Global Cataract Surgery Devices Market was Valued at US$ 7,521.4 Mn in 2018, Owing to Increasing Prevalence and Incidence of Cataract Diseases Globally
“The Global Cataract Surgery Devices Market was valued at US$ 7,521.4 Mn in 2018 and is expected to grow at a significant CAGR over six years forecast period 2019-2025 owing to increasing prevalence and incidence of cataract diseases coupled with advancements in technology in ophthalmic devices”
Precision Business Insights (PBI) in its report titled “Global Cataract Surgery Devices Market: Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2018 and Forecast 2019-2025” assesses the market performance over six years forecast period over 2019-2025. The report analyses the market value forecast and provides the strategic insights into the market driving factors, challenges that are hindering the market revenue growth over forecast period.
The global cataract surgery devices market was valued at US$ 7,521.4 Mn in 2018 and growing at a CAGR of 4.6% over the forecast period owing to increasing elderly population across the globe and rising prevalence of ocular diseases and economic growth in emerging countries are expected to support the growth of the market. Moreover, increasing prevalence of obesity and diabetes which increases the risk of vision loss and other eye disorders fuels the growth of the market. However, lack of insurance among the individuals regarding the benefits of the cataract surgery and lack of health insurance policies are anticipated to restrain the growth of the market over the forecast years.
Global cataract surgery devices market segmented on the basis of product and end user.
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Intraocular lenses segment accounted for higher revenue share
Based on product, global cataract surgery devices market segmented into intraocular lenses, Ophthalmic Viscoelastic Devices, and Phacoemulsification Equipment. Intraocular lenses segment market accounted US$ XX Mn in 2018 and projected to dominate over the forecast period due to increasing prevalence of and incidence of ocular diseases and development of healthcare infrastructure in the emerging economies.
North Ameirca is expected to grow at Highest CAGR in Global Cataract Surgery Devices Market
PBI’s global cataract surgery devices market report analyses the market in different regions such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. According to regional analysis, North America accounted for larger revenue share in 2018 and the same trend is projected to follow over 2019-2025 owing to the surge in advancements in technology in cataract devices and rising awareness regarding the laser eye surgeries among key stakeholders, boosted the sales of eye care surgical devices in the region. The rising 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.
Focus on approval for new devices in Cataract Surgery Devices Market
Global cataract surgery devices market further reveals that the approval for innovative products in the market to enhance market revenue share and gaining significant geographic presence across the region. For instance, 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.
Key player’s profiles in the report 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.)
By Product Type
o Intraocular lenses
o Ophthalmic Viscoelastic Devices
o Phacoemulsification Equipment
By End User
o Ophthalmology Clinics
o Ambulatory Surgical Centres
o North America
• Rest of Europe
• Australia & New Zealand
• ASEAN (Includes Indonesia, Thailand, Vietnam, Philippines, Malaysia, and Others)
• South Korea
• Rest of Asia-Pacific
o Latin America
• Rest of Latin America
o Middle East and Africa (MEA)
• Gulf Cooperation Council (GCC) Countries
• South Africa
• Rest of MEA
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