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.
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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.
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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.
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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.
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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
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