Allied Market Research

Cataract Surgery Devices Market Expected to Reach $9,587 Million by 2023

According to a new report published by Allied Market Research, titled, Cataract Surgery Devices Market by Product, Type, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023," the cataract surgery devices market was valued at $7,025 million in 2016, and is projected to reach $9,587 million by 2023, growing at a CAGR of 4.3% from 2017 to 2023.


Portland, OR -- (SBWIRE) -- 09/25/2017 -- Cataract is a condition in which clouding of the lens occurs. Cataract surgery devices are instruments and consumables, such as intraocular lens (IOLs), salt solutions, forceps, syringe, liquids for scrubbing, and various hand pieces, which aid in a cataract surgery. These surgery devices help enter vitreous cavity and separating the natural lens from the cavity.

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Increase in incidences of diseases such as diabetes, obesity, and hypertension. In addition, the growth in geriatric population also boosts the growth of the market as geriatric population is more prone to cataract ailments. However, dearth of skilled professionals restrain the growth of the market. Moreover, government and non-profit organizations introduce programs to reduce the burden of cataract-related diseases globally, which create lucrative opportunities for key market players.

The consumables segment generated the highest revenue in 2016 accounting for two-thirds share of the global market, and is anticipated to dominate the market throughout the forecast period. This is attributed to the increase in demand for cataract surgeries, which in turn boost the growth of the consumables segment.

The ophthalmology clinics segment accounted for the three-eighths share of the global market in 2016, and is expected to register the highest CAGR of 4.7% during the forecast period. This is attributed to the increase in awareness among individual due to the various camps and activities conducted by ophthalmology clinics. In addition, ophthalmology clinics also has a vast range of cataract surgical equipment, which are mostly scarce in hospital settings.

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