Global Femtosecond Laser Cataract Surgery Market - Segmented by Technology, Portability, Mode of Surgery, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global femtosecond laser cataract surgery market is estimated to grow at a high CAGR, during the forecast period. Cataract surgery is one of the commonly performed surgeries. In this surgery, removal of the natural lens of the eye that has developed an opacification (cataract) is performed. The femtosecond laser technology has brought new levels of safety, accuracy, and predictability for the basic cataract surgery procedure.
Increase in Cataract Incidence due to Increasing Average Life Span
Medical advancements in the past century have increased in the average lifespan of human beings around the world. Eye conditions, like cataract are often age-related. In majority of the population, cataract develops at the age of 40-50 and causes severe vision problems at the age of 60. In the United States, age-related lens changes have been reported in 42% of the population, between the ages of 52 and 64, an increased 60% for age 65-74 and 91% between the ages 75 and 85. This indicates that with increasing age, the susceptibility to cataract increases, which is evident, as by the age of 80, more than half of the US population has cataract. This data is an indicator of detected cases and not operated cases. The need for solutions to ailments like cataract will be required in the aging countries like Japan, Greece, and Germany. In addition to that, in the developing countries, such as India and China, the sheer number of geriatrics requiring surgical cataract solutions, has the potential to drive the market. The other factors, like the availability of highly and effective surgery method with less post-operation recovery time and the market being far from reaching a plateau, are driving the market.
High Cost of the Procedure when Compared to the Conventional Cataract Surgeries
Healthcare costs are a major factor affecting the large-scale acceptance of femtosecond laser technology. The refractive laser-assisted cataract surgery costs are higher than the conventional options. The laser itself can cost the surgeon approximately USD 300,000 to 500,000, with additional regular costs for using and maintaining the device. On an average basic cataract surgery in the United States will cost roughly USD 3,429 per eye, if the patient paid everything himself. This cost further rises by USD 449 or 895 per eye, if the patient requires an advanced technology lens, which corrects astigmatism or presbyopia. Femtosecond laser-assisted cataract surgery (FLACS) has added costs for the usage of a laser as well. These expenses that are added to the costs, become a hurdle in the growth of this market. And the low-access to femtosecond laser cataract surgery in emerging markets, is restraining the market growth of femtosecond laser cataract surgery.
The United States has the Highest Market Share
In North America, the United States is dominating the femtosecond laser cataract market, due to the factors, such as increasing number of cataract cases and rising population of the elderly, in this region. Asia-Pacific is expected to record a substantial growth over the forecast period, due to increasing disposable income, and rising awareness among people about the eye diseases and their treatment.
Key Developments in the Market
January 2018: LENSAR acquired the laser business assets of Precision Eye Services Inc.
November 2017: LENSAR received FDA Clearance for IntelliAxis-L-LENSAR laser systems.
Major Players: ALCON, ABBOTT, BAUSCH & LOMB HOLDINGS INC., LENSAR, ZIEMER, OPTIMEDICA, CALMAR LASER, and RAYDIANCE, amongst others.
Reasons to Purchase the Report
Current and future market outlook for femtosecond laser cataract surgery, in the developed and emerging markets
Analyze various perspectives of the market, with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness the fastest growth, during the forecast period
Identify the latest developments, market shares, and strategies, employed by the major market players
3-month analyst support, along with the market estimate sheet (in excel)
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