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    Cataract Surgery Devices Market Growth Analysis

    Cataract Surgery Devices Market Growth Analysis
    Report code - SR2165 Delivery - 2 Weeks
    Cataract Surgery Devices Market Size, Share, Trend, Forecast, Competitive Analysis, and Gr See more...

    Market Insights

    The Cataract Surgery Devices Market was estimated at US$ 7.9 billion in 2021 and is expected to grow at a CAGR of 4.01% during 2022-2028 to reach US$ ~11.40 billion in 2028.

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    What is Cataract Surgery Equipment?

    A cataract is a state where the lens becomes clouded, impairing vision. In cataract surgery, the naturally clouded lens is removed, and an artificial intraocular lens is then implanted. Cataract surgery equipment is instruments used during cataract surgery, such as intraocular lenses, phacoemulsification systems, forceps, and balanced salt solutions. The gadgets used in cataract surgery are meant to repair cataracts without harming the cornea. Cataract surgery has a great track record for safety and success and is a low-risk operation. Surgery becomes crucial if the condition is discovered at an earlier stage because, without it, the cataract would develop and cause visual loss.

    Market Dynamics

    The market is driven by a rise in the frequency of ocular illnesses, an increase in the prevalence of cataract disease, and technical developments in ophthalmic devices. Additionally, the global increase in the elderly population spurs market expansion.

    The prevalence of ocular illnesses is on the rise, healthcare technology is advancing thanks to the use of lasers and computer-controlled optical delivery systems, which allow for accurate incisions without causing any damage to the surrounding tissues, and rising economies are expanding. Additionally, new competitors' product innovation and evolution are anticipated to drive market expansion. Additionally, an increase in the prevalence of disorders like diabetes, obesity, and hypertension has helped the cataract surgery devices market grow. However, the market expansion is constrained by a shortage of qualified experts and a lack of knowledge of cataract problems, particularly in emerging economies. Additionally, a rise in R&D spending to create effective cataract surgery tools is the primary element projected to accelerate growth.

    The market for cataract surgery equipment is hampered by a lack of health insurance and a lack of public understanding of the advantages of the procedure. The high expense of cataract surgery, particularly in developing nations like India, China, Brazil, and South Africa, limits the market's expansion. Government initiatives to lessen the impact of disorders linked to cataracts also present profitable business prospects for major industry players.

    Several investments/guidelines in the industry have been directed in recent years, which would boost the overall market:

    In comparison to employing Barret True K alone, intraoperative aberrometry produced better refractive outcomes (measured as absolute prediction error p0.005) in post-myopic LASIK/PRK eyes on 1,067 eyes implanted with AcrySof IQ mono-focal IOLs. The ORA SYSTEM assists surgeons in catching outliers in real-time before IOL implantation and hitting refractive targets with precision by continuously improving its increasing database of millions of cases.

    Segments Analysis

    By Product Type

    The market has been segmented into intraocular lenses, phacoemulsification equipment, and ophthalmic viscoelastic device. Ocular diseases are becoming more common, healthcare technology is improving because lasers and computer-controlled optical delivery systems allow for precise incisions without harming adjacent tissues, and developing economies are expanding. Additionally, the market expansion is predicted to be fuelled by new rivals' product innovation and evolution. The cataract surgery devices market has expanded due to the rising prevalence of diseases including diabetes, obesity, and hypertension. The market's growth is, however, restricted by a dearth of skilled experts and a lack of understanding of cataract issues, particularly in emerging markets. Additionally, the main factor anticipated to accelerate growth is an increase in R&D spending to develop efficient tools for cataract surgery.

    By Type

    The cataract surgery devices market has been divided into equipment and consumables. The consumables sector currently controls the market and is anticipated to do so during the forecast period. Due to an increase in the prevalence of eye illnesses and technical advancements in healthcare, including the use of lasers and computer-controlled optical delivery systems, this market is anticipated to grow rapidly.

    By End-User Type

    The market is segmented into hospitals, ophthalmic clinics, research institutes, and others. The market segment is dominated by hospitals currently and is anticipated to continue dominating over the forecast period. Due to the expanding elderly population, rising prevalence of cataract patients, and increased public awareness of the advantages of cataract surgery, this market is anticipated to rise at a rapid rate.

    Regional Analysis

    The cataract surgery devices market is broken down geographically into areas like North America, Europe, Asia-Pacific, and the Rest of the World (RoW). In 2021, North America is anticipated to be the cataract surgery devices market's largest region. A well-developed healthcare infrastructure, high disposable income, and advantageous reimbursement policies are predicted to boost market expansion because of the region's rising cataract prevalence.

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    Key Players

    There is stiff competition in the cataract surgery devices market. The market's leading players can concentrate on creating sophisticated urinary catheters that provide catheterization that reduces the danger of leakage and infection while preventing discomfort and resentment from urethral disorders. For example:

    • Alcon, the industry pioneer in eye care committed to enabling people to see brilliantly, released significant statistics on its SMART Solutions for cataract surgery in April 2022. The first application in Alcon's expansive cloud-based platform is SMARTCataract, which was specially created for surgical ophthalmic offices. The information demonstrates significant time savings for cataract patients during the cataract evaluation, planning, operating room (OR), and postoperative (post-op) processes.
    • At the American Academy of Ophthalmology (AAO) 2021 annual meeting in November 2021, Alcon, the world leader in eye care committed to assisting people in seeing brilliantly, showcased its most recent development in integrated and connected surgical technologies: SMART Solutions by Alcon, a digital platform specifically designed for ophthalmology. Alcon's leadership in clinic-to-operating room (OR) integration with image-guided technology and cloud-based planning is strengthened by this new platform.
    • In July 2021, the phacoemulsification (phaco) technology, created by Johnson & Johnson’s (J&J) Vision to give surgeons more comfort and efficiency during cataract surgery, was launched globally. Additionally, the VERITAS Vision System is designed to increase patient security. Phacoemulsification, the most popular technique for cataract surgery, enables doctors to emulsify and remove the internal lens of the eye when it develops cataracts and becomes hazy. For surgeons, delicate surgery can be taxing because it requires a lot of concentration and control. The hybrid fluidics technology used in the VERITAS Vision System reduces post-occlusion surge to protect intraocular structures and provide better chamber stability
    • The FDA 510(k) clearance and CE mark of Johnson & Johnson Vision's next-generation phacoemulsification innovation, the VERITAS Vision System, was announced in April 2021. Johnson & Johnson Vision is a global leader in eye health and a division of the Johnson & Johnson Medical Devices Companies. Through the use of technologies, the high-performance phacoemulsification system enables surgeons to guide through any lens density with less surge and more stability. Additionally, the new technology offers ergonomic improvements to significantly improve usability during cataract surgery.

    The overall competitive landscape has been affected due to these mergers and acquisitions. The following are the major players in the cataract surgery devices market:

    • Alcon Inc
    • Bausch Lomb
    • Carl Zeiss Meditec AG
    • Essilor International S.A
    • HAAG Streit Holding
    • Johnson and Johnson
    • Nidek Co Ltd
    • STAAR Surgical Company
    • Topocon
    • Ziemer Ophthalmic Systems AG

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Cataract Surgery Devices Market 

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com

    Frequently Asked Questions (FAQs)

    The cataract surgery devices market is estimated to reach at US$ ~11.40 billion in 2028.

    The market is growing at a CAGR of 4.01% over the forecast period.

    Alcon Inc, Bausch Lomb, Carl Zeiss Meditec AG, Essilor International S.A, HAAG Streit Holding, Johnson and Johnson, Nidek Co Ltd, STAAR Surgical Company, Topocon, Ziemer Ophthalmic Systems AG.

    The cataract surgery devices market is studied from 2016 - 2028.

    Cataract surgery equipment is instruments used during cataract surgery, such as intraocular lenses, phacoemulsification systems, forceps, and balanced salt solutions. The gadgets used in cataract surgery are meant to repair cataracts without harming the cornea.