Portland, OR, July 15, 2019 (GLOBE NEWSWIRE) -- According to the report by Allied Market Research, the global cataract surgery devices market garnered $7.44 billion in 2017 and is expected to garner $9.58 billion by 2023, registering a CAGR of 4.3% from 2017 to 2023. The research provides a detailed analysis of changing market dynamics, key segments, top winning strategies, and competitive landscape.
Surge in prevalence of cataract diseases, advancements in technologies of ophthalmic devices, and rise in focus on customer education and training drive the growth in the market. However, high costs related to cataract surgeries and low awareness regarding eye disorders limit market growth. On the other hand, untapped potential in developing economies offer new opportunities for market players.
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Based on product, the intraocular lenses segment held the largest revenue share in 2017, contributing nearly half of the total market share. This segment would continue its dominating position throughout the forecast period. On the other hand, the phacoemulsification systems segment would grow at the highest CAGR of 4.6% from 2017 to 2023. The report also analyzes ophthalmic viscoelastic devices.
Based on type, the consumables segment contributed to the major market share in 2017, accounting for more than two-thirds of the market, and will maintain its dominating position during the forecast period. However, the equipment segment is estimated to register the fastest CAGR of 4.6% during the forecast period.
Based on end-user, the ophthalmology clinics segment held the major market share, accounting for more than one-third of the total market share in 2017, and will maintain its lead position throughout the forecast period. This segment is expected to register the fastest CAGR of 4.7% from 2017 to 2023. The research also analyzes hospitals and ambulatory surgery centers.
North America held the major market share in 2017, accounting for nearly one-third of the total market share. This region would continue its leadership position throughout the forecast period. Contrarily, the Asia-Pacific region would grow at the highest CAGR of 5.9% from 2018 to 2024.
Leading market players analyzed in the research include Abbott Laboratories, Carl Zeiss Meditec AG, Novartis AG, HAAG-Streit Holding AG, Essilor International S.A., Nidek Co., Ltd., Johnson & Johnson, Valeant Pharmaceuticals International, Inc., Topcon Corporation, and Ziemer Ophthalmic Systems AG.
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Allied Market Research (AMR) is a full-service market research and business -consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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