Pune, June 08, 2020 (GLOBE NEWSWIRE) -- The global cataract surgical devices market size is projected to reach USD 9.98 billion by the end of 2026. The high prevalence of cataract disorders will open up a huge potential for market growth. According to a report published by Fortune Business Insights, titled “Cataract Surgical Devices Market Size, Share & Industry Analysis, By Product Type (Phacoemulsification Systems, Femtosecond Laser, Intraocular Lenses, Ophthalmic Viscoelastic Devices & Other Consumables), By End-user (Hospitals, Ophthalmic Clinics, Others), and Regional Forecast, 2019-2026,” the market was worth USD 6.56 billion in 2018 and will exhibit a CAGR of 5.4% during the forecast period, 2019-2026.
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The increasing prevalence of cataract surgeries has opened up a huge potential for the growth of the companies operating in the market. Recent technological advances in these devices have allowed for improved surgical procedures. The improved efficacies of these devices has in turn led to an increased adoption of cataract surgeries.
In addition to this, the favourable health reimbursement policies have contributed to the growing adoption of cataract surgeries and subsequent rise in the demand for cataract surgical devices. The growing demand will have a direct impact on the growth of the market in the coming years.
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Increasing Number of Product Launches Will Aid Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of product launches have made the highest impact on market growth. The increasing number of cataract surgical procedures, coupled with the demand for improved devices will emerge in favor of the companies operating in this market. In December 2019, Johnson and Johnson Services announced the launch of a new intraocular lens for commercial use in the United States.
The company introduced TECNIS Toric II1-Piece intraocular lens. The device will not only help the company generate substantial market revenue, but will have a direct impact on the growth of the market in the coming years. The report summarizes a few of the major products of recent times and gauges their impact on the growth of the market.
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Asia Pacific to Dominate the Market, Increasing Reimbursement Policies to Aid Growth
The report discusses the ongoing cataract surgical devices market trends across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, Asia Pacific is projected to emerge dominant in the coming years. The increasing prevalence of cataract disorders and growing use of technologically advanced devices. As of 2018, the market in Asia Pacific was worth USD 2.09 billion and this value is likely to increase in the coming years. The presence of favorable reimbursement policies has aided the growth of the market in the coming years.
Some of the leading companies that are operating in the global cataract surgical devices market are:
- Alcon (Part of Novartis AG)
- Johnson and Johnson Services, Inc.
- ZEISS International
- Bausch & Lomb Incorporated
- STAAR SURGICAL
- Hoya Corporation
- Oertli Instrumente AG
- Rayner Intraocular Lenses Limited
- Oculentis
- SIFI S.p.A
- Other Prominent Players
Key Industry Developments:
April 2019: Zydus Cadila announced a collaboration with SIFI S.p.A for marketing innovative surgical products and intraocular lenses in the Indian market.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Number of Cataract Surgeries - for Key Countries/Region
- Introduction of New Products / Approvals (by Major Players)
- Key Industry Developments - Mergers, Acquisitions, and Partnerships, 2018
- Snapshot: Global Vision Care Market- 2018
- Technological Advancements in Cataract Surgeries
- Global Cataract Surgical Devices Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Phacoemulsification Systems
- Femtosecond Laser
- Intraocular Lenses
- Ophthalmic Viscoelastic Devices & Other Consumables
- Market Analysis, Insights and Forecast – By End-user
- Hospitals
- Ophthalmic Clinics
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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