Global Cataracts Market, By Type (Nuclear Cataract, Cortical Cataract, Posterior Subcapsular Cataract, Congenital Cataracts, Others), Diagnosis (Visual Acuity Test, Slit-Lamp Examination, Retinal Exam, Others), Treatment (Surgery), End-Users (Hospitals, Homecare, Specialty Clinics, Others), Distribution Channel (Hospital Pharmacy, Online Pharmacy, Retail Pharmacy) – Industry Trends and Forecast to 2029.
Cataracts Market Analysis and Size
The global cataracts market is expected to witness significant growth during the forecast period. Rising prevalence of eye related disorders worldwide and emerging markets are the factors responsible for the growth of this market. Growing cases of eye surgeries drives the cataracts market. The market for cataract is also expected to gain from awareness programs such as VISION 2020, launched by the WHO and the International Agency for the Prevention of Blindness. COVID-19 also had a major impact on the market growth.
Data Bridge Market Research analyses a growth rate in the global cataracts market in the forecast period 2022-2029. The expected CAGR of global cataracts market is tend to be around 6.0% in the mentioned forecast period. The market was valued at USD 4.7 billion in 2021, and it would grow upto USD 7.49 billion by 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Market Definition
A cataract is the condition of clouding of normal eye lens which disturb the normal vision. Clouded vision causes difficulty in reading, writing, driving a car especially in the night time. Initially cloudiness in vision may affect the small part of the eye lens but, after later stage if not treated May distorts the light passing through the lens and shows noticeable symptoms. Symptoms of cataracts includes fading or yellowing of colours, double vision in a single eye, seeing "halos" around lights, frequent changes in eyeglass or contact lens prescription, sensitivity to light and glare.
Cataracts Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Nuclear Cataract, Cortical Cataract, Posterior Subcapsular Cataract, Congenital Cataracts, Others), Diagnosis (Visual Acuity Test, Slit-Lamp Examination, Retinal Exam, Others), Treatment (Surgery), End-Users (Hospitals, Homecare, Specialty Clinics, Others), Distribution Channel (Hospital Pharmacy, Online Pharmacy, Retail Pharmacy)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Aerie Pharmaceuticals, Inc. (U.S.), Allergan (Ireland), Bausch Health Companies Inc (Canada), Merck & Co. Inc. (U.S.), Pfizer Inc. (U.S.), Teva Pharmaceutical Industries Ltd. (Israel), Amorphex Therapeutics Holdings, Inc (U.S.), Alcon (Switzerland), Astellas Pharma Inc. (Japan), Bayer AG (Germany), Novartis AG (Switzerland), AstraZeneca (U.K.), Amgen Inc. (U.S.), Carl Zeiss Meditec AG (Germany), HumanOptics Holding AG (Germany), STAAR SURGICAL (U.S.)
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Market Opportunities
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Global Cataracts Market Dynamics
Drivers
- Increase in Elderly Population
The global cataract market is expected to witness a heavy growth rate in the forecast period driven by the factor of an aging population. The increasing demand in the global cataract market is a replication of growing elderly population, as people aged over 60 years frequently develop conditions in which eyes have reduced elasticity and in turn it affects the normal functioning. This boost the market growth.
- Rising Drug Approvals and Clinical Research
Increased approvals from FDA and more clinical research associated with cataracts are boosting the market growth. For instance, EyePoint Pharmaceuticals received the FDA approval for Dexycu intraocular suspension in February 2018. This suspension is given as a single dose at the end of cataract surgery for the management of postoperative inflammation. The approval will help people across the world who are severe experiencing complications after cataract surgery. This boosts the market growth
Opportunities
- Rising Incidence of Cataract
According to Preventblindness.org, approximately 38.5 million individuals in the U.S. are anticipated to have cataract by 2032, with an annual cost rising to nearly US$ 7 billion associated with cataract treatment in the country. Increase in the prevalence of cataract is projected to increase the number of operations, which in turn is anticipated to boost the demand for devices.
- Increasing Demand for Retail Pharmacies
Rise in the number of cortical necrosis therapeutics being delivered through retail pharmacies and surge in the number of retail pharmacies in developed countries create opportunities for the market growth. In addition to this, patients prefer retail pharmacies for purchasing drugs, as these are easily accessible.
Restraints/Challenges
- Lack of skilled professionals
The lack of qualified personnel who are unable to treat the patients with appropriate treatments could curb the growth of the global cataracts market over a forecast period.
- High Cost
The huge expenditure associated with the treatment of cataract surely hamper the market growth. The high cost of cataract surgery, mainly in developing countries such as India, Brazil, South Africa and China restrains the global market.
This global cataracts market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global cataracts market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Global Cataracts Market
The Covid-19 pandemic greatly affected the market due to reduction in number of patient visits in hospitals and clinics for cataract surgery and interruption of numerous alternative procedures and outpatient visits. Although, the market is expected to recover with continuation of activities across various domains and approval and administration of Covid-19 vaccines.
Global Cortical Necrosis Market Scope
The global cataracts market is segmented on the basis of type, diagnosis, treatment , distribution channel and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Nuclear Cataract
- Cortical Cataract
- Posterior Subcapsular Cataract
- Congenital Cataracts
- Others
Diagnosis
- Visual Acuity Test
- Slit-Lamp Examination
- Retinal Exam
- Others
Treatment
- Surgery
End User
- Hospitals
- Homecare
- Specialty Clinics
- Others
Distribution Channel
- Hospital Pharmacy
- Online Pharmacy
- Retail Pharmacy
Global Cataracts Market Regional Analysis/Insights
The global cataracts market is analysed and market size insights and trends are provided by type, diagnosis, treatment, distribution channel and end-user as referenced above.
The major countries covered in the global cataracts market report are the U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific has been witnessing a positive growth for global cataracts market throughout the forecasted period due to increased prevalence of cataracts and other eye disorders
North America dominates the market due to the presence of key manufacture of the product, high research and development and healthcare expenditure and skilled professionals
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Cataracts Market Share Analysis
The global cataracts market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to global cataracts market
Key players operating in the global cataracts market include:
- Aerie Pharmaceuticals, Inc. (U.S.)
- Allergan (Ireland)
- Bausch Health Companies Inc (Canada)
- Merck & Co. Inc. (U.S.)
- Pfizer Inc. (U.S.)
- Teva Pharmaceutical Industries Ltd. (Israel)
- Alcon (Switzerland)
- Astellas Pharma Inc. (Japan)
- Bayer AG (Germany)
- Novartis AG (Switzerland)
- AstraZeneca (U.K.)
- Amgen Inc. (U.S.)
- Carl Zeiss Meditec AG (Germany)
- HumanOptics Holding AG (Germany)
- STAAR SURGICAL (U.S.)
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