In the globally evolving healthcare landscape, the oculoplastic surgery market is creating a remarkable impact with its potential to effectively address a broad spectrum of eye-related disorders. This emerging medical field has seen enormous technological advancement, exhibiting a significant growth opportunity. The market finds its strength in catering to the rising prevalence of vision impairments and the escalating number of age-related oculoplastic surgeries.
The demand curve for oculoplastic surgery may further spike owing to an increase in facial and eyelid disorders arising due to aging, as predicted by the World Health Organization. This indicates that the landscape is all set to accommodate a noticeable rise in aging population. Moreover, the industry trends indicate an active participation of key players, who are concentrating on getting approvals for oculoplastic surgical devices and intraocular lenses, fostering the market growth. The global oculoplastic surgery market is perfectly positioned to leverage these advancements and growth drivers in its favor.
Surgery markets across the world have been negatively impacted due to the disruptions experienced by their respective manufacturing and supply-chain operations as a result of precautionary lockdowns and other restrictions enforced by governing authorities across the globe. Moreover, consumer demand has also subsequently reduced as individuals are now more keen on eliminating non-essential expenses from their respective budgets as the general economic status of most people has been severely affected by the pandemic. The aforementioned factors are expected to burden the revenue trajectory of the global oculoplastic surgery market during the forecast period. This may be attributed to the increasing number of eye-related disorders, age-related oculoplastic surgeries, and technological advancements. For instance, in August 2021, as per the National Library of Medicine, contributors to the burden of eye disease at the global level are refractive errors (27.7 million DALYs), cataracts (17.7 million DALYs), macular degeneration (9.3 million DALYs), glaucoma (4.7 million DALYs), trachoma (1.3 million DALYs), etc. Thus, the increasing number of eye-related disorders is driving the growth of the market studied.
With the growing aging population, there would be an increase in disorders related to the face and eyelids, resulting in the market's growth. For instance, according to the World Health Organization, by 2030, one in six people in the world will be aged 60 years and above. At this time, the share of the population aged 60 years and above will increase from 1 billion in 2020 to 1.4 billion.
Key players operating in the market are focusing on submitting applications for the approval of intraocular lenses, oculoplastic surgery devices, etc., for use in ocular surgery, which is expected to drive the growth of the global oculoplastic surgery market over the forecast period. For instance, in April 2021, Bausch & Lomb Incorporated, a US-based eye health products company, received the United States Food and Drug Administration (FDA) approval for ClearVisc, a dispersive ophthalmic viscosurgical device (OVD) to be used in ocular surgery. ClearVisc contains sorbitol which protects from free radicals during cataract surgery. Moreover, in February 2021, Johnson & Johnson Vision announced that it received the United States Food and Drug Administration (FDA) approval for its TECNIS Eyhance Toric II monofocal intraocular lens (IOL) that can be used in cataract surgery of patients with or without astigmatism, an imperfection in the curvature of the eye.
However, the high cost of surgeries and lack of reimbursement policies may hamper the growth of the market to a certain extent.
Oculoplastic Surgery Market Trends
Eyelid Surgery in Oculoplastic Surgery is Expected to Witness a Healthy Growth in FutureThe eyelid surgeries segment is expected to witness healthy growth in the future, attributed to the growing number of eyelid surgeries worldwide. For instance, as per the American Society of Plastic Surgeons, an estimated 1.3 million eyelid procedures were carried out globally in 2021. Eyelid surgeries are also called eyelifts and blepharoplasty, where an excess of skin is removed from the upper eyelid and reduces bagginess from the lower eyelid.
As per the American Society of Plastic Surgeons, eyelid surgery is often performed for cosmetic reasons. The source also revealed that blepharoplasty was one of the five most popular procedures among both men and women and the single most popular procedure among patients aged 65 and older. Blepharoplasty removes excess skin from the eyelids. With age, eyelids stretch, and the muscles supporting them weaken. As a result, excess skin and fat can gather above and below the eyelids. This can cause sagging eyebrows, droopy upper lids, and bags under the eyes. Besides aging, severely sagging skin around the eyes can reduce side vision (peripheral vision), especially the upper and outer parts of the visual field. Blepharoplasty can reduce or get rid of these vision problems. The surgery can also make the eyes look younger and more alert.
Thus, the advantages of eyelid surgery and the growing geriatric population are driving the growth of the market studied.
North America is Expected to Hold a Significant Share in the Market During the Forecast PeriodNorth America is expected to hold a significant market share in the global oculoplastic surgery market due to the increasing aging population, rising disposable income, and willingness to spend on aesthetic surgeries. As per the American Society of Plastic Surgeons, in 2021, around 23 million plastic surgery procedures were performed in the United States, leading to a boost in the market in this region.
Rising awareness levels and developed healthcare infrastructure would raise the market in this region. An ophthalmologist performs LASIK surgery using a laser or microkeratome to reshape the eye's cornea and improve visual acuity. As of 2021, roughly 12 million Americans had LASIK. The prevalence of presbyopia was estimated at nearly 80% by ages 45-55 in North America, with an estimated 16.5% of these individuals without adequate correction.
Forty million people around the globe had LASIK surgery. In the United States, over ten million Americans have chosen to improve their vision and their quality of life with this treatment. In 2020, 718,000 people in the United States opted for LASIK surgery to ditch their eyeglasses or contacts.
Moreover, growing medical tourism, increasing healthcare expenditure, and the presence of well-established healthcare infrastructure are also greatly fueling the overall growth of the market in North America. In April 2021, as per the national library of medicine, many American patients visited South or Central American countries like Brazil, Argentina, or Costa Rica for cosmetic treatment, as they can travel cost-effectively and avail themselves of advanced cosmetic surgery. Mexico is a popular destination for American patients who need primary and dental care.
Thus, the aforementioned factors are boosting the growth of the market in the region.
Oculoplastic Surgery Market Competitor AnalysisThe oculoplastic surgery market is moderately competitive and consists of several major players. Some of the companies that are currently dominating the market are Sklar Surgical Instruments, TEKNO-MEDICAL Optik-Chirurgie GmbH, Zimmer Biomet Holdings Inc., Integra Life Science, B. Braun Melsungen AG, Katena (Blink Medical Ltd), Karl Storz, Bolton Surgical Ltd, Stanford Health Care, and Blink Medical Ltd.
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Table of Contents
1.2 Scope of the Study
4.2 Market Drivers
4.2.1 Increasing Number of Eye Related Disorder
4.2.2 Growing Number of Age-Related Oculoplastic Surgeries
4.2.3 Technological Advancement
4.3 Market Restraints
4.3.1 High Cost of Surgeries and Lack of Reimbursement
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5.1.1 Eyelid Surgery
5.1.2 Brow Lift and Forehead Lift
5.1.4 Pediatric Oculoplastic surgery
5.1.5 Other Procedure Types
5.2 By End User
5.2.2 Ambulatory Surgical Centers
5.2.3 Other End Users
5.3 By Geography
5.3.1 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
5.3.4 Middle East and Africa
184.108.40.206 South Africa
220.127.116.11 Rest of Middle East and Africa
5.3.5 South America
18.104.22.168 Rest of South America
6.1.1 TEKNO-MEDICAL Optik-Chirurgie GmbH
6.1.2 Zimmer Biomet Holdings Inc.
6.1.3 Integra Life Science
6.1.4 B. Braun Melsungen AG
6.1.5 Blink Medical Ltd
6.1.6 Karl Storz
6.1.7 Bolton Surgical Ltd
6.1.8 Stanford Health Care
6.1.9 Katena (Blink Medical Ltd)
A selection of companies mentioned in this report includes:
- TEKNO-MEDICAL Optik-Chirurgie GmbH
- Zimmer Biomet Holdings Inc.
- Integra Life Science
- B. Braun Melsungen AG
- Blink Medical Ltd
- Karl Storz
- Bolton Surgical Ltd
- Stanford Health Care
- Katena (Blink Medical Ltd)