Ocular Surgery Market Highlights

• Global ocular surgery market revenue is poised to garner USD 17.3 billion by 2032 with a CAGR of 5.2% from 2023 to 2032
• According to global estimates, approximately 313 million cosmetic surgeries are performed annually
• North America ocular surgery market value occupied around USD 4.1 billion in 2022
• According to American Academy of Ophthalmology (AAO), over 24.4 million Americans age 40 and older have cataracts
• As per AAO, Glaucoma affects more than 2.7 million Americans age 40 and older
• Asia-Pacific ocular surgery market growth will record a CAGR of more than 5.5% from 2023 to 2032
• Among procedure type, the cataract surgery sub-segment generated over US$ 4.2 billion revenue in 2022
• Based on end-user, the hospitals sub-segment generated around 41% share in 2022
• Growing adoption of premium intraocular lenses is a popular ocular surgery market trend that fuels the industry demand

Ocular surgery is any surgical procedure performed on the eye or its accessory structures. It is a specialized field of medicine that necessitates extensive training and experience. Ocular surgery can be performed for a variety of reasons, including vision correction, cataract removal, glaucoma treatment, eye injury repair, and cosmetic concerns. Ocular surgery can improve vision, prevent further eye damage or vision loss, and enhance overall quality of life. It is well known that ocular surgery is a common procedure, with millions of people undertaking some form of ocular surgery each year. Cataract surgery, for example, is one of the most common types of ocular surgery, with a projected 20 million procedures performed annually worldwide.

Global Ocular Surgery Market Dynamics

Market Drivers

• Increase in aging population
• Rising healthcare expenditure
• Increasing prevalence of eye disorders
• Growing patient awareness

Market Restraints

• High cost of surgery
• Complications and side effects
• Limited insurance coverage
• Stringent regulatory requirements

Market Opportunities

• Development of innovative products
• Increasing demand for cosmetic surgeries
• Growing medical tourism

Ocular Surgery Market Report Coverage

Ocular Surgery Market Insights

The aging population, technological advancements, rising healthcare expenditure, growing patient awareness, and rising prevalence of eye disorders are all driving factors in the ocular surgery market. As the population ages, the incidence of ocular disorders such as cataracts, glaucoma, and age-related macular degeneration (AMD) increases, resulting in an increase in the demand for ocular surgeries. Advances in surgical techniques and equipment have also resulted in better outcomes, fewer complications, and shorter recovery times, which are powering demand for ocular surgeries.

Rising healthcare spending, particularly in emerging markets, is expected to increase access to ocular surgeries. Furthermore, rising patient awareness of the benefits of ocular surgery, combined with rising healthcare literacy, is driving demand for these procedures. The rising prevalence of eye disorders such as astigmatism, myopia, hyperopia, and diabetic retinopathy is also fueling market expansion.

However, some of the major challenges facing the ocular surgery market are the high cost of surgery, complications and adverse effects, limited insurance coverage, stringent regulatory criteria, and a shortage of skilled surgeons. Ocular surgeries can be expensive, limiting access, especially in developing countries. Complications and side effects such as infections, losing blood, and vision loss can also discourage patients from undergoing these procedures.

In addition, some insurance plans may not entail ocular surgeries or may have minimal coverage, which can be a roadblock to access for patients. Ocular surgeries are subject to stringent regulatory requirements, which can increase costs and limit market innovation. Furthermore, highly skilled surgeons are needed for ocular surgeries, and there may be a shortage of qualified individuals, particularly in developing nations.

Ocular Surgery Market Segmentation

The worldwide market for ocular surgery is split based on procedure type, device type, end-user, and geography.

Ocular Surgery Procedure Types

• Cataract Surgery
• Glaucoma Surgery
• Vitrectomy
• Refractive Error Surgery
• Corneal Surgery
• Oculoplastic Surgery
• Others

According to the ocular surgery industry analysis, cataract surgery is the most common procedure type in the global ocular surgery market. Cataract surgery is a common procedure that involves removing the cloudy natural lens of the eye and replacing it with an artificial lens aka an intraocular lens (IOL). Cataracts are one of the most common causes of blindness worldwide, and cataract surgery is widely regarded as one of the most successful and cost-effective procedures in medicine. The demand for cataract surgery and associated devices is expected to rise as the population ages and the prevalence of cataracts rises. However, other procedure types, such as glaucoma surgery, vitrectomy, and refractive error surgery, are expected to grow in the coming years due to the prevalence of eye diseases and technological advancements.

Ocular Surgery Device Types

• Cataract Surgery Devices
  • Phacoemulsification Devices
  • IOL (Intraocular Lenses)
  • OVD (Ophthalmic Viscosurgical Devices)
  • Capsular Tension Rings
  • Others
• Glaucoma Surgery Devices
  • GDD (Glaucoma Drainage Device)
  • Implants and Stents
  • Trabeculectomy Devices
  • Glaucoma Probes
  • Others
• Lasers and Systems
  • Exciplex Lasers
  • YAG (yttrium aluminum garnet) Lasers
  • Femtosecond Lasers
  • Argon Lasers
  • Diode Lasers
  • SLT (Selective Laser Trabeculoplasty) Lasers
• Vitrectomy Surgery Devices
  • Vitrectomy Machines
  • Vitrectomy Packs
  • Vitrectomy Lenses
  • Vitrectomy Cutters
  • Others
• Refractive Error Surgery Devices
  • Microkeratomes
  • Excimer Lasers
  • Wavefront Analyzers
  • Topography Systems
• Corneal Surgery Devices
  • Corneal Topography Systems
  • Corneal Pachymetry Devices
  • Corneal Microkeratomes
  • Others
• Others (Oculoplastic Surgery Devices, Endoscopes, etc)

According to Ocular Surgery market forecasts, Intraocular Lenses (IOLs) and Cataract Surgery Devices, specifically Phacoemulsification Devices, dominate the ocular surgery market. The most frequent surgical procedure in ophthalmology is cataract surgery, and the method most frequently used for cataract surgery is phacoemulsification. Furthermore, IOLs are implanted in almost all cataract surgeries and are used in other procedures such as refractive error surgery.

However, in terms of CAGR, the refractive error surgery devices segment is expected to grow rapidly in the coming years. This is because there is a growing need for corrective eye surgeries like LASIK (Laser-Assisted in Situ Keratomileusis) and SMILE (Small Incision Lenticule Extraction) to treat refractive errors like myopia, hyperopia, and astigmatism. The increasing prevalence of these refractive errors, coupled with technological advancements, is driving the growth of this segment.

Ocular Surgery End-Users

• Hospitals
• Ambulatory Surgical Centers
• Ophthalmic Clinics
• Others

Hospitals are the primary end-users of ocular surgery devices and procedures. This is primarily due to the fact that hospitals have a greater number of ophthalmic surgeons and a more established surgical infrastructure, making them the top choice for complex ocular surgeries. Furthermore, hospitals have better access to advanced technology and equipment needed for these surgeries, as well as higher patient volumes. However, ambulatory surgery centres and ophthalmic clinics are also important end-users, particularly for less complex procedures and patients who prefer outpatient settings.

Ambulatory surgery centres (ASCs) are the fastest-growing end-users of ocular surgery devices and procedures. This is due to a number of factors, including cost-effectiveness, convenience, and faster patient recovery times. ASCs provide a more streamlined and efficient surgical experience than hospitals, with patients often having shorter wait times and being discharged on the same day of surgery. Furthermore, technological advancements have allowed many ocular surgeries to be performed in an outpatient setting, fueling the growth of this segment.

Ocular Surgery Market Regional Outlook

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• India
• Japan
• China
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

The Middle East & Africa

• South Africa
• GCC Countries
• Rest of the Middle East & Africa (ME&A)

Ocular Surgery Market Regional Analysis

North America is the largest market for ocular surgery due to its well-established healthcare infrastructure, higher adoption of advanced surgical technologies, and higher healthcare expenditure,. The United States and Canada are significant contributors to the growth of this market in this region.

Europe is the second-largest market for ocular surgery. The growing geriatric population and the rising prevalence of eye diseases are driving this market's growth in this region. The major contributors to the expansion of this market in Europe are Germany, France, Italy, Spain, and the United Kingdom.

The Asia-Pacific region is expected to be the fastest-growing market for ocular surgery. The market in this region is expanding as a result of rising healthcare costs, an ageing population, and an increase in the prevalence of eye diseases. China, India, Japan, South Korea, and Australia are the significant contributors to the growth of this market in Asia-Pacific.

Ocular Surgery Market Players

Some of the top ocular surgery companies offered in the professional report include Johnson & Johnson, Alcon (Novartis), Bausch Health Companies Inc., Carl Zeiss Meditec AG, EssilorLuxottica SA, Hoya Corporation, Nidek Co. Ltd., Topcon Corporation, Lumenis Ltd., Ellex Medical Lasers Ltd., ZEISS International, Santen Pharmaceutical Co. Ltd., Glaukos Corporation, STAAR Surgical Company, and Oculentis GmbH.

In February 2021, Carl Zeiss Meditec announced the release of its new CLARUS 700 ultra-widefield imaging system for ophthalmic surgery. The system provides high-resolution images of the retina and other eye structures, enabling surgeons to undertake complex procedures with greater precision and accuracy.