Global Cataract Surgery Device Market Scenario:
Cataract is the dense cloudy area that is formed on the lens of the eye which causes decreases in vision. It develops slowly and may affect one or both eyes. The symptoms include blurry vision, faded colors, trouble with bright lights, night blindness and halos around the light.
In 2014, the American Academy of Ophthalmology stated that around 24.4 Million Americans of the age 40 and above were affected with cataract, and almost half of the American population over the age of 75 years have cataracts. Also, according to report published by World Health Organization in 2016, cataract one of the major causes of visual impairment, which comprises of total 51% of the global population.
The low awareness among the people related to eye disorders and the high cost associated with cataract surgeries are the main restraining factors of the market along with lack of skilled professionals to carry out the surgeries. The unavailability of health insurances, low purchasing power in underdeveloped and developing economies are the main barriers for the market.
Globally the Cataract Surgery device market is expected to grow at CAGR 5.5% in the forecast period of 2018-2022.
Global Cataract Surgery Device Regional Analysis:
North America is the largest market for cataract surgery equipment. There are several factors for tremendous growth of the cataract surgery devices market in this region such as advance technology, health schemes and programmes initiative by government. Moreover, increasing number of cataract surgeries fueling the growth of cataract surgery devices market in this region. According to American Academy of Ophthalmology, in 2014, approximately 2 million cataract surgeries were performed in America.
Asia Pacific is the fastest growing market for cataract devices. Asia Pacific are considering the big opportunity for the market players owing to the presence of the high patient population. Whereas country like India and china of Asia Pacific region are considering fastest growing region owing to the presence of active government towards health care. These countries are open to adopt new treatment from developing countries in order to improve the quality of life for their citizen. Japan is a well-developed country and have well established healthcare system and technology, whereas developing countries are still focusing on new technology, which lead to increase in the demand for various astigmatism treatment. Most of the countries of these regions such as India and China are investing more into research and development activity for introducing better treatment at nominal price.
Europe is the second largest market for cataract surgery devices, owing to present of the huge ageing population. Moreover, the population within the reason are more aware about the healthcare in comparison to another region like Asia Pacific and The Middle East and Africa. Also, increasing government initiatives towards awareness of cataract also boosting the market.
Due to low awareness and high cost the Middle East and Africa’s cataract surgery market is growing less as compared to other regions. The unavailability of the healthcare infrastructures is also a barrier for the market.
Cataract Surgery Device Market Players
- Alcon, Inc. (U.S)
- Abbott Laboratories (U.S.)
- Carl Zeiss Meditech AG (Germany)
- Essilor International S.A. (France)
- Opcon Corporation (Japan)
- Allergan, Inc. (U.S.)
- Bausch & Lomb, Inc. (U.S.)
- NIDEK Co., Ltd. (Japan)
- STAAR Surgical Company (U.S.)
among others are some key companies in the global Cataract Surgery Device that are listed by MRFR for market research.
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