According to the new market research report “Cataract Surgery Devices Market (Product – Ophthalmic Viscoelastic Device, Phacoemulsification Equipment, Femtosecond Laser Equipment, and Intraocular Lens; End User – Hospitals, Ophthalmology Clinics, and Ambulatory Surgery Centers): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025” The global cataract surgery devices market is projected to grow at a CAGR of 5.2% over the forecast period of 2019-2025. The market size of the cataract surgery devices market in 2017 was approximately USD 5.4 billion and is expected to reach over USD 9.8 billion during the forecast period.
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Cataract Surgery Devices Market: Insights
Cataract surgery is a procedure for the removal of the eye lens and replaces it with an artificial lens. A cataract is a medical situation that causes opaque vision. Although many cases of cataract are related to the aging process, it can also occur in newborn children, or a cataract may develop after eye injuries, inflammation, and some other eye diseases. Cataract surgery can be done by ultrasound energy to take out the cloudy lens or by laser-assisted technology. Owing to the safe treatment procedures with advanced devices rate of cataract surgery has increased with a significant rate in the last decade.
What are the Cost and Revenue Drivers of Cataract Surgery Devices Industry?
The cataract surgery devices market is expected to grow at a high rate in the forecast period. The rising number of geriatric population and the increasing cases of ocular conditions is one of the major factor driving the growth of the market. According to WHO cataract is responsible for 51 percent of world blindness, which represents about 20 million people in 2010. Additionally, According to WHO the proportion of the world’s population over 60 years will nearly double from 12% to 22% between 2015 and 2050 and the number of people aged 60 years and older will outnumber children younger than 5 years.
What are the Major Growth Drivers for the Cataract Surgery Devices Industry?
The initiatives are taken by WHO to eliminate the barriers to access eye care, to provide guidance and technical support of the development of comprehensive eye care systems to address the burden of cataract and other chronic eye diseases boosting the growth of cataract surgery devices market. On the other hand, the high cost associated with the surgical devices and cost of surgery can hamper the growth of the market. However, the rising need for cataract surgery due to the prevalence of cataracts globally will provide a better opportunity for the market.
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What Segments Make up the Cataract Surgery Devices Industry?
Cataract surgery devices market is segmented based on product and end-user. Based on the product the market can be segmented into the ophthalmic viscoelastic device (OVD), phacoemulsification equipment, femtosecond laser equipment and intraocular lens (IOL). Currently, intraocular lens (IOL) dominates the market, owing to the high demand for cataract surgery. Based on end-user the market can be bifurcated into hospitals, ophthalmology clinics, and ambulatory surgery centers (ASCs). Hospitals hold the maximum share of the segment, owing to the availability of affordable surgical facilities.
Which Region will Share the Largest Market for the Cataract Surgery Devices?
Geographically, the cataract surgery devices market is segmented into North America, Europe, Asia-Pacific, and RoW. North America dominated the market and estimated to lead the segment in the forecast period. Well established healthcare facilities, rise in per capita expenditure on healthcare and the presence of major market players contributing to the growth of the market. Europe is expected to stay in the second position in the global market. Advanced healthcare facilities and growing awareness about ocular conditions are some factors contributing to the growth of the market in this region. The market in the Asia Pacific is expected to grow with a lucrative rate, large patient pool with eye-related disorders, growing healthcare industries and rising awareness among the people is contributing to the growth of the market.
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Which Companies are the Key Players in the Cataract Surgery Devices Industry?
Alcon Laboratories is a dominant player and holds a significant share in the cataract surgery devices market. The other key players in the market include Abbott Laboratories, Hoya Corporation, Carl Zeiss Meditec AG, Alcon Laboratories, Inc., Essilor International S.A, Novartis AG, Haag-Streit Holding AG, Johnson & Johnson, NIDEK Co Ltd, Topcon Corporation and others. The major players are strategically acquiring emerging players to gain competitiveness. For instance, in March 2019, Alcon, a global leader in eye care and a division of Novartis, has acquired PowerVision, Inc., a privately-held, US-based medical device development company focused on creating fluid-based intraocular lens implants.