Cataract Surgery Devices Market
Number of pages: 100 | Report Format: PDF | Published date: October 03, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
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Report Attribute |
Details |
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Market size value in 2021 |
US$ 5.72 billion |
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Revenue forecast in 2030 |
US$ 11.76 billion |
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Growth Rate |
CAGR of 6.80% from 2022 to 2030 |
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Base year for estimation |
2021 |
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Forecast period |
2022-2030 |
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Segments covered |
Product, Type, End User, and Region. |
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Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
The global cataract surgery devices Market was pegged at US$ 5.72 billion in 2021 and is expected to witness a CAGR of 6.80% during the forecast period.
Market Fundamentals
The eye's natural lens that has acquired an opacification, known as a cataract, is removed during cataract surgery, also known as lens replacement surgery. The natural lens is replaced with an intraocular lens. Cataracts can occur as individual ages due to natural eye lens changes. Cataracts due to ageing can appear between 40 and 50 years. It is also caused from trauma due to severe eye injury in the lens.
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Market Dynamics
The prevalence of chronic diseases such as diabetes, ageing population, and increased awareness of visual impairment are all factors increasing the incidence of cataracts, eventually driving the expansion of the global cataract surgery devices market. Health authorities, particularly from the middle-income and low-income nations, are working to raise awareness of visual impairment and to promote eye care and treatment at reduced or no cost. These are anticipated to accelerate the market expansion for cataract surgery devices in the near future. The global market for cataract surgery devices is restricted by poor medical infrastructure.
Market Ecosystem
The global cataract surgery devices market is analyzed from four perspectives: product, type, end user, and region.
Cataract Surgery Devices Market By Product
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According to the product, the global market for cataract surgery devices is segmented into phacoemulsification equipment, intraocular lenses, ophthalmic viscoelastic devices and femtosecond lasers. The intraocular lens segment holds the largest market share of the global cataract surgery devices market. The potential for better vision is the most significant benefit IOLs (Intraocular lenses) offer. Additionally, the increased adoption of IOLs (intraocular lenses) worldwide is also anticipated to improve the overall growth of the global cataract surgery devices market in the near future.
Cataract Surgery Devices Market by Type
The global cataract surgery devices market is bifurcated into equipment and consumables. The consumable sector currently dominates the market and is anticipated to do so during the forecast period. The growth is contributed by factors such as an increase in the prevalence of eye illnesses and technical advancements in healthcare, such as lasers and computer-controlled optical delivery systems.
Cataract Surgery Devices Market by End User
According to the end user, the global cataract surgery devices market is segmented into ophthalmic clinics, hospitals, and research institutes. The hospital segment now controls the market and is anticipated to do so during the forecast period. Due to an increase in the number of people with cataracts, the growing senior population, and rising public awareness of the advantages of cataract surgery, this market is anticipated to grow rapidly.
Cataract Surgery Devices Market by Region
Regionally, the cataract surgery devices market has been segmented into North America, Europe, Asia Pacific, and the rest of the world. North America will dominate the global cataract surgery devices market. The primary market driver is the frequency of cataracts in the elderly population. In addition, this area has many investments in the cataract market. The demand for cataract surgery is expanding most steadily in Asia Pacific. The market offers tremendous potential for expansion. The European market is influenced by high number of geriatric population, and increased cataract surgical procedures.
Competitive Landscape
Some of the prominent players operating in the global cataract surgery devices market are
The prevalence of chronic diseases such as diabetes, ageing population, and increased awareness of visual impairment are all factors increasing the incidence of cataracts, eventually driving the expansion of the global cataract surgery devices market. Health authorities, particularly from the middle-income and low-income nations, are working to raise awareness of visual impairment and to promote eye care and treatment at reduced or no cost. These are anticipated to accelerate the market expansion for cataract surgery devices in the near future.
Some of the prominent players operating in the global cataract surgery devices market are Carl Zeiss Meditec AG, Johnson and Johnson Services Inc., Essilor International S.A, Nidek Co Ltd., Topocon Positioning System, Inc., Bausch Lomb, STAAR Surgical Company, HAAG Streit Holdings, Ziemer Ophthalmic Systems AG., Alcon Inc. among others.
The global market for cataract surgery devices is restricted by poor medical infrastructure in low income countries.
Regionally, the cataract surgery devices market has been segmented into North America, Europe, Asia Pacific, and the rest of the world. North America will dominate the global cataract surgery devices market.
According to the product, the global market for cataract surgery devices is segmented into phacoemulsification equipment, intraocular lenses, ophthalmic viscoelastic devices and femtosecond lasers. The intraocular lens segment holds the largest market share of the global cataract surgery devices market.
*Insights on financial performance is subject to availability of information in public domain