(PharmaNewsWire.Com, April 28, 2021 ) Single Use Ophthalmic Surgical Devices Market size is estimated to reach $5,200 million by 2026, growing at a CAGR of 6.5% over 2021-2026. Single use ophthalmic surgical devices are the kind of products that are used in the process of surgery single time. Single use ophthalmic surgical instruments provide safety and are used in various ophthalmic indication such as diabetic retinopathy, cataract surgery, etc. Ophthalmic viscosurgical devices are mostly used in cataract surgical procedure and helps to make this procedure successful and are also available in prefilled syringes. Prefilled Syringes are used to reduce the dosing errors that helps patients to get exact dose. Rising prevalence of cataract and rising advancement in technology is the major factors driving the growth of this market. Furthermore, rising geriatric population and increasing research and development activities is set to further enhance the overall market demand for Single Use Ophthalmic Surgical Devices Market for the period 2021-2026.
Single-Use Ophthalmic Surgical Devices Segment Analysis – By Product
The global Single-Use Ophthalmic Surgical Devices Market based on Product can be further segmented into Forceps, Nuclear Rotators and Choppers, Knives, Curettes, Ophthalmic Viscosurgical devices, and Others. The Forceps segment is the major segment generating revenue in 2020. This is owing to the easy accessibility and affordability of forceps. The Nuclear Rotators and Choppers segment is estimated to register the fastest CAGR of 3.8% for the period 2021-2026. This is owing to choppers is designed in such a way that they provide complete control to surgeons.
Single Use Ophthalmic Surgical Devices Segment Analysis – By Application
The global Single Use Ophthalmic Surgical Devices Market based on Application can be further segmented into Diabetic Retinopathy, Cataract Surgery, Glaucoma Surgery, Corneal Surgery, Vitreoretinal Surgery, and Others. The Cataract Surgery segment registers for the highest Single-Use Ophthalmic Surgical Devices market share in 2020. According to World Health Organization in 2019, about 2.2 billion people are suffering from vision impairment that increases the growth of this segment. The Diabetic Retinopathy segment is estimated to register the fastest CAGR of 2.7% over 2021-2026. This is owing to the increasing prevalence of diabetic-related ophthalmic diseases which increases the growth of this segment.
Single-Use Ophthalmic Surgical Devices Segment Analysis – By Geography
North America dominated the Single-Use Ophthalmic Surgical Devices Market with major share of 40% in 2020. This is owing to increasing adoption of advanced technology and the rising number of cataract patients. According to National Eye Institution, about 24.4 million Americans are suffering from cataract in 2020 which increases the demand of cataract surgeries and are contributing to the rise in market growth.
However, Asia-Pacific is estimated to outpace all the regions by clocking the highest CAGR of 25% during the forecast period 2021-2026 owing to the rising healthcare facilities and improving innovative technologies.
Single Use Ophthalmic Surgical Devices Market Drivers
Rising Prevalence of Cataract
Growing prevalence of cataract and growing number of geriatric population increases the growth of the Single Use Ophthalmic Surgical Devices Market. According to World Health Organization (WHO), aging is the reason for the development of eye diseases and conditions and about 2.1 billion people above 60 year have cataract that increasing the growth of the Single Use Ophthalmic Surgical Devices Market over 2021-2026.
Rising Advancement in Technology
Growing technological advancement and developing innovative procedures are increasing the growth of the Single Use Ophthalmic Surgical Devices Market. Moreover, various procedures are increasing in ophthalmic surgery that increase the growth of Single Use Ophthalmic Surgical Devices Market over 2021-2026.
Covid Impact:
COVID-19 Pandemic has greatly affected the Single Use Ophthalmic Surgical Devices Market. During Pandemic, there are lockdowns, flight cancellations, and isolation, closure of restaurants, ban on all indoor events which are largely affected the manufacturers of this industry and that are negatively affected the growth of Single Use Ophthalmic Surgical Devices Market.
Single Use Ophthalmic Surgical Devices Market Challenges
High price of Ophthalmic Surgical Devices
The factors that are set to impede the growth of the Single Use Ophthalmic Surgical Devices Market is the high price of devices. Moreover, low production rate and limit
Single Use Ophthalmic Surgical Devices Market Landscape
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Single Use Ophthalmic Surgical Devices Market. Single Use Ophthalmic Surgical Devices top 10 companies include, BLINK MEDICAL, Stephen Instruments, Surgitrac Instruments UK Limited, Sterimedix Ltd, Accutome Inc., Alcon Vision LLC, Rumex International Co., and BAUSCH & LOMB INCORPORATED
Acquisitions/Product Launches
In December 2019, Johnson & Johnson launches TECNIS Toric II lens for the cataract patients that is approved by Food and Drug Administration (F.D.A.)
In August 2019, New World Medical launches its brand new glaucoma drainage tool. The device consists of a flexible plate designed to align with the curvature of the eye and anteriorly placed suture fixation points for efficient drainage.
Key Takeaways
Geographically, in 2020, North America dominated the Single Use Ophthalmic Surgical Devices Market owing to increasing adoption of advanced technology and rising number of cataract patients.
Rising prevalence of cataract and rising advancement in technology are likely to aid in the market growth of the Single Use Ophthalmic Surgical Devices.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Single Use Ophthalmic Surgical Devices Market report.
High price and low adoption rate is set to create hurdles for the Single Use Ophthalmic Surgical Devices Market.
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