The technological advancement is aiding the healthcare sector by introducing sophisticated surgical devices to provide accuracy to the procedures. Increasing incidences of individuals suffering from weakened vision due to cataract have led to the high demand for technologically upgraded surgical devices in the global market. According to the report published by Market Research future (MRFR), the global cataract surgery devices market is anticipated to expand steadily at a CAGR of 5.5% during the forecast period of 2016-2022.
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Market Drivers and Restraints:
The occurrence of cataract is very common in the elderly population. Other causative agents of cataract are trauma and long-time exposure to radiations. The increasing prevalence of cataract among geriatric population all over the world is inducing high demand for efficient surgical devices to perform cataract surgery. The rise in preference for less invasive procedures has created huge opportunities for the manufacturers to introduce high-tech ophthalmic surgical devices, leading to the expansion of the global cataract surgery device market.
The government sector in various countries are focusing on increasing awareness regarding cataract and are undertaking the initiatives to provide low-cost cataract surgeries in underdeveloped regions, which in turn is fueling the growth of the global cataract surgery device market. The rise in adoption of advanced technology in the healthcare sector for improving the diagnostics, surgical and treatment procedures is impacting positively on the expansion of the global cataract surgery device market.
However, the population in underdeveloped regions is still unaware of the benefits of cataract surgery, which is negatively impacting on the growth of the global cataract surgery device market. The low penetration of advanced technology and poor primary healthcare infrastructure in underdeveloped regions and in some areas of developing regions are likely to create hindrance in the growth of the global cataract surgery device market during the forecast period.
Regional Analysis for Global Cataract Surgery Device Market
The global cataract surgery device market is segmented into five major regions such as North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Owing to the rapid incorporation of advanced technology in the healthcare sector and increased healthcare expenditure, the North America region is projecting to be the largest market in the global cataract surgery device market.
The Europe region is the second largest market in the global cataract surgery device market due to the increasing incidences of individual suffering from cataract. The high geriatric population and increasing awareness among the population regarding the benefits of cataract surgery are leading to the fastest growth of the global cataract surgery device market. The lack of awareness and poor primary healthcare infrastructure in the underdeveloped areas are negatively impacting on the growth of the cataract surgery device market in the Middle East and Africa region.
Segments for Global Cataract Surgery Device Market
The global cataract surgery devices market has been segmented on the basis of device type and end-users. Based on device type, the global cataract surgery device market is segmented into Intraocular lens (IOL), Ophthalmic Viscoelastic Device (OVD), Phacoemulsification Equipment and Femtosecond Laser Equipment. Among these, the intraocular lens (IOL) segment is anticipated to project significant growth in the global cataract surgery device market during the forecast period. Based on end-users, the global cataract surgery device market is segmented into hospitals, clinics, ophthalmology centers and others.
Key Players for Global Cataract Surgery Device Market
Some of the key players in this market are: 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.) and others.
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