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Cataract Surgery Devices Market

Market Insights on Cataract Surgery Devices covering sales outlook, demand forecast & up-to-date key trends

Cataract Surgery Devices Market By Type, End Use & Region - Forecast 2022 - 2032

Cataract Surgery Devices Market Overview

The cataract surgery devices market was valued at US$ 7.4 billion in 2020, and is predicted to advance at a CAGR of 5% from 2022 to 2032.

Attributes 

Details 

Cataract Surgery Devices Market CAGR 

5%

Cataract Surgery Devices Market (2028) 

US$ 11.2 Bn 

Advances in technology, such as the introduction of laser technology, have had a significant impact on this industry, bringing new levels of safety and accuracy, surging the demand for cataract surgery devices.

The Phacoemulsification Equipment has a large cataract surgery devices market share since surgeons and patients prefer it to the alternatives owing to its benefits.

Demand for cataract surgery devices is also high on account of the advantages of this surgery such as no hospitalisation, a smaller incision, no restrictions on normal activities, and so on.

The increasing prevalence of cataracts and surgeries, and adoption of these devices in Asian countries such as India and China, which are the fastest-growing in the market, is expected to scale up the sales of cataract surgery devices.

Sales of cataract surgery devices spike owing to the innovation of computer-controlled optical delivery systems that allows precise incisions without causing damage to the surrounding tissues, also fosters demand for cataract surgery devices.

Furthermore, as companies strive to expand their cataract surgery devices market share, the sales of cataract surgery devices are expected to drive through product innovation and evolution by new entrants.

Increased R&D spending for developing efficient cataract surgery devices such as the MiLoop cataract device, as well as untapped potential in emerging markets, offer promising growth opportunities, in turn augments the demand for cataract surgery devices.

Furthermore, sales of cataract surgery devices are facilitated by health schemes implemented by governments in various countries to financially assist patients suffering from cataract-related diseases.

This also creates lucrative opportunities for surgical device manufacturers thereby expanding their cataract surgery devices market share.

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What are a Few Factors Influencing the Cataract Surgery Devices Market?

Cataract surgery devices global market is driven by the aging population, increased prevalence of ocular disorders which results in higher demand for cataract surgery devices.

Demand for cataract surgery devices is driven by increase in the prevalence of ocular disorders, advancement in healthcare around the globe and growth in the emerging economies, which also results in higher sales of cataract surgery devices.

However, lack of healthcare insurance, lack of general awareness among people about eye disorders and poor primary healthcare infrastructure are some factors that impede the sales of cataract surgery devices.

Factors such as a scarcity of skilled professionals are limiting the demand for cataract surgery devices.

In addition, a lack of healthcare insurance are also potential restraints to the global cataract surgery devices market's overall growth, in turn negatively impacting the sales of cataract surgery devices.

How are the Future Trends of the Cataract Surgery Devices Market?

With rapid technological advancement in healthcare, increase in the prevalence of ocular disorders, and the aging population, the cataract surgery devices global market is expected to have a healthy growth rate during the forecast period.

Sabyasachi Ghosh
Principal Consultant
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Why does Asia-Pacific hold the Largest Cataract Surgery Devices Market Share?

Depending on geographic region, the global cataract surgery devices market is segmented into seven key regions: North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan, and Middle East & Africa.

Due to the high population, Asia-pacific shows the fastest growth and increased awareness of cataracts as well as the introduction of novel cataract surgery procedures which rises the sales of cataract surgery devices in the region.

In India, for example, bladeless cataract surgery was introduced in 2012 and this acts as a major accelerator to the demand for cataract surgery devices.

High sales of cataract surgery devices in Asia-Pacific cataract surgery devices market can be attributed to the growing acceptance of laser-assisted cataract surgery with the introduction of government reimbursement schemes.

Individual income growth, combined with a large population base affected by cataracts in China, aids in the growth of the cataract surgery devices market.

Due to the large geriatric population, North America and Europe have the greater demand for cataract surgery devices thereby increasing the sales of cataract surgery devices.

Factors such as North America’s established healthcare infrastructure, high disposable income, and favourable reimbursement policies are driving the demand for cataract surgery devices.

How is the Competition Landscape in the Cataract Surgery Devices Market?

With several major players striving to expand their cataract surgery devices market share, the cataract surgery devices market is moderately competitive.

Some of the key participating global cataract surgery devices market players are Carl Zeiss Meditech AG, Bausch & Lomb Inc., Alcon Incorporated, NIDEK Co. Ltd., Essilor International S.A, and others.

Players in the cataract surgery devices market are adopting various strategies such as mergers & acquisitions, product launches, collaborations, etc., thereby augmenting cataract surgery devices market share.

A few recent developments in the cataract surgery devices market are as follows:

  • Johnson & Johnson Vision, a division of Johnson & Johnson Services, announced the release of the TECNIS Toric II 1-Piece Intraocular Lens in the United States.
  • Johnson & Johnson paid an estimated USD 4 billion for Abbott Medical Optics. The acquisition gave Johnson and Johnson a competitive advantage in cataract surgery, which is one of Abbott Medical Optics' main specialties.
  • In the Indian market, Zydus Cadila and SIFI S.P.A. collaborated on surgical products and intraocular lenses.
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Scope Of Report

Report Attribute 

Details 

Growth rate 

CAGR of 5% from 2022 to 2032

Base year for estimation 

2021 

Historical data 

2015 - 2020 

Forecast period 

2022 - 2032 

Quantitative units 

Revenue in USD billion, volume in kilotons, and CAGR from 2022 to 2032 

Report coverage 

Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, Pricing Analysis,  

Segments covered 

Type, End Use, Region 

Regional scope 

North America; Western Europe, Eastern Europe, Middle East, Africa, ASEAN, South Asia, Rest of Asia, Australia and New Zealand 

Country scope 

U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Spain; Russia; Belgium; Poland; Czech Republic; China; India; Japan; Australia; Brazil; Argentina; Colombia; Saudi Arabia; UAE; Iran; South Africa 

Key companies profiled 

Carl Zeiss Meditech AG, Bausch & Lomb Inc., Alcon Incorporated, NIDEK Co. Ltd., Essilor International S.A.

Customization scope 

Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. 

Pricing and purchase options 

Avail customized purchase options to meet your exact research needs.

Frequently Asked Questions

The global market for cataract surgical devices was estimated to be worth US$ 7.4 Bn in 2020.

Over the forecast period, Asia Pacific cataract surgery devices market is expected to grow at the fastest rate.

Bausch & Lomb, Inc., NIDEK Co., Carl Zeiss Meditech AG, Ltd, Abbott Laboratories, Allergen, Inc., and Alcon, Inc. are the major players in the market.

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Sabyasachi Ghosh
Principal Consultant
LinkedIn
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Cataract Surgery Devices Market