Global Cataract Surgery Devices Market is anticipated to rise at a value CAGR of 4.7% over 2019-2028. According to a study published by Insure Insights on the Global Cataract Surgery Devices Market. Cataract Surgery includes the removal of the eye’s clouded natural lens replaced with an artificial lens so as to restore vision to the eye. Cataract Surgery Devices are those devices that are used during cataract surgeries. It includes devices like phacoemulsification systems, ophthalmic viscoelastic devices, etc. The rise in awareness among the consumers regarding the cataract treatments have driven the market growth.
Top Driver: The rise in the incidences of Ocular disorders throughout the world has driven the market growth
The surge in population growth and the rise in the geriatric population have primarily driven market growth. Increased prevalence of ocular disorders like Diabetic Retinopathy, Glaucoma, Amblyopia have a positive influence on market growth. Product innovation and advances have further escalated market growth. The rise in healthcare expenditure has accelerated the market revenue of the Global Cataract Surgery Devices Market.
Intraocular lenses in the product segment have made the highest segmental growth in the Global Cataract Surgery Devices Market
Based on the Product, Intraocular Lens (IOL) segment has dominated the segmental growth due to the due to the increase in Cataract surgeries worldwide. The rise in the geriatric population, an increase in the incidences of eye defects like myopia, hypermetropia, are further contributed to the growth of the market. The rise in the number of accidents worldwide has further contributed to the segmental growth.
In terms of the End User, Hospitals segment have held the most remarkable growth as most of the patients with ocular disorders are being treated at hospitals, the availability of technologically advanced equipment, and due to the availability of advanced treatment offered in hospitals.
Asia Pacific dominates the regional market due to an increase in the population growth
The significant increase in population growth, especially in countries like China and India, are the primary factors contributing to the regional market growth. Moreover, the rise in the geriatric population and growing medical tourism have escalated the regional market revenue. The advanced healthcare infrastructure in Asian countries, the increase in healthcare expenditure, and the increasing focus of prominent players for Cataract Surgery Devices on Asian countries have expanded the growth in the Asia Pacific region.
Product Launches, new advances Strategic Collaborations, Mergers, and Acquisition, are the major strategies of the competitors
The Players of the Global Cataract Surgery Devices Market is fragmented. Product launches, new advances collaborations, mergers, and acquisitions are strategies used by competitors. The key competitors of the Global Cataract Surgery Devices Market are Carl Zeiss Meditech AG, Bausch & Lomb Inc., Alcon Incorporated, NIDEK Co. Ltd., Essilor International S.A, Opcon Corporation, STAAR Surgical Company, and Allergen, Inc.
Johnson & Johnson: Johnson & Johnson is one of the key competitors of the Global Cataract Surgery Devices Market; for instance, In April 2019, Johnson & Johnson had announced the acquisition of Auris Health, Inc.; the deal was made for USD 3.4 billion. They are a developer of robotic technologies, initially focused on lung cancer. The acquisition was made by Johnson & Johnson to expand its product portfolio with robotics.
Carl Zeiss Meditech AG: Carl Zeiss Meditech AG is a popular competitor in the Global Cataract Surgery Devices Market. In December 2019, Carl Zeiss Medite had announced the acquisition of ArQule; the deal was made for USD 2.7 billion. They are a medical device company. The acquisition was made by Carl Zeiss Meditech AG to strengthen its product portfolio with robotics.
Abbot: Abbot is a key competitor in the Global Cataract Surgery Devices Market. In September 2017, Abbot had announced the merger of Alere; the deal was made for USD 5.3 billion. They are a medical device company. The merger agreement was made to improve its product portfolio
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