Cataract Surgery Devices Market Value to Grow $9,587 Million by 2023 : Allied Market Research

"Due to the rapid technological development of the medical industry and the increase in the elderly population, the market for cataract surgery equipment is expected to show a good growth rate during the forecast period. The region is expected to grow at a high rate of growth between 2017 and 2023 due to an aging population of over 65 in the Asia Pacific region."

A new report "Cataract Surgery Devices Market by Product, Type, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023", published by Allied Market Research. 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.

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When a cataract occurs, a lens cloud occurs. Cataract surgery devices are tools and supplies such as intraocular lenses (IOLs), salt solutions, forceps, syringes, cleaning fluids, and various handpieces to aid cataract surgeries. This surgical device enters the vitreous cavity and separates the natural lens from the cavity.

The incidence of diseases such as diabetes, obesity and hypertension increases. The increase in the elderly population also accelerates the growth of the market because the population is prone to cataracts. However, the lack of skilled professionals inhibits market growth. In addition, governments and non-profit organizations have introduced programs to reduce the burden of cataract-related illnesses.

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.

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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Key Findings of the Cataract Surgery Devices Market:

• The phacoemulsification systems segment accounted for one-third share of the total market in 2016 and is expected to grow with a high CAGR of 4.4% during the forecast period.
• The equipment segment is the fastest growing type of cataract surgery devices of global market in 2016, and is expected to grow at a CAGR of 4.6% during the forecast period.
• The U.S. dominated the North America cataract surgery devices market, accounting for the maximum share of the global market in 2016.
• Asia-Pacific is exhibited to grow at a significant CAGR of 5.9% during the forecast period.
• China was the fastest growing country in the Asia-Pacific cataract surgery devices market in 2016, registering a CAGR of 9.3%, and is anticipated to continue this trend during the forecast period.
• The hospitals segment contributed to the highest market share in 2016, registering a CAGR of 4.0% from 2017to 2023.

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.

The key players operating in the global cataract surgery devices market have adopted product launch as their key developmental strategy and have focused on launching innovative products to cater the requirements and strengthen their market share. The major companies profiled in the report include Abbott Laboratories, Novartis AG, Carl Zeiss Meditec AG, Essilor International S.A., HAAG-Streit Holding AG, Johnson & Johnson, Nidek Co., Ltd., Topcon Corporation, Valeant Pharmaceuticals International, Inc., and Ziemer Ophthalmic Systems AG.

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