Cataract Surgery Devices Market is Witnessing High Demand Due to the Rapid Technological Advancements in Healthcare Industry

The study provides an in-depth analysis along with the current trends and future estimations of the market to elucidate the imminent investment pockets. Comprehensive analysis of the factors that drive and restrict the market growth are provided in the report. The quantitative analysis of the industry for the period of 2016 to 2023 is provided to enable stakeholders to capitalize on the prevailing market opportunities. Extensive analysis of key segments of the industry is provided to understand the type of techniques and methods used across the globe. Key market players and their strategies are analyzed to understand the competitive outlook of the market.

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According to a new report published by Allied Market Research, titled, Cataract Surgery Devices Market by Product, Type, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023," the cataract surgery devices market was valued at $7,025 million in 2016, and is projected to reach $9,587 million by 2023, growing at a CAGR of 4.3% from 2017 to 2023. The intraocular lenses (IOLs) segment accounted for half share of the global market in 2016.

Top Dominating Key Players:

Abbott Laboratories
Novartis AG
Carl Zeiss Meditec AG
Essilor International S.A.
HAAG-Streit Holding AG
Johnson & Johnson

Top Impacting Factors:

Due to the rapid technological advancements in healthcare industry and the growth in geriatric population, the cataract surgery devices market is expected to have a healthy growth rate during the forecast period. In addition, due to the high population of individuals aged 65 years and above in Asia-Pacific, this region is expected to grow at a high growth rate during 2017-2023.

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Top Investment in Pockets:

Asia-Pacific witnessed the highest growth rate in the global market from 2017 to 2023. This is attributed to growth in awareness related to cataract as well as due to the introduction of novel cataract surgery procedures. For instance, in 2012 bladeless cataract surgery was introduced in India. However, laser-assisted cataract surgery was not widely accepted at the beginning, nevertheless after the introduction of many reimbursement schemes by the government and increase in awareness, laser-assisted cataract surgeries are accepted widely in the Asia-Pacific.

Segment Review:

The consumables segment generated the highest revenue in 2016 accounting for two-thirds share of the global market, and is anticipated to dominate the market throughout the forecast period. This is attributed to the increase in demand for cataract surgeries, which in turn boost the growth of the consumables segment.

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The ophthalmology clinics segment accounted for the three-eighths share of the global market in 2016, and is expected to register the highest CAGR of 4.7% during the forecast period. This is attributed to the increase in awareness among individual due to the various camps and activities conducted by ophthalmology clinics. In addition, ophthalmology clinics also has a vast range of cataract surgical equipment, which are mostly scarce in hospital settings.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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