Report Code: LS11618 | Available Format: PDF
Cataract Surgery Devices Market Overview
Cataract refers to clouding of the lens in the eye that affects vision. The lens is made of mostly water and protein, but as we age, some of the protein may clump together and start to cloud a small area of the lens. Clumps of protein reduce the sharpness of the image reaching the retina. According to the World Health Organization (WHO) in 2010, cataract was responsible for 51% of world blindness, which represented about 20 million people. Increase in the occurrence of ocular diseases, technological advancements, and growing geriatric population are the major factors driving the growth of the global cataract surgery devices market.
On the basis of product, the cataract surgery devices market is categorized into intraocular lens (IOLs), ophthalmic viscoelastic devices (OVDs), and phacoemulsification equipment. Of these products, phacoemulsification equipment holds the largest share in terms of volume in the market. The can be ascribed to the advances in phacomachines and tip ergonomics.
On the basis type, the cataract surgery devices market is bifurcated into consumables and equipment. Among these, the consumables category holds the largest share by volume in the market and is expected to maintain this trend during the forecast period. This can be ascribed to the non-reusability of consumables during and after surgery. Since consumables are non-reusable, hence they are required in large quantity during surgeries.
Hospitals, ophthalmology clinics, and ambulatory surgery centers (ASCs) are the primary end users in the cataract surgery devices market. Among these, hospitals hold the largest share in the market and are expected to maintain this trend during the forecast period. Increasing patient base and presence of a large number of skilled professionals in hospitals have been generating the demand for these devices.
Globally, North America is expected to lead the cataract surgery devices market in the coming years, mainly due to increasing awareness about cataract, and growing geriatric population in the region. Favorable healthcare policies are also supporting the growth of the market in the region. According to the 2017 Profile of Older Americans, published by the Administration for Community Living, the number of the Americans aged 65 and more is anticipated to dramatically increase from 49 million in 2016 to more than 98 million by 2060. Further, the American Academy of Ophthalmology states that approximately 24.5 million people in America have cataract, and it is a leading cause of blindness in the country.
However, during forecast period, the cataract surgery devices market in Asia-Pacific (APAC) is expected to witness the fastest growth. This is portrayed by the expansion in geriatric populace, flood in the occurrence of illness, and expanding number of neighborhood players in the region.
Cataract Surgery Devices Market Dynamics
Increasing geriatric population and technological advancements are the key factors that will drive the growth of the cataract surgery devices market in the near future. Increasing awareness of people about the disease will also support the market demand in the coming years. Increase in the number of individuals aged 60 and above will lead to an increased incidence of the disease, thus enhancing the rate of treatment, which in turn, would boost the market growth. Technical advancements in ophthalmic surgery will open channels for operations without post-surgery complications, resulting in increasing in number of people opting for the surgery. This will help in the expansion of the market.
Shortage of skilled professionals and lack of awareness regarding cataract disorders especially in developing countries impede the growth of the cataract surgery devices market. High cost incurred during the cataract surgeries, complexities observed after the surgeries, and lack of proper facilities to counter post-operative complexities will hamper the growth of the market.
Cataract Surgery Devices Market Competitive landscape
The acquisitions in the global cataract surgery devices market are expected to strengthen the position of market players. For instance, in October 2018, Carl Zeiss Meditec entered into an agreement to acquire ianTECH, a privately held company focused on technology solutions for micro-interventional cataract surgery. This acquisition was aimed to complement Carl Zeiss’s portfolio of equipment and consumables in cataract surgery.
Moreover, ongoing product approvals are also expected to strengthen the cataract surgery devices market position of the players. In June 2017, Mynosys Cellular Devices Inc. received 510(k) clearance from the US Food and Drug Administration (USFDA) for the Zepto Capsulotomy System for lens capsulotomy during cataract surgery. Zepto can be used through a 2.2 mm incision and integrate seamlessly into the standard cataract surgery routine to enhance surgical efficiency and patient flow.
Some of other players operating in the cataract surgery devices industry are Abbott Laboratories, Novartis AG, Essilor International S.A., HAAG-Streit Holding AG, Johnson & Johnson, Nidek Co. Ltd., Topcon Corporation, Valeant Pharmaceuticals International Inc., and Ziemer Ophthalmic Systems AG.
The study provides the historical as well the forecast market size data for various countries including the U.S., Canada, Spain, Italy, the U.K., France, Germany, Japan, China, India, Brazil, Mexico, and South Africa.
Get a bespoke market intelligence solution
Our dedication to providing the most-accurate market information has earned us verification by Dun & Bradstreet (D&B). We strive for quality checking of the highest level to enable data-driven decision making for you
Our insights into the minutest levels of the markets, including the latest trends and competitive landscape, give you all the answers you need to take your business to new heights
With 24/7 research support, we ensure that the wheels of your business never stop turning. Don’t let time stand in your way. Get all your queries answered with a simple phone call or email, as and when required
We take a cautious approach to protecting your personal and confidential information. Trust is the strongest bond that connects us and our clients, and trust we build by complying with all international and domestic data protection and privacy laws