Global Cataract Surgery Devices Market Overview
The key driver impacting the cataract surgery devices market is the rise in the prevalence of cataract disease globally. for instance, as per the Global Burden of Disease, Injuries and Risk Factors Study (GBD), cataract is the primary cause of blindness and the second cause of severe and moderate vision impairment (MSVI), but surgical intervention can effectively restore visual impairment.the World Health Organization (WHO) and GBD report data- shows that cataract accounts for 48% and 33% of global visual impairment, respectively. In 2010, around 10.8 million cataract blind people, i.e., 1/3 of blind people globally. the WHO has projected to be reached 40 million in 2025 as populations grow and age, with high life expectancies. Moreover, growing technological advancements in ophthalmic devices and eye treatment techniques are estimated to be a significant factor contributing to market growth.
According to Value Market Research, the global cataract surgery devices market size was valued at around USD 7000 million in 2020 and is projected to grow at a CAGR of about 5.5% during the forecast period of 2021 to 2027.
The rise in the aging population is estimated to augment cataract surgery devices demand in the forecast period. as per the United Nations Organisations Report, the population aged 60 years or over was 962 million in 2017 globally. It is over twice as large as in 1980 when there were only 382 million older persons worldwide. the older person number is anticipated to get double by 2050, with nearly 2.1 billion. the increasing cases of visual impairment globally are expected to create more demand for cataract surgery devices as cataract is the leading causes of vision impairment and blindness across the globe. according to the World report on vision issued by the World Health Organization (WHO), In 2019, around 2.2 billion people globally suffer from eye conditions and visual impairment. It is estimated that 11.9 million people internationally have a moderate or severe vision impairment or blindness due to glaucoma, diabetic retinopathy, and trachoma that could have been prevented. however, lack of health care insurance and high cost associated with cataract surgeries, especially in developing economies, may hamper the global cataract surgery devices market in the long run. Also, the lack of general awareness among people about eye disorders is negatively impacting the market. The current industry trends, such as the rising government's initiatives, such as introducing programs to reduce the burden of cataract-related diseases, are expected to provide market players with new market opportunities.
The cataract surgery devices market is vast, with many local and global players. the cataract surgery devices market is vast, with many local and global players. The key leaders follow different strategies to advance their market position, such as amalgamation, contracts, extending product portfolio, product upgrades, and acquisitions, to augment their market share across the globe. The major players studied in the report are Carl Zeiss Meditech AG, Abbott Laboratories, Alcon, Inc., Allergan, Inc., Essilor International S.A, Bausch & Lomb, Inc., opcon Corporation, NIDEK Co., Ltd., STAAR Surgical Company.
In this research report, the cataract surgery devices market is segmented by product, end user, and region.
Analysis by Product:
By Product, the report is segmented into the intraocular lens (IOL), phacoemulsification equipment, and ophthalmic viscoelastic devices (OVD). The phacoemulsification equipment dominates the product segment with a 25% share in 2020. It is due to the high adoption of phacoemulsification is the most preferred cataract surgery device globally. Moreover, these devices serve as an appropriate instrument for such eye defects and cause no harm to the cornea, driving demand for the phacoemulsification equipment in the forecast period.
Analysis by End-User:
By end-user, the report is categorized into ophthalmology clinics, hospitals, and ambulatory surgery centers. The Hospital dominates the end-user segment with a 50% share in 2020. It is because hospitals are the primary centers for diagnosing and treating various types of eye related disorders. Moreover, the presence of skilled surgeons and advanced healthcare infrastructure is contributing to the hospital segment's growth in the forecast period.
Analysis by Region:
In the regional outlook of the global cataract surgery devices market, the Asia Pacific region dominates with a 33% market share during the forecast period. It is due to the expanding geriatric population across India, China, and Japan and growing inclination toward surgical cataract procedures. Moreover, the economic development, raising awareness about cataract surgeries in countries such as India and China with improvement in healthcare infrastructure contribute to the high demand for the cataract surgery devices market in the Asia Pacific.
Market Segmentation covered in the Report:
By Product
- Intraocular Lens (IOL)
- Ophthalmic Viscoelastic Device (OVD)
- Phacoemulsification Equipment
By End User
- Hospitals
- Ophthalmology Clinics
- Ambulatory Surgery Centers
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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