Seattle, WA -- (SBWIRE) -- 11/11/2019 -- NEWS RELEASE CMI -- Cataract surgery devices are used to perform surgical procedures of cataract, which is an eye disorder where clouding of the lens defects the vision. Cataract is one of the most widespread disease, which weakens the vision and in some cases causes blindness.Cataract is often encountered to develop slowly and affect either one or both the eyes.
Cataract does not interfere with the eyesight in the early stages, however, it interferes with vision and may cause blondness over the time. Blurry vision, trouble with bright lights, faded colors, and trouble seeing in the night are some of its common symptoms. Cataract surgery is the most commonly performed ophthalmic procedure and thus holds a great potential for the growth of cataract surgery devices market.
Market Dynamics
Cataract is found 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. According to the same source, 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. Thus, increasing demand for cataract surgeries are expected to drive growth of the global cataract surgery devices market.
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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. Among regions, North America accounts for the largest share in the global cataract devices market, owing to large 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. Asia Pacific cataract surgery devices market is expected to witness significant growth during the forecast period. This growth is attributed 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 expected to boost the global cataract surgery devices market growth in the near future. Occular 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. Moreover, growing smoking habits, alcohol consumption, ageing, trauma or harmful radiation exposure such as ultraviolet rays and diabetes are expected to drive the market during the forecast period.
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Market Dynamics- Restraints
However, the lack of awareness among people associated with the availability of medical aid and stringent regulatory policies in a few economies is expected to hamper growth of the global cataract surgery devices market.
Product innovation and evolution by new entrants in the pool to propel cataract surgery devices market growth
Key companies in the market are focused on various growth strategies such as product launches, in order to expand their product portfolio. 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.
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.
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