Cataract Surgery Device Market 2019 Research Analysis by Device Type (Intraocular lens (IOL), Ophthalmic Viscoelastic Device (OVD), Phacoemulsification Equipment and Femtosecond Laser Equipment) by End-Users (Ophthalmology Centers, Hospitals, Clinics) and Regional Growth Forecast to 2022.
Market Research Future (MRFR) predicts the cataract surgery device market size expected to grow at a CAGR of close to 5.5% during the forecast period (2016-2022). It could reach the valuation of USD 4.5 billion by 2022.
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The growing demand for robotic cataract surgery devices is likely to be a major driver for the global cataract surgery devices market over the forecast period. Robotic surgical tools have become all the rage in the medical devices industry over the last few years, as they can perform even the most delicate of operations with consummate ease. Their lack of human emotions makes them an inherently better tool for surgical processes than human surgeons, which has driven their demand in the medical devices industry.
Cataract Surgery Device Market Top Companies
Significant contributors to the cataract surgery device market are
STAAR Surgical Company (U.S.)
Alcon Inc. (U.S)
Allergan Inc. (U.S.)
Abbott Laboratories (U.S.)
NIDEK Co. Ltd. (Japan)
Bausch & Lomb Inc. (U.S.)
Essilor International S.A. (France)
Carl Zeiss Meditech AG (Germany)
Opcon Corporation (Japan)
and Others.
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%
Global Cataract Surgery Device 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.
Growing awareness about ophthalmic problems and diseases has led to a growing demand from the cataract surgery devices market in the region. While the prevalence of ophthalmic diseases in these regions has always been on par with other, more developed economies, the newfound availability of advanced healthcare resources in these regions has changed the game for the healthcare and medical devices industries, as people now have the option to fix their longstanding medical issues. This has allowed for steady growth of the medical devices industry in Asia Pacific and other developing regions in the last few years.
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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.
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Cataract Surgery Device Market Regional Overview
Asia Pacific, North America, Europe, and Middle East and Africa are the key markets for cataract surgery device.
North America is expected to remain the largest regional market for cataract surgery devices over the forecast period, while Asia Pacific is expected to exhibit the fastest growth of all in the coming years. The North America market is a matured market for cataract surgery devices market, with many leading players operating in the region, leading to easy availability of the latest tech in cataract surgery devices. As a result, developments in robotic technology are likely to happen in North America in the coming years, with many leading medical device manufacturers in the region focusing on the development of robotic surgery tools.
Europe is also a major regional market for cataract surgery devices and is expected to exhibit a strong CAGR of 5.2% over the forecast period.
Meanwhile Asia Pacific could expect to grow at the fastest rate of 5.5% in the global market.
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