Cataract Surgery Devices Market Overview
The global cataract surgery devices market is estimated to acquire a valuation of USD 4.5 billion during the forecast period, while flourishing at a robust CAGR of over 0.055% during the review timeframe.
A cataract refers to an eye illness that can cause the eyes’ cloud. The development stage causes vision dimming and might lead to complete vision loss. The surgery is useful for the treatment of cataracts. The global cataract surgery devices market has witnessed enormous growth in the past few years. The market’s growth is mainly credited to the growing occurrence of cataract surgeries worldwide.
Furthermore, the consistent development in the field is another crucial aspect of boosting the market’s growth over the assessment era. Moreover, the rapid growth in demand for minimally invasive procedures and the adoption of surgeries in developing economies are also anticipated to enhance the market’s growth over the coming years. On the other hand, high costs associated with the procedures might impede the cataract surgery devices market growth.
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Cataract Surgery Devices Market Segment Analysis
The global market for cataract surgery devices has been divided into several segments based on product, end-user, and region.
Based on product, the global cataract surgery devices market has been fragmented into phacoemulsification equipment, intraocular lenses, and ophthalmic viscoelastic devices.
Based on end-user, the cataract surgery devices market is divided into opthamalagic centers, clinics, and hospitals.
Cataract Surgery Devices Market Regional Analysis
As per the MRFR reports, the North American region is estimated to hold the top position in the global cataract surgery devices market over the assessment era. The regional market has major markets such as Canada and the U.S. The regional market’s growth is attributed to the occurrence of cataracts in the elderly population. Furthermore, the growing investments in the cataract market are also likely to boost the regional market’s growth.
The cataract surgery devices market for the Asia-Pacific region is estimated to exhibit the fastest growth over the assessment period. The region has numerous opportunities to offer to the market players. However, poor reimbursement is likely to be a major challenge for the regional market’s growth.
The European region is projected to register substantial growth over the review timeframe. The regional cataract surgery devices market growth is attributed to the massive investments for cataract surgeries and the growing adoption of new cataract surgeries.
Cataract Surgery Devices Market Competitive landscape
The global cataract surgery devices market for cataract surgery devices has an incredibly strong landscape. The players in the global market are cantered on growing their global market reach and thus implement numerous expansion policies such as mergers and collaborations. Furthermore, with the rapid growth in demand for advanced technologies, the players across the market are making heavy investments in research & development activities to launch new products. The global cataract surgery devices market has prominent leaders such as STAAR Surgical Company (U.S.), Bausch & Lomb, Inc. (U.S.), Opcon Corporation (Japan), Carl Zeiss Meditech AG (Germany), Alcon, Inc. (the U.S), NIDEK Co., Ltd. (Japan), Allergan, Inc. (U.S.), Essilor International S.A. (France), Abbott Laboratories (U.S.), and several others.
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An eyecare technology company concentrating on designing innovative solutions meant to change standards of care and enhance patients’ lives, Sight Sciences, Inc., has introduced its “Don’t Wait for Too Late” educational campaign intended to increase awareness among the optometric community of minimally invasive glaucoma surgery (MIGS) as a primary surgical intervention for glaucoma. Glaucoma, called the unspoken thief of sight, is the leading reason for irreversible blindness across the globe. Vision loss from glaucoma is irreversible, so early mediation is crucial to protecting sight. Conventionally, early intervention in glaucoma has been restricted initially to prescription eye drops, with surgery taken for more serious cases. On the other hand, prescription drugs are only efficient if taken as prescribed, and compliance can be a major issue.
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