Cataract surgery devices are used in surgical operations to cure cataracts, an eye condition that causes clouding of the lens, resulting in visual impairments. A cataract is among the most common causes of blindness, and it impairs vision. Cataracts can grow slowly and damage one or even both eyes.
While cataract does not affect vision in the initial stages, it can interfere with sight and might even cause blindness over time. Cataract symptoms include hazy vision, difficulty seeing in strong lights, fading colors, and difficulty seeing at night. Cataract surgery is the most often practiced ophthalmic operation, thus the market for cataract surgery devices has a huge scope to develop.
Cataract has been identified as the leading cause of blindness worldwide, fueling the need for cataract surgery devices.
In 2014, around 24.4 million people in the U.S. of aged 40 years and above were significantly affected with cataracts, according to the American Academy of Ophthalmology. According to the same research, by the age of 75, around 50 % of people in the U.S. will have cataracts. According to the International Agency for the Prevention of Blindness (IAPB), around 285 million individuals globally are visually impaired, with around 39 million being blind and 246 million suffering from poor vision. According to the study, cataracts and glaucoma are the leading causes of blindness worldwide in 2015. According to Global Facts: Blindness and Visual Impairment, four out of every five blind and visually impaired cases are preventable. Growing number of cataract operations is propelling the global cataract surgery devices market growth over the forecast period.
Global Cataract Surgery Devices Market Taxonomy:
On the basis of product type, the global cataract surgery devices market is segmented into:
- Intraocular Lens (IOL)
- Ophthalmic Viscoelastic Device (OVD)
- Phacoemulsification Equipment
- Femtosecond Laser Equipment
On the basis of end user, the global cataract surgery devices market is segmented into:
- Ophthalmology Centers
The global cataract surgery devices market in North America is dominated by a large number of cataract operations.
Geographically, the global cataract surgery devices market is divided into Europe, North America, Asia Pacific, Latin America, Africa, and the Middle East. North America is the leading contributor to the global cataract devices market due to the large number of cataract operations performed in the region. According to the American Academy of Ophthalmology, around 2 million cataract surgery operations were conducted in the U.S. in 2014, with 36 % reporting better vision quality for both eyes and 21 % of people reporting enhanced vision quality in one eye after the cataract surgery. Furthermore, the Asia Pacific region is expected to propel the global cataract surgery devices market over the forecast period, owing to the procedure’s low cost and rising prevalence of cataracts. Small-Incision Cataract Surgery (SICS), for instance, is favored in developing economies such as India and China, where the cost of surgical operations is inexpensive in comparison to other procedures.
The rising prevalence and incidence of ocular diseases is expected to drive the global cataract surgery devices market growth over the forecast period.
Rising incidence of ocular diseases is the primary driver of the global cataract surgery devices market. This disease is widespread across the world and is the leading cause of blindness. According to All About Vision Media, a National Supporter and Sponsor of Optometry Giving Sight, cataract is the leading cause of blindness worldwide, impacting around 22 million people in the U.S. of age 40 and above, with the figure expected to grow to 30 million by the end of 2020. Other factors driving the growth of the global cataract devices market include diabetes, smoking habits, aging, alcohol intake, trauma, or hazardous radiation exposure such as UV rays. Furthermore, a lack of public knowledge about access to medical help, as well as government regulations in a few nations regulating surgical operations, can hamper the global cataract surgery devices market growth over the forecast period.
Product innovation and development by new market players will drive the global cataract surgery devices market growth over the forecast period.
Some of the major players contributing to the global cataract surgery devices market are Essilor International S.A., Bausch & Lomb, Inc., STAAR Surgical Company, Carl Zeiss Meditech AG, NIDEK Co., Ltd., Opcon Corporation, Abbott Laboratories, Alcon, Inc., and Allergen, Inc. Several rising market players are also developing innovative products in order to build their market presence and make substantial income with their creative ideas. In March 2016, Mynosys Cellular Devices, Inc., a private business, developed Zepto, a novel cataract surgery device with a compact control console and a disposable hand-piece that delivers great precision, accuracy, and safety in repeatable capsulotomy.
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