Cataract Surgery Devices Market on position to touch $9,587 Million, Worldwide by 2023

Cataract is an eye-related disease in which clouding of the eye lens is observed that leads to loss of vision. Cataract surgery is the removal of clouded natural lens, and involves implantation of intraocular lens.

Cataract Surgery Devices Market was valued at $7,025 million in 2016, and is expected to reach $9,587 million by 2023, registering a CAGR of 4.3% from 2017 to 2023.

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The devices and instruments such as phacoemulsification systems, ophthalmic viscoelastic devices, drapes, gloves, balanced salt solution, forceps, irrigation set, and intraocular lenses, which aid in this cataract surgical procedure is known as cataract surgery devices, as these serve as an appropriate instrument for such eye defects and cause no harm to cornea. According to WHO, one of the major causes of visual impairment is unoperated cataract, which constitutes to about 33% of the total global population as of 2014. Moreover, 90% of the visually impaired people live in developing economies.

Increase in prevalence of cataract disease as well as technological advancements in ophthalmic devices drive the market. In addition, the rise in geriatric population worldwide boost the market growth. Lack of healthcare insurance and less awareness among individuals regarding the benefits of cataract surgery impede the growth of the cataract surgery devices market. However, high cost associated with cataract surgeries especially in developing economies, such as India, China, Brazil, and South Africa also restrict the growth of the market. Moreover, governments introduce programs to reduce the burden of cataract-related diseases, which create lucrative opportunities for key market players

The global cataract surgery devices market is segmented based on product, type, end user, and region. Based on product, the market is divided into intraocular lens (IOL), ophthalmic viscoelastic device (OVD), and phacoemulsification equipment. Based on type, the market is classified into equipment and consumables. Based on end user, the market is categorized into hospitals, ophthalmology clinics, and ambulatory surgery centers.

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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.

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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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