Global cataract treatment market is expected to witness a healthy 5.1% growth in revenue between 2022 and 2027. A new upcoming study of Fairfield Market Research estimates the global market size to reach US$11 Bn by 2027 end, primarily driven by the constantly surging prevalence of cataract, and an expanding geriatric population worldwide. The market growth is further likely to accelerate with faster FDA approvals. Favourable government reimbursement policies, and an increasing number of awareness programmes will keep the market buoyant.
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IOL Advancements to Complement Market Growth
Advent of intraocular lenses (IOL) manufacturing has been impactful to a large extent over the past decade. Among the two major subsections of IOLs, multicomponent IOLs are typically considered ideal for patients with refractive errors, as well as for those who cannot tolerate multifocal IOLs but want to opt for multifocality. The lenses have constantly been under R&D to consistently deliver promising results. Some of the currently available systems providing multifocal components include Clarvista Harmoni modular IOL system from Clarvista Medical, Infinite Vision IOL (Infinite Vision Optics, France), and mechanically adjustable IOLs (Acritec AR-1 from Acri. Tec Germany). Magnetically adjustable IOLs, another subsection of IOLs, are also being studied and is likely to leverage the thriving trend of manoeuvrability, and IOL customisation. Recently, drug-coated IOLs have been experiencing growing popularity, thereby unlocking opportunities for potential market entrants.
Continued Preference for FLACS Remains a Booster to Market
Demand for femtosecond laser-assisted cataract surgery (FLACS) has been afloat over the recent past on the back of surging consumer preference for minimally invasive surgeries. While growing inclination toward FLACS is clearly attributable to its perceived advantages, and superiority in terms of the end result over the traditional cataract surgery, greater precision in shape and size of capsulotomy will continue to be the predominant factor boosting its adoption higher in future. A few other advantages that are projected to push FLACS uptake among cataract surgeons, include more accurate corneal incisions, considerable reduction of endothelial cell, and better refractive stability.
Primacy of North America Intact, Asian Markets to Turn Lucrative
The market in North America continues to surge ahead on the back of the expanding elderly patient population further complemented by the supportive reimbursement policy structure, especially in the US. Higher availability of technologically advanced surgical procedures, as well as IOLs to cater to consistently growing demand will remain the other key factors boosting the growth of cataract treatment market in the region. On account of this, the US continues to make up for nearly 60% of the revenue generated by North America in global cataract treatment market.
Primary findings also suggest that Asia Pacific has also been witnessing a notable growth in the number of cataract treatment surgeries over the recent past, which is likely to position the region as a highly lucrative market. Asian markets are expected to exhibit the highest cumulative growth rate in the near future and the growth will remain influenced by a number of factors, i.e., a rising number of government awareness camps, private insurance policies, and increasing consumer spending on healthcare.
Key Companies in Global Cataract Treatment Market Landscape
There are a few prominent names in the global cataract treatment market space that would be profiled and analysed in detail under the competition analysis section of the report. Some of the major players profiled, include Novartis, Nidek Co. Ltd., Zeimer Ophthalmic Systems AG, Infinite Vision Optics, Alcon, Carl Zeiss, Topcon Corporation, and Clarvista Medical.
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