Cataract Surgery Devices Market Overview:
Cataract Surgery Devices Market was valued at $7,025 million in 2016, and is expected to reach $9,587 million by 2023, registering a CAGR of 4.3% from 2017 to 2023. Cataract is an eye-related disease in which clouding of the eye lens is observed that leads to loss of vision. Cataract surgery is the removal of clouded natural lens, and involves implantation of intraocular lens.
The devices and instruments such as phacoemulsification systems, ophthalmic viscoelastic devices, drapes, gloves, balanced salt solution, forceps, irrigation set, and intraocular lenses, which aid in this cataract surgical procedure is known as cataract surgery devices, as these serve as an appropriate instrument for such eye defects and cause no harm to cornea. According to WHO, one of the major causes of visual impairment is unoperated cataract, which constitutes to about 33% of the total global population as of 2014. Moreover, 90% of the visually impaired people live in developing economies.
Increase in prevalence of cataract disease as well as technological advancements in ophthalmic devices drive the market. In addition, the rise in geriatric population worldwide boost the market growth. Lack of healthcare insurance and less awareness among individuals regarding the benefits of cataract surgery impede the growth of the cataract surgery devices market. However, high cost associated with cataract surgeries especially in developing economies, such as India, China, Brazil, and South Africa also restrict the growth of the market. Moreover, governments introduce programs to reduce the burden of cataract-related diseases, which create lucrative opportunities for key market players
The global cataract surgery devices market is segmented based on product, type, end user, and region. Based on product, the market is divided into intraocular lens (IOL), ophthalmic viscoelastic device (OVD), and phacoemulsification equipment. Based on type, the market is classified into equipment and consumables. Based on end user, the market is categorized into hospitals, ophthalmology clinics, and ambulatory surgery centers.
Global Cataract Surgery Devices Market Segmentation
Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Global Cataract Surgery Devices Market: Drivers, Restraints, and Opportunities
The global market is driven by the increase in geriatric population coupled with the increased prevalence of cataract disorders. However, the dearth of skilled professionals and lack of awareness regarding cataract disorders especially in developing economies impede the growth of the global cataract surgery devices market. Moreover, the increase in R&D expenditure for developing efficient cataract surgery devices, such as MiLoop cataract device by IanTech create lucrative opportunities for key market players.
Market Dynamics: Drivers & Restraints
China Cataract Surgery Devices
The rise in geriatric population and an increase in inclination toward surgical cataract procedures contribute to the growth of cataract surgery devices market. However, the rise in income of individuals coupled with the large population base affected with cataracts in China help in the growth of cataract surgery devices market.
Key players profiled in the report include Abbott Laboratories, Novartis AG, Carl Zeiss Meditec 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 other players in the value chain include HumanOptics AG, PhysIOL S.A., Calhoun Vision Cente, EyeKon Medical, Inc., Allergan Inc., VisionCare Ophthalmic Technologies, Inc., Essilor International S.A., Lenstec, Inc., STAAR Surgical Company, Glaukos Corporation, and Sonomed Escalon.
- The study provides an in-depth analysis along with the current trends and future estimations of the market to elucidate the imminent investment pockets.
- Comprehensive analysis of the factors that drive and restrict the market growth are provided in the report.
- The quantitative analysis of the industry for the period of 2016 to 2023 is provided to enable stakeholders to capitalize on the prevailing market opportunities.
- Extensive analysis of key segments of the industry is provided to understand the type of techniques and methods used across the globe.
- Key market players and their strategies are analyzed to understand the competitive outlook of the market.
Cataract Surgery Devices Market Key Segments:
- Intraocular Lens (IOL)
- Ophthalmic Viscoelastic Device (OVD)
- Phacoemulsification Equipment
By End User
- Ophthalmology Clinics
- Ambulatory Surgery Centers
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South Africa
- Saudi Arabia
- Rest of LAMEA