According to the recent report by IMARC Group, titled “Cataract Surgical Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global cataract surgical devices market size reached around US$ 7.3 Billion in 2019. A cataract is an eye-related illness wherein the natural lens becomes cloudy or foggy and cannot be rectified with lenses or spectacles. It is an age-associated disease that generally affects individuals above 40 years of age. However, it can also occur in children and young adults after an eye injury or illness. Some of the common symptoms associated with this disease are blurry vision, night blindness, color fading, increased sensitivity to bright lights, and double vision. To treat cataracts, surgery is performed in which the clouded natural lens is replaced with an artificial lens. The treatment is widely considered to be safe as it is performed using advanced devices and laser-assisted technology.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
One of the major factors propelling the growth of the market is a rise in the geriatric population across the globe. Exposure to ultraviolet radiation, cigarette smoke, and alcohol can also damage the function of eye cells gradually, which causes oxidative stress and makes people vulnerable to cataracts. Besides this, technological advancements in ophthalmology have led to increased confidence among patients regarding the safety of surgical procedures, which, in turn, is contributing to the market growth. For instance, the development of femtosecond laser technology has helped in precise lens centration. Furthermore, governments of several countries are taking initiatives and introducing healthcare schemes to financially help cataract patients, thereby boosting the growth of the market. On account of these factors, the market is expected to experience moderate growth during the forecast period (2020-2025).
- Based on the product type, the market has been categorized into ophthalmic viscoelastic devices (OVDs), intraocular lenses (IOLs), femtosecond laser, phacoemulsification equipment, and others. Currently, IOLs hold the largest market share, representing the most popular product type.
- On the basis of the end use, hospitals represent the leading segment, accounting for the biggest market share. Other end use segments include eye care clinics, and eye treatment and surgical centers.
- Region-wise, the market has been divided into Europe, North America, Latin America, Asia Pacific, and Middle East and Africa. Among these, North America holds the largest share in the market.
- The competitive landscape of the market has been analyzed in the report, with some of the key players being Abbott Laboratories, Hoya Corporation, Carl Zeiss Meditec AG, Alcon Laboratories, Inc., and Essilor International S.A.
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