A cataract is a disorder related to the eye in which clouding of the eye lens is observed, which results in permanent vision loss. Cataract surgery is the removal of the clouded natural lens and includes insertion of the intraocular lens. Generally, the treatment includes replacing the natural lens with an artificial lens that helps restore a vision of the eye. Eradicating the cataract by surgery is the only option to restore vision and see the world again. The growing geriatric population and technological advancements are the principal factors that will propel the growth of the cataract surgery devices market in the coming future. The rising awareness among people regarding eye disease will also increase the market demand in the coming years. The rise in the population aged 60 and above will increase the prevalence of the disease, therefore enhancing the treatment rate, which would fuel the market growth. On the contrary, the shortage of skilled professionals and limited awareness regarding cataract disorders, majorly in developing countries, limit the growth of the cataract surgery devices market. The Cataract Surgery Devices Market is estimated to grow at the rate of 4.9% CAGR by 2026.
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Cataract Surgery Devices Market based on Product
- Intraocular Lens (IOL)
- Ophthalmic Viscoelastic Device (OVD)
- Femtosecond Laser Equipment
- Phacoemulsification Equipment
Cataract Surgery Devices Market based on End-Users
- Hospitals & Clinics
- Ophthalmology Centers
Cataract Surgery Devices Market based on Geography
- North America
- Asia Pacific
- Rest of the World
As in the cataract surgery devices market based on product, the market products include Intraocular Lens (IOL), Ophthalmic Viscoelastic Device (OVD), Femtosecond Laser Equipment, and Phacoemulsification Equipment. Among them, the intraocular lens segment is expected to have the largest share in the market. This is due to the several products providing different cost ranges offered by local and global manufacturers. Moreover, the increasing demand for the intraocular lens from the various developed countries is also augmenting the segment growth.
As per the market by end-users, the market is furcated into hospitals & clinics and ophthalmology centers. The hospitals & clinics segment holds the largest share of the cataract surgery devices market. The maximum share is majorly ascribed to the rising number of cataract eye disorders worldwide, which will increase the number of surgeries in hospitals and clinics. Few factors such as improving healthcare infrastructure in emerging countries and the growth in the number of advanced healthcare facilities are estimated to fuel the adoption of cataract surgery devices in hospitals and clinics, propelling the growth of this segment over the forecast period.
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North America is projected to lead the overall market share throughout the forecast period. The market growth is owing to the factors such as the high incidence of cataracts in the region, improved healthcare infrastructure, increased disposable income, beneficial reimbursement policies.
The cataract surgery devices market is significantly compelled by the increasing number of people suffering from cataract problems worldwide. Since according to a study, the major reason for blindness among a substantial population is cataract. Also, the rising accessibility of cataract surgeries due to the increasing awareness about the disorder and improving healthcare infrastructure is projected to escalate the demand for cataract surgery devices, enhancing market growth.
This report includes the profiles of the major competitors of the cataract surgery devices market: Valeant Pharmaceuticals International, Inc., Johnson & Johnson Services, Inc., Carl Zeiss Meditec AG, Ziemer Ophthalmic Systems AG, HumanOptics AG, Essilor International S.A., Nidek Co., Ltd., HAAG-Streit Holding AG, Topcon Corporation, and Novartis AG.
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