Role of Governments Remains Crucial in Shaping up Cataract Treatment Market Space
Burgeoning global cases of cataract, coupled with a rising geriatric population, has prompted the growth of the cataract treatment market. The market size is expected to be valued at US$8.5 Bn in 2022 and is expected to reach US$11 Bn by 2027 end at a healthy CAGR of 5.1%. Cataract is one of the leading causes of blindness and undergoing cataract surgery is the only treatment. Every year, approximately 3 million people undergo a cataract surgery in the US alone.
There are various types of cataracts, including congenital, diabetic, traumatic, radiation, and myopic (to those who are having severe near-sightedness, i.e., myopia). The cataract surgical procedure involves the replacement of the natural lens with an artificial lens, and these procedures involve the usage of a wide range of instruments and devices. Conducive government reimbursement policies, and cataract awareness programmes, including cataract camps have positively boosted the growth of market. However, the lack of experienced cataract surgeons, inadequate availability of trained assisted staff, and a number of failed cataract surgeries in government camps have negatively impacted the cataract treatment market, especially in emerging countries.
Sustained Preference for FLACS Continues to Drive Market Growth
With the growing demand for minimally invasive surgeries, femtosecond laser-assisted cataract surgery (FLACS) uptake has been gaining momentum. The advantages, and superiority of FLACS over traditional cataract surgery have created a boost in adoption of this technology for cataract procedures. Some of the main advantages that include high precision in shape and size of capsulotomy, higher accuracy in corneal incisions, endothelial cell reduction, coupled with better refractive stability, will drive adoption of FLACS amongst the surgeon community.
Faster FDA Approvals to Accelerate Cataract Treatment Market Expansion
In 2018, Alcon introduced new technological enhancements to its flagship LenSx Laser system. This system has received two FDA approvals that include one making tunnels for intracorneal rings and pockets for presbyopia correction inlays, whereas the second one for the software updates implemented to support new indications for enhanced graphical user interface functionality.
In March 2022, LENSAR, Inc. announced the US FDA’s acceptance for its next-generation ALLY Adaptive Cataract Treatment System. The company additionally plans to submit FDA 510(K) to seek clearance for phacoemulsification features within the integrated ALLY system in the second half of 2022. The ALLY system is predicted to support cataract surgeons in operating rooms with enhanced efficiencies such as a smaller footprint, enhanced ergonomics, superior imaging, dual-pulsed laser, and advanced astigmatism management tools.
Advancements in Intraocular Lenses to Boost Market Growth
There has been a paradigm shift in the manufacturing of intraocular lenses (IOLs) in the past decade and IOL manufacturing can be now classified into two major subsections first of which includes multicomponent IOLs. These multicomponent IOLs are considered to be useful for patients with refractive errors, and those who cannot tolerate multifocal IOLs but want to opt for multifocality. 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). These lenses are being presently studied and have shown promising results.
The second subsection includes magnetically adjustable IOLs that are currently being studied at the University of Missouri Rolla, and Eggleston Adjustable Lens (St Louis MO). Additionally, there are light adjustable IOLs by Calhoun Vision, CA, and Perfect Lens (Perfect Lens LLC, CA). The growing trend of manoeuvrability, and customisation of IOLs is expected to further drive the growth of cataract treatment market during the forecast period.
North America Continues to Dominate Cataract Treatment Market
The rise in geriatric population, especially in the US, is complemented by the favourable reimbursement policies of the US Government, coupled with the technologically advanced availability of surgical procedures, and IOLs. This is expected to drive market growth in the US that accounts for 60% of the North American market. On the other side, Asia will witness a surge in cataract procedures and is expected to exhibit the highest cumulative growth rate during the forecast period. An increasing number of private insurance policies, government camps, and rise in disposable income remain the primary factors behind market proliferation in the region.
Cataract Treatment Market Leaders
Some of the major players in this market include Alcon, Novartis, Carl Zeiss, Nidek Co. Ltd., Topcon Corporation, Zeimer Ophthalmic Systems AG, Clarvista Medical, and Infinite Vision Optics. Drug-coated IOLs are making room for additional market entrants in this segment. To retain the market positioning, companies in cataract treatment market are strategizing through new product launches, agreements, collaborations, and partnerships.
Global cataract treatment market is segmented as below:
Key Elements Included In The Study: Global Cataract Treatment Market
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