Surgical Safety Glasses Market is Estimated To Witness High Growth...

Surgical Safety Glasses Market is Estimated To Witness High Growth Owing To Increasing Awareness On Importance of Eye Protection

Posted 2023-12-07 09:46:04

The surgical safety glasses market is estimated to be valued at US$ 1.27 Bn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Surgical safety glasses are protective eyewear worn by surgeons and operating room personnel during surgery to protect eyes from blood splashes, flying objects or debris. They help prevent pathogens transmission and eye injuries. These glasses have lightweight frames and offer clear visibility and comfort essential for long surgeries.

Market key trends:
Growing awareness regarding importance of eye protection in operation theaters is driving growth of surgical safety glasses market size. Exposure to blood and body fluids poses significant health risks such as transmission of infections like HIV, hepatitis B and C. Strict regulations by occupational safety organizations mandate use of protective eyewear. For instance, Occupational Safety and Health Administration (OSHA) requires use of goggles or face shields in procedures where there is possibility of hazardous exposures to eyes. Additionally, adoption of international safety standards such as ANSI Z87.1 by healthcare facilities also stimulates demand for certified protective surgical eyewear.

Porter's Analysis:

Threat of new entrants: Low capital requirement poses a moderate threat of new players entering the surgical safety glasses market. However, established brands and regulations act as a barrier.

Bargaining power of buyers: Large healthcare facilities and institutions have significant bargaining power due to bulk purchasing. However, compliance with industry standards restricts variation in product offerings.

Bargaining power of suppliers: A few specialized manufacturers dominate the supply of raw materials and components used in surgical safety glasses. This gives them moderate bargaining power.

Threat of new substitutes: Alternatives like face shields offer limited substitutability due to stringent regulatory norms and specialized design requirements for critical surgical procedures.

Competitive rivalry: Major players compete on product quality, innovation, and compliance. Price competition is limited due to regulatory standards.

SWOT Analysis:

Strengths: Compliance with industry certifications. Established brand names and global distribution networks.

Weaknesses: High R&D costs and compliance requirements pose entry barriers for new entrants. Supply chain disruptions impact timely deliveries.

Opportunities: Growing healthcare expenditure in emerging nations. Rising specialty and complex surgical procedures boost demand.

Threats: Stringent regulations and standards increase compliance costs. Price pressure from low-cost alternatives and large buyers.

Key Takeaways:

The global surgical safety glasses market is expected to witness high growth at a CAGR of 5.7% over the forecast period, due to increasing number of surgical procedures globally. The market size for 2023 is estimated to reach US$ 1.27 billion.

North America dominated the global market in 2022 with over 30% revenue share owing to higher healthcare spending and established medical infrastructure in the US and Canada. Asia Pacific is expected to be the fastest growing region during the forecast period attributed to rising medical tourism, growing healthcare expenditure and expanding healthcare facilities.

Key players operating in the surgical safety glasses market include 3M, Uvex Safety, Bolle Safety, Honeywell Safety Products, MSA Safety, Ansell, Kimberly-Clark, Delta Plus, Protective Industrial Products and COFRA. Major players are focusing on new product innovations and portfolio expansion strategies to consolidate their market presence.