Demand for ophthalmic devices that enable minimally invasive surgery will grow dramatically during the next four years. In particular, the implantable device sector will surpass the market share of contact lenses, glasses and ophthalmic drugs, predicts a new study by Frost & Sullivan Inc.
Demand for ophthalmic devices that enable minimally invasive surgery will grow dramatically during the next four years. In particular, the implantable device sector will surpass the market share of contact lenses, glasses and ophthalmic drugs, predicts a recent study by Frost & Sullivan Inc.
“An emerging trend in the ophthalmological surgical devices industry is the increased attention toward various subtypes of eye disease clusters-the main driver for innovations,” says Prasanna Vadhana Kannan, a senior research analyst. “The awareness generated about the unique advantages of such surgeries amongst patients is paving the way for immense growth in the implantable devices market.
“There has been a surge in innovation in terms of both devices, as well as the procedural levels,” Kannan points out. “Surgeries have gradually shifted from being invasive to noninvasive, causing less trauma to the patient.
“The launch of such novel technologies has necessitated that surgeons undergo frequent training, even while existing systems are continuously upgraded,” adds Kannan. “For hospital authorities, the introduction of novel products demands greater investment, posing a key challenge in conditions where there are healthcare budgetary constraints.”
According to Kannan, the ophthalmic device industry is moving toward new products based on innovative technologies, such as accommodative lenses, implantable retinal prosthetics, and laser in situ keratomileusis (LASIK). “These have largely replaced the widespread utilization of conventional treatment approaches,” he explains.
“Intensive research is underway to effectually analyze the biocompatibility of these novel treatments along with the strengthening power needed to repair visual disorders with minimal side effects, all at lower costs,” claims Kannan. “However, investigations done by researchers have failed to examine patient compliance to the novel treatment approaches that have been developed.”
In addition, the market for ophthalmic surgical devices is highly segmented. “Product suite expansion is the key factor for all major multinational firms to exhibit growth,” says Kannan. “By harnessing nanotechnology breakthroughs, tissue engineering and regenerative medicine constructs, along with a combination of unique molecular diagnostic tools, researchers are now equipped with a wide range of opportunities for taking surgical treatments to the next level.”
Kannan believes that the “next level” will transform ophthalmic surgical interventions from “generalized therapies to highly personalized medicine.” He says an aging population, changing lifestyles, and a highly demanding working environment that leads to excess stress in the eyes will drive future demand for ophthalmic-related diagnosis and surgical treatment to improve, restore and preserve sight.