Cataract Treatment Market: Introduction

Cataract is an eye disease that causes clouding of the eye lens, resulting in irreversible vision loss. Cataract surgery is performed to remove the clouded natural lens and implant an intraocular lens. The therapy entails replacing the natural lens with an artificial lens, which aids in the restoration of eye vision. The devices and instruments used in cataract surgical procedure, such as phacoemulsification systems, gloves, drapes, balanced salt solution, forceps, irrigation set, ophthalmic viscoelastic devices, and intraocular lenses, are referred to as cataract surgery devices because these serve as appropriate devices for such eye defects.

Global Cataract Treatment Market: Drivers, Restraints, and Trends

  • The global cataract treatment market is driven by rise in prevalence of cataract and an aging population that is more susceptible to ophthalmologic disorders, particularly cataract. According to Preventblindness.org, around 38.5 million individuals in the U.S. are expected to have cataract by 2032, with an annual cost of nearly US$ 7 Bn associated with cataract treatment in the country. Surge in the incidence of cataract is projected to increase the number of operations, which in turn is anticipated to boost the demand for devices. According to LaserSurgeryHub.uk, around 330,000 cataract procedures are conducted in the U.K. each year.
  • However, lack of health care insurance and lack of awareness among individuals about the advantages of cataract surgery are expected to hamper the growth of the global cataract treatment market during the forecast period. High cost of cataract surgery, particularly in developing countries such as India, China, Brazil, and South Africa, restrains the global market. Moreover, government initiatives to minimize incidence of cataract-related illnesses presents significant opportunities to market players.
  • The global cataract treatment market is driven by increase in the geriatric population and rise in prevalence of cataract diseases. However, shortage of qualified specialists and lack of awareness about cataract diseases, particularly in emerging markets, hamper the growth of the global cataract treatment market.
  • EyePoint Pharmaceuticals received the FDA clearance for Dexycu (dexamethasone) intraocular suspension in February 2018. The intraocular suspension is delivered as a single dose at the conclusion of cataract surgery and to manage postoperative inflammation. The approval of Dexycu will benefit people across the world who are experiencing complications following cataract surgery.
  • In November 2017, RxSIGHT received the FDA clearance for its Light Delivery Device and Light Adjustable Lens implanted lens, which can be changed after cataract surgery to enhance vision without eyeglasses in some patients. The approval of this device offers a novel strategy for treatment paradigms and improving the quality of eyesight of cataract surgery patients.
  • In February 2017, Johnson and Johnson acquired Abbott Medical Optics for around US$ 4 Bn. This acquisition helped Johnson and Johnson gain a competitive edge in cataract surgery, which was Abbott Medical Optics' key specialty.

North America Accounted for Major Share of Global Cataract Treatment Market

  • North America dominated the global cataract treatment market in terms of share in 2020. High prevalence of cataract, developed health care infrastructure, high disposable income, and favorable reimbursement policies drive the market in the region. According to the National Institutes of Health (NIH), nearly half of the population of the U.S. will have cataract by the age of 80. According to data, the region is projected to dominate the global market during the forecast period.

Key Players in Global Cataract Treatment Market

  • Abbott Laboratories
  • Johnson & Johnson
  • Essilor International S.A.
  • Valeant Pharmaceuticals International, Inc.
  • HAAG-Streit Holding AG
  • Novartis AG
  • Carl Zeiss Meditec AG
  • Nidek Co., Ltd.
  • Topcon Corporation
  • Ziemer Ophthalmic Systems AG

Global Cataract Treatment Market: Research Scope

Global Cataract Treatment Market, by Product

  • Intraocular Lenses (IOLs)
  • Ophthalmic Viscoelastic Devices (OVDs)
  • Phacoemulsification Equipment
  • Others

Global Cataract Treatment Market, by Type

  • Equipment
  • Accessories & Consumables

Global Cataract Treatment Market, by End-user

  • Hospitals
  • Ophthalmology Clinics
  • Ambulatory Surgery Centers
  • Others

Global Cataract Treatment Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia & New Zealand
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East & Africa

This intelligence report by TMR is the outcome of intense study and rigorous assessment of various dynamics shaping the growth of the market. TMR nurtures a close-knit team of analysts, strategists, and industry experts who offer clients tools, methodologies, and frameworks to make smarter decisions. Our objective, insights, and actionable analytics provide CXOs and executives to advance their mission-critical priorities with confidence.

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All our insights and perspectives are broadly based on 4 Pillars or Stages: ASBC-S, which offer an elaborate and customizable framework for the success of an organization. The essence and the roles of these in organizational successes are highlighted below:

  • Agenda for CXOs: TMR, through the study, sets the tone for agendas that are pertinent to CEOs, CFOs, CIOs, and other CXO executives of businesses operating in the market. The perspectives help our clients to bridge the gap between agenda and action plan. TMR strives to offer guidance to CXOs to undertake mission-critical activities empowered by various business analysis tools, and boost the performance of the organizations. The perspectives guide you to decide on your own marketing mix that align well with the policies, visions, and mission.
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The study presents scrutiny of region-specific consumer and technology trends, including the most recent industry dynamics. These broadly cover but not limited to

  • North America, South America, and the Americas
  • Asia Pacific and Japan
  • Europe
  • Latin America
  • Middle East and Africa

The study offers data-driven insights and guidance of several aspects. Some of the more notable questions are:

  • What are the major recent trends that can influence the product life cycle and the RoI?
  • Which regulatory trends shape corporate-level, business-level, and functional-level strategies?
  • Which micromarketing initiatives of leading players will bring in investments?
  • What can be the best framework and tools for PESTLE analysis?
  • Which regions will witness rise in new opportunities?
  • Which are the game-changing technologies being used to capture new revenue streams in the near future?
  • Which operational and tactical frameworks are being adopted by various players in gaining customer loyalty?
  • What is the current and expected intensity of competition the market in the near future?

Disclaimer: This market research study is an ongoing effort and extreme care has been taken to maintain the highest levels of accuracy at all stages. However, in the light of the rapidly evolving business dynamics, some region-specific or other segment-specific changes may take time to be part of the study.

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Cataract Treatment Market