Medical Equipment Industry Overview

The vanadium mining market consists of sales of vanadium ores and concentrates and related services. The global vanadium ore market is expected to grow from $1.49 billion in 2020 to $1.6 billion in 2021 at a compound annual growth rate (CAGR) of 7.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $2.36 billion in 2025 at a CAGR of 10.2%. The increasing use of Vanadium in automobile industry will drive the Vanadium ore mining market. Use of vanadium alloy for manufacturing automobile parts will reduce their weight and increases their fuel efficiency. According to an investing firm (aheadoftheherd.com), around 85% of all automobiles will incorporate vanadium alloy to reduce their weight, thereby increasing their fuel efficiency by 2025. The rate at which vanadium is being deposited into the environment is increasing, which can be attributed to global rise in discharges to the environment of vanadium rich industrial byproducts including steel slags, and ash from the expansion of waste incineration. Due to this major jurisdiction including the USA, and China are implementing environmental protection strategies/regulations to lessen the toxic effects of Vanadium, these regulations will hamper the Vanadium ore mining market. For example, in the USA, vanadium is listed as Contaminant Candidate List 4 (CCL4) and is subject to more stringent monitoring in potable waters, on the other hand China is waging war on smog and promotion of environmentalism (by regulating iron ore blends to lower vanadium content raw material). The use of vanadium redox flow batteries (VRFB's) for energy storage is an emerging trend market. This trend will drive a structural change in the vanadium ore mining market dominated by steel manufacturers. For example, in 2020, Nusaned Investment, a Saudi Arabia based investment company owned by SABIC, entered in joint venture with, Germany based technology group, SCHMID Group to focus on manufacturing and technology development in the field of Vanadium Redox Flow Batteries (VRFB). Major players in the market are AUROX RES., Atlantic, Treibacher Industrie AG., Essel Mining and Tremond Alloys & Metals Corp. The countries covered in the global vanadium ore market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, Australia. The regions covered in the global vanadium ore market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global vanadium ore market is segmented - 1) By Type: FeV40, FeV50, FeV60, FeV80 2) By Application: Iron & Steel, Chemical, Energy Storage, Others 3) By End Use Industry: Automotive, Aerospace And Defense, Steel Industry, Others

The Business Process a Service (BPaaS) market consists of sales of business process services through cloud based platform services. These can be any kind of business process solutions through the delivery of web-based services or cloud hosting services that benefits an organization to complete its business objectives and benefits business operations. BPaaS reduces the business costs of the operations by increased automations. It mixes Business Process Management (BPM) with one or more aspect of cloud deployment SaaS, PaaS, IaaS. Companies in BPaaS industry provides services on various platforms such as banking, advertising, marketing, industry operations and services, accounting and finance, customer service support and others. The global business process as a service (BPaaS) market is expected to grow from $66.28 billion in 2020 to $71.17 billion in 2021 at a compound annual growth rate (CAGR) of 7.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $103.72 billion in 2025 at a CAGR of 9.9%. The rising need for low operating costs is the most important driver for the growth of the Business Process as a Service (BPaaS) market. BPaaS providers generally offer all types of services through the cloud computing and the global internet services network including platform services like PaaS, IaaS and SaaS. BPaaS increases the operational efficiency of all the sectors and reduces the standard operating costs by implementing many of these platform services. For example, BPaaS in credit card transactions, includes maintaining the payment transition data, handling the database of the customers and storing all the data of the clients. PayPal provides the ability to settle the transactions and increase the online by storing all the data in the clouds and reducing the operational cost of storing the data. The risk for data breach can be a major restraint for the rising growth of the Business Process as a Service (BPaaS) market. The risk of losing data and security concerns makes the top-management of the businesses to have a cautious approach towards BPaaS market and reduces the effectiveness. There should be strict laws and regulations which will reduce the risk of data privacy and security for the clients. For example, Dropbox, a BPaaS company faced security breach which leaked the personal information of about 68 million user to the hackers. The flexible pricing model is the most important trend for the Business Process as a Service. Flexible pricing model helps the sellers to sell the service at a price based on the real time demand. This also helps the buyers to purchase the service at a price which is suitable to their need and demand. The buyers can demand the service according to their own needs and pay for them accordingly. For example, Amazon sells the goods and services according to dynamic pricing which helps in increasing the flexibility of price. Best Buy and Sears also incorporate dynamic pricing into their pricing strategies. There is a huge concern for the protection of data privacy and security breach throughout the world related to the Cloud Computing services. Globally, strict Laws have been framed and designated regulatory bodies are taking measures to protect the privacy rights and data breach. In the USA, there are strict laws and regulations to protect the privacy and security breach related to cloud services, one such law is The Clarifying Lawful Overuse Of Data (CLOUD) Act. This law preserves the common law right of cloud service providers to go to court to challenge search warrants when there is a conflict of laws. For private data protection there is Graham-Leach Billey Act in the USA. In the UK there is General Data Protection Right (GDPR) Act to regulate the security concerns. There is law of privacy in Australia known as Data Protection Law. In the year 2018, IBM acquired Red Hat for $34 Billion in cash and debt and IBM paid $117 per share. This deal will strengthen IBM portfolio on Cloud based premises. It will position IBM as a cloud power and investing in open source. Red Hat is involved in providing open source software solutions such as developing operating system, providing virtualization, management and cloud storage technologies. It was founded in 1993 and is headquartered in Raleigh, North Carolina, USA. Major players in the market are Accenture, Wipro, Capegemini, Fujitsu and Genpact. The countries covered in the global business process as a service (BPaaS) market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, Australia. The regions covered in the global business process as a service (BPaaS) market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global business process as a service market is segmented - 1) By Process Type: HRM, Acconting & Finance, Sales & Marketing, Customer service support, Procurement and Supply Chain, Operations, Others 2) By End Users: Banking, financial service, & insurance (BFSI), Telecom & IT, Manufacturing, Ecommerce Retail, Healthcare, Governments, Others 3) By Deployment service Type: SaaS, PaaS, IaaS 4) By Stream: BPO, BPA, BPM

The point-of-care diagnostics devices and equipment market consists of sales of point-of-care (POC) diagnostics devices and equipment and related services. Point-of-care diagnostics devices and equipment are designed to aid physicians in performing medical diagnostic testing at or near the point of care, for immediate knowledge on diseases or conditions. Point-of-care diagnostics are segmented into cardio metabolic monitoring kits, infectious diseases testing kits, cardiac and cancer markers excluding blood glucose monitoring kits. The global point-of-care diagnostics devices and equipment market is expected to grow from $21.55 billion in 2020 to $25.3 billion in 2021 at a compound annual growth rate (CAGR) of 17.4%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $33.15 billion in 2025 at a CAGR of 7%. An increase in the incidence of target diseases is driving the POC devices and equipment market globally. The rising incidence of chronic diseases, like diabetes, rheumatism, or cancer is increasing steadily worldwide due to poor lifestyle choices and increasing obesity, thus driving the growth of POC devices and equipment market. For example, according to the Centers for Disease Control and Prevention, 2019, Heart disease is the leading cause of death in the U.S. as well, causing approximately 647,000 deaths per year. The POC diagnostics devices and equipment market is expected to slow down due to stringent regulatory policies, which increases the gestational period before the product enters market. POC devices and equipment manufacturers are required to obtain multiple FDA clearances before launching their product into the market. The entire process of approval consumes a lot of time, thereby restraining the market growth. Over-the-Counter (OTC) testing is being termed as an important trend driving the growth of point of care diagnostics market. FDA has approved OTC test kits for cholesterol, fecal occult blood, pregnancy and HIV/HCV. This method would improve the access to testing and early detection of the disease. These testing kits may generate more revenue than prescription tests over the forecast period due to ease of using the kits, increased home care and self-testing, and rise in availability and adoption rate. Point of care devices are regulated by the U.S. Food and Drug Administration (FDA) and all the diagnostic laboratory tests regulated by the clinical laboratory improvement amendments of 1988 (CLIA) that is administered by the centers for Medicare & Medicaid services (CMS). As these devices measure the biomarker levels in the body they are classified as class II (requiring 510[k] approval), or III devices (requiring the more tedious premarket approval). On the contrary, to the stringent approvals by FDA, China has a moderately lenient approval mechanism. Therefore, the top companies are using partnership approach with local vendors and distributors to expand their market share. Major players in the market are Abbott, F. Hoffmann-La Roche, Siemens Healthineers, Danaher and Beckman Coulter. The countries covered in the global point-of-care diagnostics devices and equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, Australia. The regions covered in the global point-of-care diagnostics devices and equipment market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global point-of-care diagnostics devices and equipment market is segmented - 1) By Type: Infectious disease testing kits, Cardio metabolic monitoring kits, Cholesterol testing kits, Pregnancy and fertility tests kits, Tumor/cancer markers, Urinalysis testing kits, Hematology testing kits, Drugs of abuse testing kits, Fecal occult testing kits, Others 2) By End User: Professional diagnostic centers, Hospitals/critical care centers, Outpatient healthcare Setting, Ambulatory care settings, Research laboratories, Home 3) By Prescription Mode: Prescription-based Testing Devices, Over-The-Counter (OTC) Testing Devices

The cardiovascular surgery devices and equipment market consists of sales of cardiovascular surgery devices and related services. Cardiovascular surgery devices and equipment are used in cardiac surgery and other cardiovascular procedures performed to repair structural defects of the cardiovascular system of the heart and its damaged or blocked valves and vessels. Cardiovascular surgery devices are divided into perfusion disposables, beating heart surgery systems, cardiopulmonary bypass equipment and cardiac ablation devices. The global cardiovascular surgery devices and equipment market is expected to grow from $16.58 billion in 2020 to $18.46 billion in 2021 at a compound annual growth rate (CAGR) of 11.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $23.1 billion in 2025 at a CAGR of 5.8%. Rising geriatric population along with the rising deaths related to cardiovascular disorders is driving the cardiovascular surgical devices market. According to American Heart Association (AHA), in the US, approximately 43.7 million aged above 60 suffered from cardiovascular disorders. It is also reported by AHA that death related to cardiac diseases amount to 17.3 million per year and is expected to rise to more than 23.6 million by 2030, world-wide. Due to these factors, higher number of surgeries are being performed, thereby driving the market. The cardiovascular surgical devices market may be restrained due to stringent and longer approval process by the regulatory authorities. According to a researcher from Harvard Business School, innovative first-mover products such as implantable defibrillators or trans-catheter heart valves are delayed for approvals by FDA, thereby adding to the development cost to the manufacturer. For new cardiovascular devices (first-entrants), the innovator spends 7.2 months longer than the first follow-on innovator. For example, Edwards Lifesciences trans-catheter heart valve, was approved in Europe 4 years before it was approved in the USA. The study also estimated the financial loss associated with the delay in getting the approval. The delay may cost firms an average of $6.7 million to the already existing $94 million average price to introduce a new medical device to market, thereby hampering companies’ pursuit on new innovations. Companies in the cardiovascular surgery devices and equipment market are investing in second generation bioresorbable stents and as well rectifying the glitches which occurred in the earlier version of bioresorbable stents. This advancing segment is poised to garner $247 million by 2025. Due to the all-new device features such as thinner strut thicknesses, faster resorption times, and better radial force, these are expected to grow at a higher growth rate. A higher elective procedure volume due to the less-invasive nature of PCIs when compared to coronary artery bypass grafting is expected to drive bioresorbable stents adoption. For instance, Amaranth Medical has developed three medical devices with thinner strut thickness, latest bearing a magnitude of 100 microns. The U.S. Food and Drug Administration’s (FDA) Center for Devices and Radiological Health (CDRH) made public, its priority list for medical device guidance documents. This would allow the companies in promoting innovation and as well save them from the stringent consequences of non-approval of any product. Thus, a clearer and transparent approval method would drive the cardiovascular surgical devices market in the future. Major players in the market are Abbott Laboratories, Boston Scientific Corporation, Cook Medical, C.R.Bard and Abiomed. The countries covered in the global cardiovascular surgery devices and equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, Australia. The regions covered in the global cardiovascular surgery devices and equipment market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global cardiovascular surgery devices and equipment market is segmented - 1) By Product Type: Beating heart surgery systems, Cardiopulmonary Bypass Equipment, Cardiac Ablation Devices, Perfusion Disposables 2) By End User: Home and Ambulatory Care, Hospitals, Diagnostic Laboratories, Research Laboratories 3) By Application: Congenital Heart Defects, Cardiac Arrhythmia, Coronary Heart Disease, Congestive Heart Failure, Other Applications

The therapeutic dental equipment market consists of sales of therapeutic dental equipment and related services. Therapeutic dental equipment is used for the treatment of dental diseases. The key products include dental lasers, soft-tissue laser systems, diode lasers systems, CO2 lasers systems, YAG laser systems, and all-tissue (hard/soft) laser systems. The global therapeutic dental equipment market is expected to grow from $0.08 billion in 2020 to $0.1 billion in 2021 at a compound annual growth rate (CAGR) of 25%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $0.12 billion in 2025 at a CAGR of 4.7%. The changing lifestyles and unhealthy habits of people has increased the instances of oral disease & has increased the demand for dental and oral care. The major lifestyle changes that has stimulated periodontal diseases include smoking, inadequate oral hygiene, and unawareness about dental health. Diabetes is also one of the major reason for oral diseases. With increasing diabetic population, which is estimated to rise by 154% (415 million in 2015 to 642 million in 2040), the need for periodontal care is expected to rise. These lifestyle change along with rising diabetes prevalence are expected to increase the demand for dental care and surgeries thereby driving the therapeutic dental market. The painless procedure using dental lasers have complications that affect the tooth and the surrounding dental region. Tooth surface, dental pulp, subcutaneous and submucosal layers are some of the regions prone to adverse effects during the use of dental lasers. Necrosis of the pulp, bone resorption, hypo/hyperpigmentation, scarring among others are the complications associated with dental lasers. In addition to this, the micro-hardness of the tooth walls is also affected, resulting in surface cracks of the tooth. Due to these effects, the growth of the therapeutic dental market is expected to be restrained in the future. There have been continuous technological advancements in dental lasers that is resulting in a positive impact on the growth of the dental laser industry. For instance, in 2020, Summus Medical Laser, the leading provider of high-powered laser therapy products, launched the horizon dental laser system, the first Class IV therapy laser system designed specifically for the dental industry. Development of such new technologically advanced devices will augment industry growth. In the USA, manufacturers of laser devices in the medical device industry must comply with Title 21 Code of Federal Regulations (CFR). As per the Title 21 Code of Federal Regulation, the performance standard and specific purpose of the laser product must also be mentioned along with other records on calibration that are provided to the customers. Daheng Group Inc. recalled its Diode Laser Therapy System and Dental Laser Therapy System as it failed to comply with 21 CFR 1040.11 and did not provide calibration procedures to purchasers. In the UK, institutions employing laser for dental surgeries must register with the Care Quality Commission and the National Minimum Standards and Regulations for Independent Health Care 2002 states all the standards (C1 to C32) that are a mandate to all hospitals and dental clinics that use lasers. According to the core standards, the operators must have patient guide explaining the benefits and risk of laser, statement of treatment policy, management and personnel, a complaints procedure, premises, facilities and equipment management, risk management procedure and research strategy in place. Major players in the market are AMD Lasers, Biolase Technology, Inc, Danaher Corporation, Dentsply Sirona and Planmeca Group. The countries covered in the global therapeutic dental equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, Australia. The regions covered in the global therapeutic dental equipment market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global therapeutic dental equipment market is segmented - 1) By Product: Soft Tissue Lasers, All Tissue Lasers 2) By End User: Hospitals, Clinics, Dental Laboratories 3) By Therapeutic Area: Restorative Dentistry, Orthodontics, Endodontics, Other Therapeutic Areas

The dental diagnostic imaging devices and equipment market consists of sales of dental diagnostic imaging devices and equipment. The dental diagnostic imaging devices use technology that creates visual representation of the inner body of tooth for clinical analysis. These devices are used for better analysis of dental problems such as tooth decay, tooth erosion and gum disease. The global dental diagnostic imaging devices and equipment market is expected to grow from $1.65 billion in 2020 to $1.94 billion in 2021 at a compound annual growth rate (CAGR) of 17.6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $2.66 billion in 2025 at a CAGR of 8.2%. The growing awareness on dental health care has led to demand for proper healthcare system with upgraded devices. The dental diagnostic imaging devices help to meet the oral healthcare demands of people and will drive the market growth. These imaging devices helps to reduce shorten the recovery time for a patient and also result in less pain when compared to earlier methods of diagnosing dental problems. According to Adults Oral Health & Well-being Survey, 85% Americans believe that oral health is extremely important among which only 15% were satisfied with their current oral health. This indicates that people look for better dental care now and are aware of the importance of oral healthcare. The lack of consumer awareness on the available dental diagnostic imaging devices in many developing economies is restraining the dental diagnostic imaging market growth. People in many developing countries tend to neglect dental problems due to lack of awareness. This attitude affects the health and also the growth of dental diagnostic imaging device market as the use and procurement of these devices is affected negatively. For example, WHO has provided technical and financial support to the Ministry of Public Health and Education in conducting a series of workshops and campaigns on oral health for school teachers in Kabul city. The aim of these workshops is to raise awareness of oral health and prevention of negligence towards the dental problems. The need for precise diagnostic tools has given rise to innovation in dental imaging technology such as cone beam computed tomography (CBCT) and magnetic resonance imaging and others. These new techniques have helped in better examination of complex facial structures and early diagnosis of dental diseases. For example, on 19 January 2018, The All India Institute of Medical Sciences (AIIMS) started use of Cone Beam CT (CBCT) scan facility that would help dental surgeons in increasing the efficiency of their dental surgeries. These devices provide a 3D image of the patient's jaw to get precise knowledge of the problem before the surgery is performed and helps in safe and better treatment outcome. Various government reforms and organizations are currently focusing on dental care safety and aim to reduce oral health care problems. For example, FDA's Center for devices and radiological health is responsible for regulating firms who manufacture, repackage or import medical devices sold in the United States. Also, CDRH regulates medical devices such as radiation-emitting electronic products such as lasers, X-ray systems, and ultrasound equipment. Major players in the market are Carestream Health, Inc., Fujifilm Holdings Corporation, Hitachi Medical Corporation, Siemens Healthcare and GE Healthcare. The countries covered in the global dental diagnostic imaging devices and equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, Australia. The regions covered in the global dental diagnostic imaging devices and equipment market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global dental diagnostic imaging devices and equipment market is segmented - 1) By Method: Intraoral Imaging, Extraoral Imaging 2) By end users: Hospitals, Dental Clinics, Forensic Labs, Others 3) Technology: X-Ray Systems, Dental Cone Beam Computed Tomography, Magnetic Resonance Imaging, Others

The dental surgical devices and equipment market consists of sales of dental surgical devices and equipment. Dental surgical devices and equipment are used for the treatment of problems related to dental caries, cavities, tooth decay, periodontitis, gingivitis, oral candidiasis, xerostomia, and other forms of oral cancers and injury. This includes examination instruments, retractors, dental hand-pieces, dental lasers and others. This market does not include therapeutic dental equipment, general dental devices and equipment and dental diagnostic imaging devices and equipment. The global dental surgical devices and equipment market is expected to grow from $4.03 billion in 2020 to $4.72 billion in 2021 at a compound annual growth rate (CAGR) of 17.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $6.37 billion in 2025 at a CAGR of 7.8%. The rise in dental diseases is the driving force in the dental surgical devices Market. Oral diseases are the most common non-communicable diseases (NCDs) and affect people throughout their lifetime, causing pain, discomfort, disfigurement and even death. According to the international journal of dentistry (2019), dental caries affects 60–90% of school children in both developing and developed countries. Moreover, studies have shown that the prevalence of dental caries was up to 83.3% among Middle-Eastern school children. The periodontal (gum) disease, which may result in tooth loss, was estimated to be the 11th most prevalent disease globally. All these diseases require suitable surgical procedures involving various dental surgical instruments. The rise in dental diseases coupled with the rising demand for cosmetic dentistry is expected to drive the market in the forecast period. High costs associated with dental surgical procedures such as implants, periodontal surgery, root canal, laser whitening along with less favourable reimbursement policies are the factors which may hinder the growth of dental surgical devices market. The dental implants on an average costs around $2000 to $34,000. The additional costs associated with X-ray, scans, tests and consultation fee increases the total cost of the surgical procedure. Due to these high costs, the surgical devices market may find the growth to be challenging. Increasing number of companies are investing in 3D Printing technology in dental surgical devices and Instrument market. 3D printing technology is process of making complex 3-D structures by laying down thin layers of raw material in succession. In this market, 3D Printing technology is used for the production of drill guides for dental implants, the preparation of physical models for prosthodontics, orthodontics and surgery, the production of dental, craniomaxillofacial and orthopedic implants, and the fabrication of copings and frameworks for implant and dental restorations. The major players are using 3D Printing technology to produce devices like 3D printed braces, dental crowns and implants as well. For example, ArchForm, a teeth-aligner software startup allows the orthodontists to create, design and 3D print aligners within their own offices. According to the company’s customer base, approximately 75% of orthodontists already have 3D printers with software. The US FDA regulates material that is being used in manufacturing of dental devices and instruments apart from regulating the devices in USA. The dental materials cleared by the FDA fall into one of two classes: Class I which signifies minimum to no risk, and Class II that indicates some risk. Materials in class II include alloys, ceramic and polymers, all those that take final form in the hands of a practitioner or lab. Carbon’s new 3D printable DENTCA resins have been approved by the FDA. However, the material approval process takes extra time in overall launch of the product in the market. Major players in the market are Sirona, Planmeca, DentalEZ, KaVo Group and LM Dental. The countries covered in the global dental surgical devices and equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, Australia. The regions covered in the global dental surgical devices and equipment market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global dental surgical devices and equipment market is segmented - 1) By Type: Handheld Instruments, Handpieces, Lasers, Electrosurgical Systems, Ultrasonic Instruments 2) By End User: Hospitals, Dental Clinic, Diagnostic Centres, Others 3) By Application: Bone Abnormalities, Reconstructive Post-Mortem Dental Profiling, Cysts, Comparative Dental Identification, Fractures

The cataract surgery devices and equipment market consists of sales of cataract surgery devices and equipment and related services. Cataract surgery devices and equipment include instruments used for performing cataract surgeries such as small incision cataract surgery and extra capsular surgery in the treatment of cataract, a condition in which the lens of the eye becomes progressively opaque, resulting in blurred vision. This market does not include vision care devices and equipment, refractive surgery devices and equipment and diagnostic & monitoring ophthalmic devices and equipment. Femtosecond Lasers used in cataract surgery are included in this market. The global cataract surgery devices and equipment market is expected to grow from $4.99 billion in 2020 to $5.62 billion in 2021 at a compound annual growth rate (CAGR) of 12.6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $7.16 billion in 2025 at a CAGR of 6.2%. The major growth driver for this industry has been the global ageing population. In 2019, there were 703 million persons aged 65 years or over in the global population. This number is projected to double to 1.5 billion in 2050. The cases of cataract in the geriatric population also expected to increase in the same proportion. According to World Health Organization, the number of cataract cases are expected to increase by 78% by 2050 in the U.S. alone. This presents a huge market for the cataract surgery equipment manufacturers in the near future by expanding the customer base due to the fast growing geriatric population. For instance, the population of China is getting older faster than anywhere else in the world, this presents a huge market for the cataract surgery device manufacturers in China. Major challenge that is faced by this industry is the low level of awareness about eye disorders, especially cataract. Many people do not have proper knowledge about the symptoms of cataract and do not get the treatment done. This leads to potential revenue loss for the cataract surgery device manufacturers because of low number of end users. For example, as per a study done by NCBI, out of 1552 respondents 89.9% had heard of cataract but only 42% were aware of any symptom of cataract, low awareness of cataract symptoms acts as a major restraint for the cataract surgery equipment industry. The cataract surgery devices and equipment industry has witnessed many positive changes introduced by the market players, the most prominent one being the introduction of laser technology. The laser assisted cataract surgery is used to gather information about the lens, to make the corneal incision and for the opening in the lens capsule. The advent of laser technology has caused a significant impact over this industry by bringing in new levels of safety and accuracy and advancing cataract surgery. Femtosecond laser platforms have significantly contributed to the precision of cataract surgeries being performed and may soon surpass the traditional hand-held surgeries. For example, Abbott laboratories which lacked this technology, acquired Optimedica for $250 million to enter laser cataract surgery devices market after witnessing the huge demand and benefits of laser technology. The ophthalmology and medical equipment industry is subject to numerous stringent regulations and the cataract surgery device equipment manufacturers are no exception. These manufacturers need to comply with several regulations of which the European Medical Device Directives and the U.S. Health Care Compliance are the most prominent ones. The European Medical Device Directive requires a manufacturer to meet the harmonized standards for placing their devices in the European market. Similarly the U.S. Health Care Compliance has laid down certain guidelines related to standards of business conduct to be followed by the Pharmaceutical manufacturers. The Medicines and Healthcare products Regulatory Agency (MHRA), which regulates the safety of medical devices in the UK, has issued an urgent notice to Carl Zeiss Meditec, for voluntarily recalling a small batch of its intraocular lenses (IOL). The recall was initiated after the manufacturer detected mislabelling of its IOL, Aaren Scienfific EC-3 hydrophobic lens with a wrong dioptric power. Therefore, the manufacturers need to comply strictly with correct labelling of dioptric power on the IOLs. In 2018, Carl Zeiss Meditec acquired IanTECH for an undisclosed amount. The acquisition would strengthen Carl Zeiss’ position in the cataract surgery portfolio as IanTECH focuses on technology solutions for micro-interventional cataract surgery. IanTECH is expected to complement Zeiss’ leading portfolio of equipment and consumables in cataract surgery. IanTECH specializes in endocapsular lens fragmentation and micro-interventional technology for cataract removal and eye treatment. It is headquartered in Reno, Nevada, USA. Major players in the market are Alcon, Inc., Abbott Laboratories, Carl Zeiss Meditech AG, Essilor International S.A. and Opcon Corporation. The countries covered in the global cataract surgery devices and equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, Australia. The regions covered in the global cataract surgery devices and equipment market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global cataract surgery devices and equipment market is segmented - 1) By Type: Intraocular Lens (IOL), Ophthalmic viscoelastic device (OVD), Phacoemulsification Equipment, Femtosecond Laser Equipment 2) By Application: Ophthalmology Centers, Hospitals, Clinics 3) By Surgery Type: Extracapsular Cataract Extraction, Phacoemulsification, Femtosecond Laser, Others