Oculoplastic Surgery Market Size to Hit US$ 10.68 Bn by 2026

LOS ANGELES, Jan. 24, 2020 /PRNewswire/ -- The global oculoplastic surgery market is expected to grow at a CAGR of around 5.82% during the forecast period 2019 to 2026 and reach the market value of around US$ 10.68 billion by 2026.

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The geographical segmentation comprises the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America has the highest market share in the global oculoplastic surgery market in 2018. In North America, the United States dominated the regional oculoplastic surgery market, driven by the country's high number of procedures. Blepharoplasty-removal of excess tissue around the eyelids is one of the most common cosmetic procedures performed in the world, according to the American Society of Esthetic Plastic Surgeons. In 2018, 115,000 blepharoplasty procedures were performed in the United States. The cost of plastic surgery conducted in developed countries varies considerably which is the main regional growth factor relative to developing countries. Due to a large number of beauty-conscious people and an increasing population, Japan is leading the APAC region. Asia Pacific is expected to register the fastest CAGR during the forecast period. Japan is leading the APAC region due to a large number of beauty-conscious people and rising aging populations. According to the International Society of Aesthetic Plastics, approximately 90% of all cosmetic surgery was performed on the face in 2017. Latin America is also expected to grow significantly in the forecast period due to an increase in the number of eye-related surgeries. According to the International Aesthetic Plastic Society, in 2017, Brazil recorded 159,720 eyelid procedures, which is more than the U.S. The North America, Europe, and Asia Pacific are expected to play significant role in the market during the forecast period to increase the revenue in the market.

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On the basis of procedure, the eyelid surgery segment is expected to dominate the market and further expected to continue to dominate over the forecast period owing to increase research and development investment from the manufacturers. In 2015, over 1,264,702 eyelid surgeries were performed globally. The eyelid surgery segment, also referred to as eyelid surgery or blepharoplasty, removes excess skin from the upper eyelid and reduces bagginess from the lower eyelid. Browlift and forehead lift segment is expected to register the fastest growth during the forecast period owing to the high adoption of this surgery. The high growth rate of the segment is mainly attributed to the benefits of surgery, such as the reduction of eye bags and puffiness around the lower eyelids and the tightening of soft tissues on the forehead to provide a younger appearance.

In end user segment the ambulatory surgical centers segment is expected to have the highest CAGR over the forecast period in the market. The development of an outpatient surgery facility is helping to improve health care facilities as well as the medical equipment industry. Such surgical centers will deliver surgical procedures at a lower price than hospitals at 35% to 50%. The outpatient surgical centers accounted for the largest market share of more than 60% in 2018 and the segment is expected to dominate the market during the forecast period. The high proportion is mainly attributed to the increasing number of outpatient surgeries that do not require hospital stays. The availability of an outpatient surgery center helps to transform healthcare facilities and the market for medical equipment. The hospitals segment is also expected to see significant growth over the forecast period. The key drivers are the growing prevalence of eye disorders, the increasing number of hospitals, the advancement of healthcare services and rising healthcare spending, and the growth of the segment in the private sector.

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The key leading competitors in the global oculoplastic surgery market includes Integra Life Sciences, Sklar Surgical Instruments, TEKNO-MEDICAL Optik-Chirurge GmbH, Stanford Health Care, Zimmer Biomet holdings Inc., B. Braun Melsungen AG, Blink Medical Ltd, Shoyukai, Bolton Surgical Ltd, KarlzStorz, and BMT Medizintechnik GmbH.

Some of the key observations regarding oculoplastic surgeryindustry include:

• In November 2017, companies such asIOPtima launched the iLid CO2 Laser-Assisted Blepharoplasty Kit to allow oculoplastic specialists to perform safe and effective eyelid surgery for patients. This strategy helped to expand the company's existing market product portfolio.
• In October 2017, Integra LifeSciences Holdings Corporation launch SurgiMend PRS Meshed Collagen Matrix for Breast Reconstruction in Europe.
• In January 2019, companies such as Integra LifeSciences Holdings Corporation launch Integra Titan Reverse Shoulder System-S. The new RSS-S baseplate was designed for immediate fixation with an independent central screw and the porous-coated central post allows the patient's bone to grow on the implant to further maximize the potential for long-term fixation.

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