Paris, Nov. 16, 2022 (GLOBE NEWSWIRE) -- Fact.MR has provided detailed information about the price points of key manufacturers of cataract devices positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
According to this new study by Fact.MR, a market research and competitive intelligence provider, the global cataract devices market is estimated at US$ 13.55 billion in 2022 and is expected to expand steadily at a CAGR of 3.7% during the forecast years of 2022-2032.
Development of cataract in the elderly is associated with rising incidence of glaucoma and diabetes. Ensuing high demand for cataract devices globally has exhausted the production capacities of cataract device manufacturers. Limited accessibility in low-income economies and the dire need for ophthalmic procedures for both diagnosis and treatment are expected to boost this demand further.
Free Sample Copy of This Report Is Available for Analysis, DOWNLOAD NOW !!!
https://www.factmr.com/connectus/sample?flag=S&rep_id=7840
On a different note, the surgical world is inclining towards efficient and minimally invasive procedures. This trend has favoured advancements in ophthalmic surgical techniques and has also directed cataract device manufacturers’ focus on manufacturing minimally aggressive cataract surgical devices. AI-based image analysis and similar technological improvisations have also favoured the acceptance of advanced cataract devices globally.
Among all the factors encouraging the sales of cataract devices, hefty product cost and post-operative complications have been the key anchors of the market. Fact.MR suggests that manufacturers should focus on upgrading production technologies to reduce price points and the risks of post-cataract surgical complications.
Key Takeaways from Market Study
- The global cataract devices market is projected to expand at a CAGR of 3.7% and reach US$ 19.49 billion by 2032.
- The market expanded at 1.5% CAGR between 2017 and 2021.
- Under product type, intraocular lenses are estimated to be valued at US$ 6.74 billion in 2022.
- Europe dominated the global market with 30.4% market share in 2021.
- Revenue from sales of cataract devices is expected to increase at CAGRs of 4.1% and 4.6%, respectively, in Latin America and East Asia.
Competitive Landscape
Key players are focusing on providing specific, affordable, and adaptable cataract devices that fit the needs and expectations of varied end users. Investments by manufacturers to expand their presence on a global level are achieved by following various inorganic growth tactics such as mergers, acquisitions, and collaborations with emerging players in every part of the world. The clear link between R&D investment and economic growth achieved by leading manufacturers marks the importance of product innovation in the industry.
- In Jan 2020, Hoya Corporation announced a joint venture with GeMax, a specialty service provider of IOLs with a strong market position in China. The collaboration will help Hoya Surgical Optics gain a prominent position in the East Asia market.
- In July 2022, Nidek Technologies acquired back Nidek Medical S.R.L., a sales and service company of ophthalmic devices. This acquisition will allow the company to enhance its ophthalmic devices portfolio.
Prominent Players of Cataract Devices Market
- Bausch & Lomb
- Carl Zeiss Meditec AG
- Alcon
- Hoya Corporation
- Staar Surgical
- NIDEK CO., LTD
- Johnson and johnson
- Aurolabs
- Biotech Healthcare Group
- Ophtec BV
- VSY Biotechnology
Connect to an Expert-
https://www.factmr.com/connectus/sample?flag=AE&rep_id=7840
Market Development
Key market players are focusing on developing strategies that will strengthen their current product portfolios. Opportunities for inorganic growth through mergers and acquisitions have helped manufacturers maintain a prominent position in the market.
In addition, investments in R&D to present new cataract devices for vision correction and eye health will help improve patient outcomes, thereby driving the revenue market share of leading players. Global as well as emerging players are competing to gain market supremacy by partnering with various government organizations, focusing on educating the target audience regarding cataract disease, the risk factors associated with cataract development, and the potential treatment options available.
Segmentation of Cataract Devices Industry Research
- By Product Type:
- Phacoemulsification Equipment
- Ophthalmic Viscoelastic Devices (OVD)
- Cohesive OVD
- Dispersive OVD
- Femtosecond Lasers
- Intraocular Lenses (IOLs)
- Standard Monofocal IOLs
- Premium IOLs
- Toric IOLs
- Multifocal IOLs
- Accommodative IOL
- By Application:
- Posterior Sub-Capsular Cataracts
- Cortical Cataracts
- Nuclear Sclerotic Cataracts
- Congenital Cataracts
- Traumatic Cataracts
- Others
- By End User:
- Hospitals
- Ophthalmic Clinics
- Ambulatory Surgery Centers
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
Get Full Access of this Report through our PayPal Payment Gateway
https://www.factmr.com/checkout/7840
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global cataract devices market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of product type (phacoemulsification equipment, ophthalmic viscoelastic devices (OVD), femtosecond lasers, Intraocular lenses (IOLs)), application (posterior sub-capsular cataracts, cortical cataracts, nuclear sclerotic cataracts, congenital cataracts, traumatic cataracts, others), and end user (hospitals, ophthalmic clinics, ambulatory surgery centers), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
Check Out More Related Studies Published by Fact.MR Research:
Eye Sphere Implants Market: An artificial eye is usually attached to the anterior of the orbital implant for cosmetic purposes. An orbital implant is used to replace the area in the orbit (bony cavity) occupied by the eye. This small, spherical implant maintains the natural structure of the orbit and provides support for the artificial eye.
Eye Drop Dispenser Market: Eye drops are used to treat major eye problems and diseases such as glaucoma, dry eyes, eye infections, allergies, uveitis and more. Patients find difficulty in properly installing drops into eyes due to the result of the inability of grip, unsteady hands, and blink reaction of eyes. Eye drop dispenser devices are helping to instill drops in the eyes properly.
Eye-Illuminating Gadgets Market: Eye-illuminating gadget has a miniscule LED lights with radio-frequency technology. This amalgamation potentials to rouse collagen production and rawhide those sleepy under-eye circles while softening fine lines. The increasing demand for beauty products and related gadgets eventually leads to the growing market for the eye-Illuminating gadgets shortly.
Cataract Disposable Products Market: Cataract disposable products are used for treating cataract, in which the damaged lens are replaced with artificial lens to make the vision clear and sharp. Use of cataract disposable products have increased in the recent years owing to the increasing number of ophthalmic surgeries. Use of cataract disposable products improves the patients safety by reducing the disease transmission and contamination.
About Fact.MR
Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories. We are committed to deliver insights that help businesses gain deeper understanding of their target markets. We understand that making sense of the vast labyrinth of data can be overwhelming for businesses. That’s why focus on offering insights that can actually make a difference to bottom-lines.
Specialties: Competition Tracking, Customized Research, Syndicated Research, Investment Research, Social Media Research, Business Intelligence, Industry Analysis, Thought Leadership.
Contact:
Mahendra Singh
US Sales Office
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583, +353-1-4434-232
E: sales@factmr.com
Follow Us: LinkedIn | Twitter | Blog
