Global Cataract Surgery Devices Market – To Increase at Steady Growth Rate
The Infinium Global Research analyzes the Cataract Surgery Devices Market over the period of 2019 to 2025. This report also provides detailed qualitative and quantitative analyses of the market dynamics, market size and future trends in global cataract surgery devices market. It will help a lot of decision makers to develop strategies and find new opportunities in the global markets of cataract surgery devices. The report covers market changing aspects including drivers, restraints, opportunities, and trends expected to encouragement the expansion of the cataract surgery devices market during the period. The global cataract surgery devices market is projected to grow at a CAGR of 5.1% over the forecast period of 2019-2025.
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Cataract surgery is a procedure for the removal of the eye lens and replaces it with an artificial lens. A cataract is a medical situation that causes opaque vision. Although many cases of cataract are related to the ageing process. It can also occur in newborn children, or a cataract may develop after eye injuries, inflammation, and some other eye diseases. Cataract surgery can be done by ultrasound energy to take out the cloudy lens or by laser-assisted technology. Owing to the safe treatment procedures with advanced devices rate of cataract surgery has increased with a significant rate in the last decade.
The Need of Cataract Surgery Creating Opportunities for the Growth of the Cataract Surgery Market
The cataract surgery devices market is expected to grow at a high rate in the forecast period. The rising number of geriatric population and the increasing cases of ocular conditions is one of the major factor driving the growth of the market. According to WHO cataract is responsible for 51 per cent of world blindness, which represents about 20 million people in 2010. Additionally, According to WHO the proportion of the world’s population over 60 years will nearly double from 12% to 22% between 2015 and 2050 and the number of people aged 60 years and older will outnumber children younger than five years.
Moreover, initiatives are taken by WHO to eliminate the barriers to access eye care, to provide guidance and technical support of the development of comprehensive eye care systems to address the burden of cataract and other chronic eye diseases boosting the growth of cataract surgery devices market. On the other hand, the high cost associated with the surgical devices and cost of surgery can hamper the growth of the market. However, the rising need for cataract surgery due to the prevalence of cataracts globally will provide a better opportunity for the market.
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Hospitals Hold the Maximum Share During the Forecast Period
Cataract surgery devices market is segmented on the basis of product and end-user. Based on the product, the market can be segmented into the ophthalmic viscoelastic device (OVD), phacoemulsification equipment, femtosecond laser equipment and intraocular lens (IOL). Currently, intraocular lens (IOL) dominates the market, owing to the high demand for cataract surgery. Based on end-user, the market can be bifurcated into hospitals, ophthalmology clinics, and ambulatory surgery centres (ASCs). Hospitals hold the maximum share of the segment, owing to the availability of affordable surgical facilities.
North America is Expected to Lead the Market During the Forecast Period
Geographically, the cataract surgery devices market is segmented into North America, Europe, Asia-Pacific, and RoW. North America dominated the market and estimated to lead the segment in the forecast period. Well established healthcare facilities rise in per capita expenditure on healthcare and the presence of major market players contributing to the growth of the market. Europe is expected to stay in the second position in the global market. Advanced healthcare facilities and growing awareness about ocular conditions are some factors contributing to the growth of the market in this region. The market in the Asia Pacific is expected to grow with a lucrative rate, large patient pool with eye-related disorders, raising healthcare industries and rising awareness among the people is contributing to the growth of the market.
Cataract Surgery Devices Market: Competitive Landscape
Key players in the market are Abbott Laboratories, Hoya Corporation, Carl Zeiss Meditec AG, Alcon Laboratories, Inc., Essilor International S.A, Novartis AG, Haag-Streit Holding AG, Johnson & Johnson, NIDEK Co Ltd, Topcon Corporation and others.
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=> Comprehensive analysis of global as well as regional markets of the cataract surgery devices.
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=> Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus on investing, consolidate, expand and diversify.