Reportlinker.com announces the release of the report "Cataract Surgery Devices And Equipment Global Market Report 2020-30: Covid 19 Impact and Recovery" - https://www.reportlinker.com/p05967801/?utm_source=GNW
7 billion in 2020 at a compound annual growth rate (CAGR) of -22%. The decline is mainly due to the COVID-19 outbreak and the measures to contain it. The restrictions on non-essential medical services including ophthalmology services coupled with slowed production of ophthalmic devices used for treating eye conditions, due to extended factory closures in various countries together have contributed to the decline in the growth rate. The market is then expected to recover and grow at a CAGR of 6.2% from 2021 and reach $7.6 billion in 2023.
The cataract surgery devices and equipment market consists of sales of cataract surgery devices and equipment and related services. Cataract surgery devices and equipment include instruments used for performing cataract surgeries such as small incision cataract surgery and extra capsular surgery in the treatment of cataract, a condition in which the lens of the eye becomes progressively opaque, resulting in blurred vision. This market does not include vision care devices and equipment, refractive surgery devices and equipment and diagnostic & monitoring ophthalmic devices and equipment. Femtosecond Lasers used in cataract surgery are included in this market.
In 2018, North America was the largest region in the cataract surgery devices and equipment market. During the forecast period, Asia Pacific cataract surgery devices and equipment market is forecasted to register a CAGR of 5.5%.
In 2018, Carl Zeiss Meditec acquired IanTECH for an undisclosed amount. The acquisition would strengthen Carl Zeiss' position in the cataract surgery portfolio as IanTECH focuses on technology solutions for micro-interventional cataract surgery. IanTECH is expected to complement Zeiss' leading portfolio of equipment and consumables in cataract surgery. IanTECH specializes in endocapsular lens fragmentation and micro-interventional technology for cataract removal and eye treatment. It is headquartered in Reno, Nevada, USA.
Major challenge that is faced by this industry is the low level of awareness about eye disorders, especially cataract. Many people do not have proper knowledge about the symptoms of cataract and do not get the treatment done. This leads to potential revenue loss for the cataract surgery device manufacturers because of low number of end users. For example, as per a study done by NCBI, out of 1552 respondents 89.9% had heard of cataract but only 42% were aware of any symptom of cataract, low awareness of cataract symptoms acts as a major restraint for the cataract surgery equipment industry.
The cataract surgery devices and equipment industry has witnessed many positive changes introduced by the market players, the most prominent one being the introduction of laser technology. The laser assisted cataract surgery is used to gather information about the lens, to make the corneal incision and for the opening in the lens capsule. The advent of laser technology has caused a significant impact over this industry by bringing in new levels of safety and accuracy and advancing cataract surgery. Femtosecond laser platforms have significantly contributed to the precision of cataract surgeries being performed and may soon surpass the traditional hand-held surgeries. For example, Abbott laboratories which lacked this technology, acquired Optimedica for $250 million to enter laser cataract surgery devices market after witnessing the huge demand and benefits of laser technology.
The ophthalmology and medical equipment industry is subject to numerous stringent regulations and the cataract surgery device equipment manufacturers are no exception. These manufacturers need to comply with several regulations of which the European Medical Device Directives and the U.S. Health Care Compliance are the most prominent ones. The European Medical Device Directive requires a manufacturer to meet the harmonized standards for placing their devices in the European market. Similarly the U.S. Health Care Compliance has laid down certain guidelines related to standards of business conduct to be followed by the Pharmaceutical manufacturers. The Medicines and Healthcare products Regulatory Agency (MHRA), which regulates the safety of medical devices in the UK, has issued an urgent notice to Carl Zeiss Meditec, for voluntarily recalling a small batch of its intraocular lenses (IOL). The recall was initiated after the manufacturer detected mislabeling of its IOL, Aaren Scienfific EC-3 hydrophobic lens with a wrong dioptric power. Therefore, the manufacturers need to comply strictly with correct labelling of dioptric power on the IOLs.
The major growth driver for this industry has been the global ageing population. The world population recorded an estimate of 962 million people aged 60 or above in the year 2017. This estimate is expected to show an upward trend and is expected to double by 2050. The cases of cataract in the geriatric population also expected to increase in the same proportion. According to World Health Organization, the number of cataract cases are expected to increase by 78% by 2050 in the U.S. alone. This presents a huge market for the cataract surgery equipment manufacturers in the near future by expanding the customer base due to the fast growing geriatric population. For instance, the population of China is getting older faster than anywhere else in the world, this presents a huge market for the cataract surgery device manufacturers in China.
Read the full report: https://www.reportlinker.com/p05967801/?utm_source=GNW
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