The Global Cataract Surgery Device Market is exhibiting highly stable demand due to the rise in the global geriatric population. The aging of the baby boomers generation coupled with the increasing prevalence of eye disorders will continue to drive growth in the cataract surgery device market.
Government initiatives in multiple countries in the form of healthcare programs aimed at providing vision benefits to Medicare beneficiaries further accelerates the growth of the global cataract surgery device market. Expanding insurance coverage for cataract surgery and other eye disorders has increased patient accessibility and increased demand for cataract surgery devices.
Substantial investment by medical devices manufactures ON R&D has resulted in the advancement of medical devices and sophisticated medical, surgical techniques such as laser technology and advanced technology lens which is expected to impact the market growth positively.
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Expanding the scope of medical service offerings is expected to drive new revenue opportunities for the global cataract surgery device market. The rise in a number of FDA approvals for innovative therapies and devices for cataract surgery is also expected to create a supportive platform for the growth of the market over the forecast period.
Segments for Global Cataract Surgery Device Market
The global cataract surgery device market has been segmented on the basis of type and end user.
On the basis of type, the global cataract surgery device market has been segmented into intraocular lens (IOL), phacoemulsification equipment, ophthalmic viscoelastic device (OVD), and femtosecond laser equipment.
On the basis of end user, the global cataract surgery device market has been segmented into ophthalmology centers, hospitals, clinics, and others.
In October 2018, Carl Zeiss Meditec, a multinational Meditech company and manufacturer of tools and devices for eye examinations, announced the acquisition of IanTech , a cataract surgery device maker for an undisclosed amount.
In December 2018, Ocular Therapeutix, a biopharmaceutical company focused on the development of innovative therapies and eye diseases, announced that the U.S. Food and Drug Administration (FDA) had approved its new eye device, Dextenza. The FDA approval comes after two rejections and this time has been approved almost a month ahead of the expected decision date.
Regional Analysis for Global Cataract Surgery Device Market
Geographically, the global cataract surgery device market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounts for the largest share of 46% of the global market. Presence of a high number of visually impaired population, increased access to healthcare, high expenditure on healthcare services drive the market in North America. Also, the region tends to swiftly adopt new advanced technologies which further boosts the growth of the cataract surgery devices market in North America.
Europe is the second largest market and is expected to grow at a CAGR of 5.2% over the forecast period.
Asia Pacific is expected to be the fastest growing market for cataract surgery devices while Latin America and the Middle East & Africa markets are expected to exhibit limited growth over the forecast period.
Key Players for Global Cataract Surgery Device Market
M&A activities in the global cataract surgery device market have remained steady and strong interest has been noticed on the part of financial sponsors due to positive long-term demand which has spurred the growth of the global cataract surgery device market. Allergan, Inc. (U.S.), Opcon Corporation (Japan), Alcon, Inc. ( U.S), Essilor International S.A. (France), Bausch & Lomb, Inc. (U.S.), Carl Zeiss Meditech AG (Germany), STAAR Surgical Company (U.S.), Abbott Laboratories (U.S.), and NIDEK Co., Ltd. (Japan) are the eminent players in the global cataract surgery device market.
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