Ocular Surgery Market to witness remarkable growth in near future
Increasing prevalence of ocular disease such as cataract and glaucoma has created an increasing demand for ocular surgery worldwide. According to European Blind Union, in 2016, over 30 million people were partially sighted or blind in Europe; an average of 1 in 30 people experience sight loss; and around 90% of visually impaired persons are aged 65 years and above in the region. Rapidly increasing aging population and high incidence rate of diabetes are the major factors propelling growth of the ocular surgery market. Furthermore, companies are developing advanced methods of treatments, which are much faster, easier, pain-free and less traumatic than conventional methods. This in turn, is expected to contribute to the growth of the ocular surgery market.
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According to World Health Organization (WHO), in 2010, around 285 million people were reported to suffer from visual impairment, with cataract reported to be the major cause. According to National Federation of the Blind, in 2014, around 1.3 million people were legally blind in the U.S. Furthermore, every year, over 75,000 people in the U.S. are expected to become blind or visually impaired. According to American Academy of Ophthalmology, in 2015, highest prevalence of primary open angle glaucoma (POAG) was reported in African countries. According to NCBI, 2014, primary open-angle glaucoma (POAG) is the leading cause of irreversible blindness in Brazil.
Advancement in ocular surgery and new launches of ocular devices are expected to boost growth of the market
In cataract surgery, conventional methods such as phacoemulsification (phaco) are safe and effective only when performed by a skilled surgeon. Incisions in the cornea are made using handheld blades. Laser-assisted cataract surgery has replaced many of the steps in the conventional cataract surgery. Laser technology results in fewer surgical errors and its outcomes are predictable. In 2016, Alcon launched NGENUITY 3D Visualization system, which offers enhanced visualization, improves the surgeon’s posture while performing the surgery and reduces fatigue. It also minimizes light exposure to the patient’s eye.
Growing aging population, awareness initiatives to lead to early diagnosis and treatment, expected to drive growth of the market
Increasing prevalence of ocular diseases such as cataract and glaucoma have created an increasing demand for ocular surgery globally. According to the National Eye Institute, in 2010, over 24 million people 40 of age and above were reported to have cataracts in the U.S., and this number is projected to reach around 40 million by 2030. According to NCBI, in 2012, 70% of all cases of blindness in Germany accounted for the aging population.
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Blindness can be prevented through a combination of education, medical healthcare facilities. For instance, The National Eye Institute (NEI) established National Eye Health Education Program (NEHEP) to help increase awareness about glaucoma among the populace.
Key players operating in the ocular surgery market include Johnson & Johnson Vision Care Inc, Alcon, Carl Zeiss Meditec, Bausch & Lomb, Ellex Medical Lasers, Topcon Medical Systems, Dutch Ophthalmic Research Center (International) B.V. (DORC), and Lumenis
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