The Cataract Surgery Devices Market was $6554.02 million in 2014, and is expected to reach $9908.92 million by 2023, registering a CAGR of 4.7% during the forecast period. Cataract is an eye disease in which the natural lens of eye gets clouded. The people having cataract it’s like seeing through fogged-up window with the clouded lens. The cataract can be removed by surgery, where the surgeon replaces the clouded lens with a clear plastic intraocular lens IOL . Nine out of ten people regain a very good vision after the surgery.
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The cataract surgery devices and instruments such as balanced salt solution, ophthalmic viscoelastic devices, phacoemulsification systems, drapes, gloves, intraocular lenses, irrigation set, and forceps, which assist in this cataract surgical procedure, as these serve as an appropriate instrument for such eye defects surgery without causing any harm to cornea. The number of increasing cataract diseased people as well as technological advancements in ophthalmic surgical devices is booming the market. By the projections of Indian Journal of Ophthallogy, its seen that among those aged 50+ years, the amount of cataract surgery would double 3.38 million in 2001 to 7.63 million in 2020 and cataract surgical rate would increase from 24025/million 50+ in 2001 to 27817/million 50+ in 2020.
Drivers and Restrains
The global market is driven by the increasing number of population suffering from cataract disorders which may be due to medical conditions and due to natural phenomenon. The number of less skilled professional in this field and due to less awareness about the cataract disorders is delaying the growth of the global cataract surgery devices market. One of the reasons of restrains associated with cataract surgeries is high cost, when it comes to developing countries, like India, South Africa, Brazil, and China. The increased investment for developing efficient devices for cataract surgery all over the globe, like Zepto capsulotomy system by Mynosys Cellular Devices are creating great deal of profit for key market players.
End User Outlook and Trend Analysis
The end user or applications of Cataract Surgery Devices are Ophthalmology Clinics, Hospitals and Ambulatory Surgery Centers. The number of Ophthalmology Clinics is on a rise due to rise in the number of patients. The developing awareness regarding healthcare and additionally activities by the administration and nongovernment associations, to control and forestall cataract disorder by early detection is a main factor in charge of the market development. For example, the Cataract Blindness Control Program is in progress in India partnering with Aravind Eye Hospital and other NGOs for delivering of services.
China is helping in the growth of Cataract Surgery Devices market. Market Scope forecast for China’s $2.6 billion ophthalmic market is that it will grow at a CAGR of 11.3 percent over the next five years to $4.5 billion. The leading players in the market are Johnson and Johnson, Abbott Laboratories, Novartis AG, Topcon Corporation, Essilor International S.A., Ziemer Ophthalmic Systems AG, Nidek Co. Ltd., Carl Zeiss Meditec AG,Valeant Pharmaceuticals International, Inc., and HAAG-Streit Holding AG.
The Cataract Surgery Devices Market is segmented as follows-
Ophthalmic Viscoelastic Device OVD
Intraocular Lens IOL
By End User
Ambulatory Surgery Centers
Rest of Europe
Rest of Asia-Pacific
Rest of South America
Middle East and Africa
Rest of MEA
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