Cataract Surgery Devices Market Research, 2030
The global Cataract Surgery Devices Market size was valued at $8.3 billion in 2020 and is projected to reach $12.2 billion by 2030, growing at a CAGR of 3.9% from 2021 to 2030. Cataract surgery is also called replacement therapy as in this therapy there is the removal of the natural lens of the eyes. The main purpose of cataract surgery is to restore clear vision. It is indicated when cloudy vision due to cataracts has progressed to such an extent that it interferes with normal daily activities. It is one of the most commonly performed surgical procedures in the world. Cataract surgery is divided into two types: intracapsular and extracapsular. Intracapsular surgery is the removal of both the lens and the thin capsule that surround the lens. Extracapsular cataract surgery is the removal of the lens where the capsule is left in place. Cataract surgery is required when people face the problems of vision loss that get in the way of everyday activities such as reading, driving, or watching TV. The devices and instruments such as phacoemulsification systems, ophthalmic viscoelastic devices, drapes, gloves, balanced salt solution, forceps, irrigation sets, and intraocular lenses, aid in this cataract surgical procedure are known as cataract surgery devices.
Moreover, another key factor responsible for the development of cataracts is the increased prevalence of lifestyle disorders such as diabetes and hypertension that pose as a major risk factor in the development of cataracts.
An increase in the prevalence of cataract disease, growth in incidences of ocular disorders, as well as technological advancements in ophthalmic devices drives the Cataract Surgery Devices Market growth. In addition, the rise in the geriatric population worldwide boosts the market growth. Lack of healthcare insurance and less awareness among individuals regarding the benefits of cataract surgery impede the growth of the cataract surgery devices market. However, high costs associated with cataract surgeries especially in developing economies, such as India, China, Brazil, and South Africa also restrict the growth of the market. Moreover, governments introduce programs to reduce the burden of cataract-related diseases, which offers a Cataract Surgery Devices Market opportunity.
The Cataract Surgery Industry is segmented based on product, type, end-user, and region. By product, the market is divided into the intraocular lens (IOL), ophthalmic viscoelastic device (OVD), and phacoemulsification equipment. By type, the market is classified into equipment and consumables. By end-user, the market is categorized into hospitals, ophthalmology clinics, and ambulatory surgery centers.
By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By Product Segment Review
By product, the market is divided into the intraocular lens (IOL), ophthalmic viscoelastic device (OVD), and phacoemulsification equipment. The intraocular lens (IOL) segment holds the largest market share whereas phacoemulsification equipment is estimated to witness the highest CAGR during the forecast period. Owing to the highest adoption of foldable IOLs and advanced IOLs across the world.
By Type Segment Review
By type, the market is classified into equipment and consumables. The consumable segment presently dominates the market and is expected to remain dominant during the forecast period. This segment is expected to exhibit a prominent growth rate, owing to the Increasing prevalence of ocular disorders is the major driver for the growth of the global cataract surgery devices market.
By End User Segment Review
By end-user, the market is categorized into hospitals, ophthalmology clinics, and ambulatory surgery centers. The hospital's segment presently dominates the market and is expected to remain dominant during the forecast period. This segment is expected to exhibit a prominent growth rate owing to the growth in prevalence of cataract cases and the increasing geriatric population who are more prone to ophthalmologic diseases especially cataracts across the world.
Region segment review
By region, the cataract surgery devices market is analyzed across North America, Asia-Pacific, Europe, and LAMEA. North America has the largest Cataract Surgery Devices Market share in 2020, accounting for the highest share, and is anticipated to maintain this trend throughout the forecast period. Owing to the rise in the prevalence of cataracts in the region, established healthcare infrastructure, high disposable income, favorable reimbursement policies. are anticipated to drive the market growth.
This report provides a comprehensive competitive analysis and profiles of prominent market players such as Abbott Laboratories, Novartis AG, Carl Zeiss Meditec AG, Essilor International S.A., HAAG-Streit Holding AG, Johnson & Johnson, Nidek Co., Ltd., Topcon Corporation, Valeant Pharmaceuticals International, Inc., and Ziemer Ophthalmic Systems AG.
The other players in the value chain include HumanOptics AG, PhysIOL S.A., Calhoun Vision Cente, EyeKon Medical, Inc., Allergan Inc., VisionCare Ophthalmic Technologies, Inc., Essilor International S.A., Lenstec, Inc., STAAR Surgical Company, Glaukos Corporation, and Sonomed Escalon.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the cataract surgery devices market analysis from 2020 to 2030 to identify the prevailing cataract surgery devices market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the cataract surgery devices market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global cataract surgery devices market trends, key players, market segments, application areas, and market growth strategies.
Cataract Surgery Devices Market Report Highlights
By End User
Key Market Players
Alcon Inc, Topocon, Essilor International S.A, Johnson and Johnson, Nidek Co Ltd, Bausch Lomb, HAAG Streit Holding, STAAR Surgical Company, Ziemer Ophthalmic Systems AG., Carl Zeiss Meditec AG
According to the perspectives of CXOs, the cataract surgery devices market is expected to witness steady growth in the future. The market has drawn the interest of the healthcare industry, owing to the increase in the prevalence of cataract-related diseases globally.
The cataract surgery devices market is dominated by well-established players; hence, there is intense competition in the global market. Owing to the high adoption of these devices, the increase in the prevalence of cataract-related diseases, growth in incidences of ocular disorders, as well as technological advancements in ophthalmic devices, drives the market which propels the market growth.
In addition, technological advancements are prevalent in the market; thus, there is an increase in product launches, due to which the market is estimated to grow with a high CAGR. The use of cataract surgery devices is the highest in the North American region, owing to the higher number of product approvals, followed by product launches.