Cataract surgery devices are used during the surgical procedures to treat cataract, which is an eye disorder that causes clouding of the lens leading to defects in vision. Cataract is one of the most widespread disease causing blindness and it reduces vision ability. Cataract is often encountered to develop slowly and affect either one or both the eyes.
Although cataract does not interfere with the eyesight in the early stages, it interferes with vision and may lead to blindness over the course of time. The symptoms of cataract include blurry vision, trouble with bright lights, faded colors, and trouble seeing in the night. Cataract surgery is the most commonly performed ophthalmic procedure and thus holds a great potential for the growth of cataract surgery devices market.
Cataract encountered to be the major cause of blindness across the globe facilitating the demand for cataract surgery devices
According to the American Academy of Ophthalmology, over 24.4 million Americans of age 40 years and above were affected with cataract in 2014. The same report states that by the age of 75 years, almost half of the Americans have cataracts. According to the International Agency for the Prevention of Blindness (IAPB), approximately 285 million people are visually impaired worldwide out of which around 39 million are blind and about 246 million are suffering with low vision. The report suggests that cataract and glaucoma are the prime causes of blindness across the globe in 2015. However, 4 out of 5 blind or visually impaired cases are avoidable according to the Global Facts: Blindness and Visual Impairment. Increasing cataract surgeries are fueling the growth of global cataract surgery devices market.
Global Cataract Surgery Devices Market Taxonomy:
On the basis of product type, the global cataract surgery devices market is segmented into:
On the basis of end user, the global cataract surgery devices market is segmented into:
Substantial number of cataract surgeries are dominating the North America global cataract surgery devices market
On the basis of geography, the global cataract surgery devices market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is the highest contributor to the global cataract devices market, owing to the number of cataract surgeries occurring in the region. According to the American Academy of Ophthalmology 2014, approximately 2 million cataract surgery procedures were performed in the U.S., out of which 21% of patients were reported to have improved quality of vision in one eye while 36% patients reported improvement in vision quality of both the eyes after the cataract surgery. Moreover, the global cataract surgery devices market is expected to flourish in the Asia Pacific due to cost cutting facility of the procedure as well as increasing incidence of cataract. For instance, the manual and suture less Small-Incision Cataract Surgery (SICS) is preferred in emerging economies such as China and India, where the cost of the surgical procedures are low as compared to other procedures.
Increasing incidence and prevalence of ocular diseases to propel the growth of global cataract surgery devices market
Increasing prevalence of the ocular disorders is the major driver for the growth of global cataract surgery devices market. This disease is prevalent worldwide and is the major cause of blindness across the globe. According to All About Vision Media, A National Supporter and Sponsor of Optometry Giving Sight, cataract is the principle cause of blindness across the world affecting almost 22 million Americans aged 40 and above and the number is expected to rise up to 30 million by the end of 2020. Several other factors responsible for the growth of global cataract devices market include smoking habits, alcohol consumption, ageing, trauma or harmful radiation exposure such as ultraviolet rays and diabetes. However, the lack of awareness among people regarding the availability of medical aid and government regulation in a few economies restricting surgical procedures can hinder the growth of global cataract surgery devices market.
Product innovation and evolution by new entrants in the pool to propel cataract surgery devices market growth
The key players operating in the global cataract surgery devices market include Abbott Laboratories, Carl Zeiss Meditech AG, Bausch & Lomb, Inc., Allergen, Inc., Alcon, Inc., Opcon Corporation, Essilor International S.A., STAAR Surgical Company, and NIDEK Co., Ltd. Various emerging players are also coming up with innovative products in the market to establish their presence and generate significant revenue with their innovative ideas. For instance, in March 2016, Mynosys Cellular Devices, Inc., a private company invented a unique cataract surgery device named Zepto that features a small control console and a disposable hand-piece that provides high precision, accuracy, and safety in reproducible capsulotomy.