✷ Report Code: A02277 | Pages: 210 | Mar 2022 | 18289 Views | ||
Author(s) : Vikita T , Onkar S | Tables: 144 | Charts: 57 |
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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.
The overall impact of COVID-19 remains negative on the cataract surgery devices market, owing to a decline in the number of patient visits in hospitals & clinics for cataract surgery, owing to the suspension of numerous elective procedures and outpatient visits which reduced the demand for cataract surgery devices in the market. Furthermore, most markets are experiencing a decline, especially in the cataract surgery devices market, owing to the outbreak of COVID-19. Nevertheless, the market for cataract surgery devices is in the period of recovery with the resumption of activities across various domains including healthcare services owing to the approval and administration of numerous COVID-19 vaccines across the globe, thereby presenting a positive future outlook for cataract surgery devices market during the forecast period.
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
Cataract Surgery Devices Market
By ProductIntraocular Lens segment holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.
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
Cataract Surgery Devices Market
By TypeConsumabales segment holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.
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
Cataract Surgery Devices Market
By End UserHospitals segment holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.
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
Cataract Surgery Devices Market
By RegionNorth America segment holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.
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.
Cataract Surgery Devices Market Report Highlights
Aspects | Details |
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By Product |
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By Type |
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By End User |
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By Region |
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Key Market Players | Johnson and Johnson, STAAR Surgical Company, HAAG Streit Holding, Nidek Co Ltd, Essilor International S.A, Topocon, Ziemer Ophthalmic Systems AG., Carl Zeiss Meditec AG, Bausch Lomb, Alcon Inc |
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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.
A. North America's largest regional market for Cataract Surgery Devices?
A. The top companies to hold the market share in Cataract Surgery Devices are 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.
A. The upcoming trends of the Cataract Surgery Devices Market in the world are the Increase in the prevalence of cataract disease, growth in incidences of ocular disorders, as well as technological advancements in ophthalmic devices driving the market. In addition, the rise in the geriatric population worldwide boosts the market growth.
A. The global Cataract Surgery Devices market was valued at $8,330.52 million in 2020
A. No, there is no value chain analysis provided in the Cataract Surgery Devices Market report
A. The total market value of the Cataract Surgery Devices Market is $12,230.83 million by 2030
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