Cataract refers to the clouding of the eye’s lens which results in the blurring of the vision. It develops gradually and may affect one or both the eye. Some of the symptoms of cataract include colour fading, blurring vision, appearance of halos near lights, discomfort due to bright lights, night blindness, etc. Cataract cannot be rectified with contact lenses or glasses and only a surgery can eradicate the clouded lens by replacing it with an artificial lens. A new research report by IMARC Group, titled “Cataract Surgical Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024” estimates that the global cataract surgical devices market was worth US$ 7.1 Billion in 2018. The report further anticipates the market to reach US$ 8.7 Billion by 2024, at a projected CAGR of 3.6% over the forecast period.
Global Cataract Surgical Devices Market Drivers/Constraints:
- Technological developments in the field of ophthalmology have increased the efficacy and safety of cataract surgeries, in turn, boosting patient confidence in the treatment. This represents another growth-inducing factor driving the market worldwide.
- Various governments, particularly in the emerging nations, have initiated health schemes and programmes so as to reduce monetary burden on cataract patients, thereby creating ample opportunities for the manufacturers.
- Other factors catalysing the growth of the cataract surgical devices market are a rise in the prevalence of cataract due to changing lifestyles, dependence on junk food, increase in the geriatric population, over-exposure to ultraviolet rays and rising cases of diabetes.
- There are several factors which hinder the market growth. For instance, high cost associated with cataract surgeries acts as a major deterrent in emerging nations such as China, India, South Africa and Brazil.
Product Type Insights:
On the basis of type, the cataract surgical devices market is segregated as intraocular lenses, ophthalmic viscoelastic devices, femtosecond laser, phacoemulsification equipment and others. Currently, intraocular lenses account for the majority of the market share.
Based on end-use, hospitals currently represent the largest end-use segment of cataract surgical devices due to the availability of affordable treatment. Hospitals are followed by eye care clinics, and eye treatment and surgical centers.
On a geographical front, North America enjoys the leading position in the global cataract surgical devices market, accounting for the largest market share. North America is followed by Europe, Asia Pacific, Latin America, and Middle East and Africa.
The players in the global cataract surgical devices market are investing in R&D so as to increase their profitability and improve their product portfolio. Some of the leading players operating in the market are:
- Abbott Laboratories
- Hoya Corporation
- Carl Zeiss Meditec AG
- Alcon Laboratories, Inc.
- Essilor Group
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