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.
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Cataract is a condition in which clouding of the lens occurs. Cataract surgery devices are instruments and consumables, such as intraocular lens (IOLs), salt solutions, forceps, syringe, liquids for scrubbing, and various hand pieces, which aid in a cataract surgery. These surgery devices help enter vitreous cavity and separating the natural lens from the cavity.
Increase in incidences of diseases such as diabetes, obesity, and hypertension. In addition, the growth in geriatric population also boosts the growth of the market as geriatric population is more prone to cataract ailments. However, dearth of skilled professionals restrain the growth of the market. Moreover, government and non-profit organizations introduce programs to reduce the burden of cataract-related diseases globally, which create lucrative opportunities for key market players.
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.
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.