Global Cataract Surgery Devices Market: By Product Type (Intraocular lenses, Ophthalmic Viscoelastic Devices, Phacoemulsification Equipment), By End User (Ophthalmology clinics, Hospitals, Ambulatory Surgical Centres), and Geography – Market Estimation, Size, Dynamics, Regional Share, Trends, Competitor Analysis 2013-2017 and Forecast 2018-2024.
Global Cataract Surgery Devices Market
Cataract surgery is referred as removal of the natural lens (eye crystalline lens) that has developed an opacification. Cataract is a eye disease in which clear lens of eye becomes cloudy or opaque and causes decrease in vision. The natural lens of eye focuses light onto the retina, so images appear without distortion and clearly. The blurring of this lens during cataract formation causes distortion of vision. Cataract development is gradual and it is a process of normal ageing but occasionally can develop rapidly. Cataract generally affects both eyes, but it is uncommon for a cataract in one eye to advance more rapidly. Cataracts are very common, especially among the elder people.
Cataract Surgery Devices Market Outlook
Global Cataract surgery devices market is primarily driven by the increase in aged population, rise in the prevalence of ocular disorders, technological advancement in healthcare around the globe and economic growth in the emerging economies. However, low awareness among people about eye disorder, lack of health care insurance, and poor primary health care infrastructure in developing and under developed countries are some factors that are hindering the growth of the market.
Cataract surgery devices market is segmented on the basis of type, end user, and geography
Based on the type, market is segmented as
- Intraocular lenses
- Ophthalmic Viscoelastic Devices
- Phacoemulsification Equipment
Based on the end-user, market is segmented as:
- Ophthalmology clinics
- Ambulatory Surgical Centres
There is a significant increase in the incidence of eye diseases across the world, especially in middle-income and industrialized countries. With the high prevalence of obesity and diabetes among the young population, the risk of vision loss and other eye disorders have increased rapidly, and positively impact cataract surgery market over forecast period. People with diabetes will have increased risk of being affected by diabetic macular oedema and retinopathy. This growing prevalence of diabetic eye diseases will increase the adoption eye laser procedures, thereby positively influence the eye care surgical market in forecast period. According to National Institute of Eye, the risk of cataract will increase with each decade of life starting around the age of 40. By age 75, half of Americans and by the age of 80, 70% of the American population will have a cataract.
Geographically cataract surgery devices market is segmented into following regions viz. North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America is the largest market for cataract surgery device market followed by Europe. The North American market for cataract surgery is high due to the surge in technological advancements in cataract devices and awareness about laser eye surgeries among key stakeholders, have boosted the sales of eye care surgical devices in the region. The growing number of laser refractive surgeries and the emergence of laser technology in treatment of cataract surgery expected to grow the market revenue. Asia Pacific region is expected to be a fastest growing cataract surgery device market due to large geriatric population.
Some of the players in cataract surgery devices market are Novartis AG (Switzerland), Carl Zeiss Meditech AG (Germany), bbott Laboratories (U.S.), Essilor International S.A. (France), Allergan, Inc. (U.S.), Opcon Corporation (Japan), NIDEK Co., Ltd. (Japan), Valeant (Bausch & Lomb)(Canada), and STAAR Surgical Company (U.S.) to name a few.
- In March 2017, Alcon Inc. (a division of Novartis) received U.S. FDA approval for Multifocal Toric intraocular lens “Acrysof Iq Restor”, for the patients with astigmatic cataract patients
- In June 2015, Alcon Inc. (a division of Novartis) received European CE Mark for trifocal intraocular lens “Acrysof Iq Panoptix” for the patients undergoing cataract surgery
- In April 2013, Abbott Laboratories received U.S.FDA approval for “Tecnis Toric 1-Piece Intraocular Lens” and launched in United Statesfor cataract patients with pre-existing corneal astigmatism
Global Cataract Surgery Devices Market Report Outline:
- The report provides granular level information about the market size, regional market share and forecast from 2017-2023
- The report covers in-detail insights about the competitor’s overview, key findings and their key strategies
- The report outlines drivers, restraints, challenges, and trends that are currently faced by the industry
- The report tracks recent innovations, key developments and startup’s details that are working in the industry
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario