Cataract Surgery Device Market Overview
The global visual impairment population is increasing gradually which is the primary driving force behind the growth of the global cataract surgery device market. Increasing prevalence of eye disorders, especially cataract which necessitates surgery and, in turn, drives the market for cataract surgery device market. The gradual rise in global geriatric population is also estimated to be a positive driving force for the market growth.
The aging populace is more prone to developing a cataract, and the demographic shift in developed countries towards older age will lead to an increased rate of cataract surgeries. The economic upsurge in developing countries has directed the government’s attention towards control and prevention of eye diseases which has reflected positively on the growth of the market. In addition, development of minimally invasive surgical techniques and high-tech ophthalmic surgical devices have propelled the growth of the global cataract surgery device market.
Key Finding
- The cataract surgery device global market is expected to reach $4.5 billion by 2022.
- Intraocular lens (IOL) holds the largest share of 79% of the cataract surgery device market.
- North America holds the largest market share of around 46% of cataract surgery device.
- Asia Pacific is expected to be the fastest growing market at a CAGR of 5.5%
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Key Players for Cataract Surgery device Market:
Some of the key players in this market are: Alcon, Inc. (U.S), Abbott Laboratories (U.S.), Carl Zeiss Meditech AG (Germany), Essilor International S.A. (France), Opcon Corporation (Japan), Allergan, Inc. (U.S.), Bausch & Lomb, Inc. (U.S.), NIDEK Co., Ltd. (Japan), STAAR Surgical Company (U.S.) and others.
Growth Drivers and Key Barriers
The World Health Organization (WHO) reveals that unoperated is one of the leading causes of visual impairment, having accounted for almost 33% of the worldwide population in 2014. It adds that about 90% of the total population of visually impaired are in developing economies. These growing numbers clearly indicate the increasing demand for the cataract surgery market. The global market also benefits from the expanding geriatric population combined with the rising prevalence of cataract disorders. Boost in research and development (R&D) expenditure to accelerate the efficiency of cataract surgery devices, like MiLoop cataract device by IanTech are bound to present lucrative opportunities to the key market players in the subsequent years.
High prevalence of cataract disease the world over coupled with technological advancements in ophthalmic devices favor market growth. The expansion of market size is also the result of healthcare insurance in various regions and mounting awareness regarding the benefits of cataract surgery.
Having said that, the future market growth rate could slow down on account of the high cost associated with cataract surgeries, particularly in emerging developing nations like India, Brazil, South Africa, and China. Despite that, the overall market could expect a straightforward growth in the near future, as governments are coming up with programs to reduce the number of cataract-related cases, serving a host of opportunities for prominent vendors.
Market Segmentation
The worldwide market for cataract surgery device has been segmented on the basis of device type and end-user.
The device types mentioned in the report are intraocular lens (IOL), ophthalmic viscoelastic device (OVD), phacoemulsification equipment, and femtosecond laser equipment. Intraocular lens (IOL) segment covers the most significant share of 79% in the cataract surgery device market.
Depending on end-user, the market is segmented into ophthalmology centers, hospitals, clinics, and others.
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Regional Insight
Asia Pacific, North America, Europe, and Middle East and Africa are the key markets for cataract surgery device. Following an analysis of the latest trends, MRFR concludes that the cataract surgery device market in North America is expected to grow at a rate of 4.9%. Europe is the second-leading market which could attain a CAGR of 5.2%. Meanwhile Asia Pacific could expect to grow at the fastest rate of 5.5% in the global market.
Region
- Americas
- North America
- S.
- Canada
- South America
- North America
- Europe
- Western Europe
- Germany
- K.
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Western Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- Republic of Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Kuwait
- Oman
- Qatar
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East & Africa
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Industry Update
Alcon acquires PowerVision Inc., a move that showcases Alcon’s efforts to accelerate innovation in advanced technology intraocular lenses (AT-IOLS). These lenses are the perfect solution that could meet with the requirements of cataract surgery patients.
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