposable versions, retinal surgery’s share of the global surgical instrument market will continue to increase through 2023. Together, cataract and retinal surgical instruments are expected to account for close to 80 percent of global revenues by 2023.

The US is the world’s largest market for ophthalmic instruments, generating nearly a third of global revenues. The dominance of disposable designs accounts for the US market’s relatively large size. By 2023, the US market is expected to increase to more than a half a billion dollars.

Western Europe is the second largest market. Together, the US and Western Europe are expected to account for more than 58 percent of the global market. The emerging markets of China, India, and Latin America will see near double-digit growth in revenues over the next five years, driven by their expanding economies, growing elderly populations, improving health care delivery, and increasing use of disposable instruments.

More companies, over 90 globally, compete in the surgical instruments market than any other ophthalmic surgical device category, but the market is dominated by relatively few firms, including Alcon, Bausch + Lomb, and Beaver Visitec.

Market Scope’s “2018 Ophthalmic Surgical Instruments Report: A Global Market Analysis for 2017 to 2023” is in its ninth edition. For more information, call us at (314) 835-0600, email us at info@market-scope.com, or visit our website at www.market-scope.com.

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