The Global Cataract Surgery Device Market is experiencing an upturn and is expected to grow at a compound annual growth rate of 5.5% over the forecast period of 2016-2022, reveals Market Research Future (MRFR) in a recently published research report. The global visual impairment population is increasing gradually which is the primary driving force behind the growth of the global cataract surgery device market. Increasing prevalence of eye disorders, especially cataract which necessitates surgery and, in turn, drives the market for cataract surgery device market. The gradual rise in global geriatric population is also estimated to be a positive driving force for the market growth.
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The Globally for Cataract Surgery Device Market is growing steadily. Factors that influence the cataract surgery device market are increasing prevalence of cataract surgery, increasing advance technology in cataract surgery device market, increase in the aging population, prevalence of eye disease and many others. Globally the market for cataract surgery device is expected to grow at the rate of about 5.5% from 2016 to 2022.
- In August 2018, Alcon, a global leader in eye care and a subsidiary of Novartis, announced a voluntary recall of CyPass Micro-Stent, a micro-invasive eye surgical device due to safety concerns. The device was approved for use along with cataract surgery but was pulled off the market following a five-year post-surgery data analysis which indicates that it may cause damage to the eyes.
- In September 2018, Swiss Advanced Vision launched a Harmonis customizable intraocular lens system designed for cataract surgery.
Key Players for Global Cataract Surgery Device Market
The notable players operating in the global cataract surgery device market include Allergan, Inc. (U.S.), Essilor International S.A. (France), Bausch & Lomb, Inc. (U.S.), STAAR Surgical Company (U.S.), Carl Zeiss Meditech AG (Germany), Abbott Laboratories (U.S.), Opcon Corporation (Japan), NIDEK Co., Ltd. (Japan), and Alcon, Inc. (U.S).
Regional Analysis for Global Cataract Surgery Device Market
The global cataract surgery devices market spans across the regions of North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is the largest market for cataract surgery devices and accounts for 46% share of the global market. Robust healthcare sector, high expenditure on medical devices and rapid adoption of advanced technologies support the growth of the North America cataract surgery device market and is expected to expand at a CAGR of 4.9% over the forecast period. Europe is the second largest market for cataract surgery device market and is expected to grow at a CAGR of 5.2% while Asia Pacific is expected to grow at a relatively faster rate as compared to others. The Latin America and Middle East & Africa market are expected to exhibit limited growth due to low penetration of healthcare.
Segments for Global Cataract Surgery Device Market
The global cataract surgery device market has been segmented based on device type and end-users. By device type, the market has been segmented into intraocular lens (IOL), Ophthalmic Viscoelastic Device (OVD), Phacoemulsification Equipment and Femtosecond Laser Equipment. The intraocular lens (IOL) segment accounts for 79% share of the global market and is poised to exhibit significant growth over the forecast period. By end users, the market has been segmented into hospitals, clinics, ophthalmology centers, and others.
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