The Cataract Surgery Devices Market is projected to grow with a CAGR of 4.2% over the forecast period. The growth rate of the market can be attributed to a cohort of factors, such as the growing prevalence of cataract cases and increasing geriatric population who are more prone to ophthalmologic diseases especially cataracts. According to Preventblindness.org, 2019, an estimated 38.5 million entities in the United States will have cataracts by 2032 and the average annual costs related to the treatment of cataracts in the United States is nearly USD 7 billion. With the increasing prevalence of the cataract cases the surgeries increase creating an enormous demand for the devices. For instance, according to LaserSurgeryHub.uk, approximately 330,000 cataract operations are performed each year in England alone. With this huge number of surgeries, the market growth is bound to increase globally. Furthermore, the technological advancements in ophthalmic devices are increasing the comfort levels of the doctors and the patients, having a positive impact on market growth.
Key Market Trends
Phacoemulsification Equipment Segment is Dominating the Cataract Surgery Devices Market.
The dominant share of the Phacoemulsification Equipment is due to the surgeons and patients opting for them over the others due to the advantages. Phacoemulsification cataract surgery is a procedure in which an ultrasonic device is used to break up the cataract, from the eye to improve vision. The benefits of this surgery are that there is no need for hospitalization, smaller incision, no restriction on normal activities, etc. Apart from these advantages, the other factors propelling the segment growth are the increasing prevalence of cataracts and surgeries, increasing the adoption of these devices in Asian Countries like India and China, which are the fastest-growing in the market.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall market, throughout the forecast period. The market growth is due to factors such as the high prevalence of cataract in the region, established healthcare infrastructure, high disposable income, favorable reimbursement policies. The National Institutes of Health (NIH) stated that around 50% of the population will acquire cataracts by the age of 80 years in America. As per the statistics the region is going to maintain its dominance in the market throughout the forecast period.
The Cataract Surgery Devices Market is moderately competetive with several major palyers. Some of the major companies leading the market are Coburn Technologies Inc., Alcon Surgical Resources, Johnson & Johnson, NIDEK, Abbott, Ziemer Ophthalmic Systems, Carl Zeiss Meditech AG, Alcon, Inc.
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