Cataract Surgery Device Market Outlook
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.
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.
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.
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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.
The “cataract surgery device market to achieve a CAGR of ~5.5% during the forecast period (2016-2022). It could reach the valuation of USD 4.5 billion by 2022.”
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%
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.
Intended Audience
- Cataract Surgery device manufacturers & suppliers
- Biotechnology companies
- Hospitals
- clinics
- Academic research institutes
- Government institutes
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Significant 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)
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.
North America’s reign over the global market is the result of technological developments in the field of ophthalmology which elevates the efficacy and safety of cataract surgeries. These developments will uplift patient confidence in the treatment and thus, represent a growth-inducing factor in the market. Growing prevalence of cataract because of high consumption of junk food, changing lifestyles and the burgeoning geriatric population aids in market growth as well. The region is also known for swiftly adopting latest advanced technologies, a factor that will do wonders for the market in the long run. Another factor helping with the market growth could be the rising number of FDA approvals for innovative devices and therapies for cataract surgery.
Europe government is continuously working on reducing monetary burden on cataract patients by initiating health schemes and programs. This creates plenty of opportunities for manufacturers in the region. On top of that, increasing insurance coverage for cataract surgery has given rise to patient accessibility as well as demand for cataract surgery devices within the region. These factors are bound to elevate the market position in Europe during the appraisal period.
Asia Pacific’s accelerated growth in the global market is the result of considerable investment by medical devices manufacturers on research and development. This has resulted in the rising number of advanced medical devices and sophisticated surgical techniques, including laser technology and advanced technology lens. With this, the regional market is deemed to be positively impacted in the years ahead.
Middle East & Africa could exhibit restricted growth during the evaluation period. This could be owing to poor healthcare infrastructure and a weak economy in almost every country in the region.
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