Cataract Surgery Devices Market Projected To Grow With Significant CAGR Over The Forecast Period
Cataract is an eye disease in which clear lens of eye becomes cloudy or opaque and causes decrease in vision. The natural lens of eye focuses light onto the retina, so images appear without distortion and clearly. The blurring of this lens during cataract formation causes distortion of vision. Cataract generally affects both eyes, but it is uncommon for a cataract in one eye to advance more rapidly. Cataracts are very common, especially among the elder people.
Cataract surgery devices market is primarily driven by the increase in aged population, rise in the prevalence of ocular disorders, technological advancement in healthcare around the globe and economic growth in the emerging economies. However, low awareness among people about eye disorder, lack of health care insurance, and poor primary health care infrastructure in developing and under developed countries are some factors that hampers the growth of cataract surgery devices market.
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The global Cataract surgery devices market is categorized on the basis of following topics-
- Type
- Intraocular lenses
- Ophthalmic Viscoelastic Devices
- Phacoemulsification Equipment
- End-users
Ophthalmology clinics, hospitals and ambulatory surgical centers.
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And lastly on the basis of geographical regions, the global cataract surgery devices market has five major regions- North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America is the largest market for cataract surgery device market followed by Europe. The North American market for cataract surgery is booming due to the surge in technological advancements in cataract devices and awareness about laser eye surgeries. The growing number of laser refractive surgeries and the emergence of laser technology in treatment of cataract surgery expected to grow the market revenue. Asia Pacific region is expected to be a fastest growing cataract surgery device market due to large geriatric population.
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Some of the key players in cataract surgery devices market are Novartis AG (Switzerland), Carl Zeiss Meditech AG (Germany), bbott Laboratories (U.S.), Essilor International S.A. (France), Allergan, Inc. (U.S.), Opcon Corporation (Japan), NIDEK Co., Ltd. (Japan), Valeant (Bausch & Lomb)(Canada), and STAAR Surgical Company (U.S.) to name a few. In 2017, Alcon Inc. (a division of Novartis) received USFDA approval for Multifocal Toric intraocular lens “Acrysof Iq Restor”, for the patients with astigmatic cataract patients.
With the high prevalence of obesity and diabetes among the young population, the risk of vision loss and other eye disorders have increased rapidly, and positively impact cataract surgery market. The growing prevalence of diabetic eye diseases will increase the adoption eye laser procedures, thereby positively influence the eye care surgical market. According to National Institute of Eye, the risk of cataract will increase with each decade of life starting around the age of 40. By age 75, half of Americans and by the age of 80, 70% of the American population will have a cataract.
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