A cataract refers to the clouding of the eye's natural lens, which lies behind the iris and pupil. It is the most common cause of vision loss in people over the age of 40 years and one of the chief causes of blindness in the world. Cataract is treated with surgical procedures in which the surgeon removes the clouded lens and replaces it with an artificial lens. Cataract surgery is very successful in restoring vision, and thus represents one of the most common surgical procedures. According to IMARC Group’s latest report, titled “Cataract Surgical Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global cataract surgical devices market reached a value of US$ 6.8 Billion in 2017.
The market is driven by an increase in the prevalence of cataract along with technological developments in the field of ophthalmology. Additionally, rise in the geriatric population worldwide is boosting the demand for cataract surgical devices. On the other hand, the high cost associated with the cataract surgeries is likely to restrain the market growth in the developing regions such as India, China, Brazil, and South Africa. However, governments of many countries are now coming up with health schemes and programmes to reduce the burden of cataract-related diseases on the patients, which is further creating lucrative opportunities for the surgical devices manufacturers. Owing to the aforementioned factors, the market expected to reach a value of US$ 8.5 Billion by 2023, exhibiting a CAGR of 3.8%.
The report has segmented the market on the basis of type including Intraocular Lenses (IOLs), femtosecond laser, Ophthalmic Viscoelastic Devices (OVDs), phacoemulsification equipment and others. Amongst these, IOLs represent the most popular product type. The report has further segregated the market on the basis of applications wherein hospitals accounts for the largest share, followed by eye care clinics, and eye treatment and surgical centres. On a regional basis, the report covers North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Currently, North America represents the largest region. The report has also analysed the competitive landscape of the market with some of the key global players being Abbott Laboratories, Hoya Corporation, Carl Zeiss Meditec, Alcon Laboratories, Inc., and Essilor.
This report provides a deep insight into the global cataract surgical devices market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the cataract surgical devices industry in any manner.
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