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The cataract surgery devices market size is forecast to increase by USD 2.05 billion, at a CAGR of 5.94% between 2022 and 2027. The market's expansion hinges on various factors, notably the growing prevalence of cataracts and the rise in the geriatric demographic, which drives demand. Technological advancements play a crucial role, in enhancing treatment efficacy and patient outcomes. Moreover, the increasing number of cataract procedures contributes significantly to market growth. These factors collectively create a conducive environment for the development and adoption of innovative solutions and treatments in the field of ophthalmology. As the population ages and healthcare technologies evolve, there is a corresponding increase in demand for advanced cataract treatments and interventions, driving the market forward.
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This report extensively covers market segmentation by product (intraocular lens, phacoemulsification devices, ophthalmic viscosurgical devices, and femtosecond lasers), end-user (hospitals, clinics, and ophthalmology centers), and geography (North America, Europe, Asia, and Rest of World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
The market is driven by the prevalence of cataracts in the geriatric population, leading to an increased demand for ophthalmic treatments. Technological advancements such as laser technology, femtosecond laser equipment, and phacoemulsification devices have improved safety and accuracy in surgeries. However, challenges such as lack of general awareness about cataracts and limited access to ophthalmic care in certain regions remain. Emerging trends include the development of novel cataract surgery procedures and the use of ultrasound technology for improved outcomes. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
An increasing number of cataract surgeries is a key factor driving the growth of the global market. Cataract surgery is considered one of the most commonly performed surgical procedures in various developed and developing countries. Therefore, the demand for this surgery is expected to increase due to various factors such as increasing incidence of cataract cases, demographic trends, advances in this surgery technology, growing geriatric population, and decreasing cost of surgeons. In 2022, approximately 30 million cataract procedures were performed globally.
Moreover, approximately 10 million cataract surgeries are performed each year in the world, with rates varying from 100 to 6000 operations per million population per year. Approximately 50% of ophthalmologists perform cataract surgeries regularly. These individuals need this surgery to regain clear visual sight. As the global aging population is rapidly increasing, the demand for cataract surgeries is expected to increase significantly. Hence, the increasing demand for cataract procedures will drive the growth of the cataract surgical devices market during the forecast period.
The availability of advanced and high-quality IOL implants is a major trend in the growth of the global market. Implantation of an intraocular lens (IOL) is a globally established procedure in this surgery. An intraocular lens is an artificial lens placed inside the eye to replace the focusing power of the natural lens within the retina, which is usually surgically removed as part of this surgery. Advanced, high-quality IOL implants can reduce reliance on post-operative spectacles or contact lenses and provide clear vision for a lifetime. Younger people tend to use her IOL implants more advanced than older people.
This technology is widely accepted in the US, UK, France, and Germany. Numerous market players, such as Aurolab, have entered the market and offer various types of IOLs, including monofocal, multifocal, toric, and accommodative IOLs. As they offer an effective and easy solution for cataracts and partial blindness, advanced IOLs are being widely adopted by ophthalmologists globally. These factors are expected to drive the growth of the cataract surgical devices market focus during the forecast period.
Device limitations and complications are major challenges to the growth of the global market. Cataract surgery devices have several advantages. However, these devices also have certain drawbacks that limit their acceptance. Furthermore, toric IOLs may rotate off-axis, which can lead to partial effects like the correction of AcrySof toric can reduce by 10% for every 3-degree rotation off-axis. Some patients using multifocal IOLs require IOL exchange for different types of multifocal IOLs or monofocal IOLs due to not achieving satisfactory visual results. Multifocal IOLs have high sensitivity to minor ocular aberrations. These IOLs are also associated with corneal scarring, irregular corneal surfaces like Fuchs dystrophy, or retinal dysfunction like epiretinal membrane and macular degeneration, due to which visual expectations may not be met. A few other complications of multifocal IOLs include blurred vision, which is largely due to ametropia, posterior capsule opacification, and photic phenomena due to IOL decentration.
Moreover, femtosecond laser technology was approved for clinical applications by the FDA in 2000. It was initially only used in corneal refractive surgery. With the development of hardware and software, these lasers are used for other fields of ophthalmology, such as cataract surgery and corneal transplant. This technology has a few drawbacks or limitations. High start-up costs of femtosecond laser technology equipment pose challenges to healthcare organizations. The use of such equipment requires training, which can be time-consuming and may affect the workflow during the initial usage of the equipment. These limitations and disadvantages of the surgery devices make consumers skeptical about their purchase or use, and therefore they serve as a hurdle for the growth of the market during the forecast period.
The report includes the adoption lifecycle of the cataract surgical devices market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Customer Landscape
The market players are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Lenstec Inc. - The company offers cataract surgery devices such as ClearView 3., Also, through this segment, the company offers intraocular lens implants and lens injection systems.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market market players, including:
Qualitative and quantitative market growth analysis of market players has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize market players as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize market players as dominant, leading, strong, tentative, and weak.
The market is driven by various factors related to ocular health and advancements in medical technology. Ocular illnesses such as cataracts have a significant impact, considering the prevalence of cataracts among aging populations. Ophthalmologists and ophthalmology centers play a crucial role in diagnosing and treating cataracts, utilizing cutting-edge technologies like laser technology and femtosecond laser equipment for precise procedures. Key devices used in cataract surgery include intraocular lens (IOL) implants and ophthalmic viscoelastic devices (OVD) for optimal outcomes. Phacoemulsification equipment and ultrasound technology ensure safety, accuracy, and efficiency during surgeries, providing benefits such as improved vision and reduced hospitalization times. Research and development activities in pharmaceutical and medical devices sectors drive continuous innovation, offering alternatives and enhancing the overall safety and effectiveness of cataract surgeries. Surgeons and patients alike benefit from these advancements, reducing the risk of blindness and vision impairment while improving post-operative recovery and visual outcomes.
The market share growth by the intraocular lens segment will be significant during the forecast period. IOLs are medical devices implanted in the eye during cataract surgery to replace the natural lens. IOLs are used to treat cataracts or myopia. IOLs used to correct vision are called refractive lens exchange. The global IOLs market is growing steadily due to the increasing focus of market players to manufacture innovative products with enhanced efficiency and safety. Standard IOLs that use a monofocal approach cannot eliminate the dependency on spectacles. However, premium IOLs correct multiple types of vision loss. Therefore, premium IOLs eliminate the need for glasses.
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The intraocular lens segment was valued at USD 2.93 billion in 2017 and continued to grow by 2021. IOLs enable patients to rapidly obtain clear vision post-cataract surgery due to the availability of high-definition (HD) IOLs that have few side effects. IOL implantations are one of the ophthalmic surgical procedures with the highest success rates. It is estimated that approximately 15 million IOLs are inserted every year globally, and this number is expected to grow significantly due to the increasing aging population and the growing demand for high-quality vision care products. IOLs are available as non-foldable-rigid IOLs, foldable IOLs, and rollable/ultra-thin IOLs that are made of different optical materials. Such factors will drive the growth of the global IOLs market during the forecast period.
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North America is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. This market includes improved healthcare infrastructure, government programs, funding for eye diseases and vision care, the presence of favorable reimbursement policies in developed countries such as the US and Canada, and the growing presence of global companies manufacturing cataract surgery products. The market is expected to grow steadily during the forecast period due to the increasing adoption of technologically advanced devices and cataract surgery devices with features to improve clinical outcomes. Such factors will increase the market growth during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides a market research and growth analysis of the latest market trends and growth opportunities from 2017 to 2027.
The market encompasses a wide array of technologies and techniques aimed at addressing ocular disorders like cataracts. One of the key technologies used in cataract surgery is ultrasound, which helps in breaking down the cataract for removal. However, there are also alternatives such as novel cataract surgery procedures that utilize advanced techniques like computer-controlled optical delivery systems. These innovations often lead to reduced hospitalization periods and smaller incisions, benefitting patients by minimizing post-operative discomfort and recovery time.
Moreover, one of the challenges faced in this market is the presence of restrictions related to the use of certain devices or techniques, especially when it comes to surgeries involving surrounding tissues. Surgical device manufacturers constantly strive to develop devices that are both effective and safe for patients undergoing cataract surgery. Additionally, there is a need to raise general awareness about the latest advancements in cataract surgery and the benefits they offer to patients, particularly those concerned about their ocular health.
Furthermore, the market is influenced by a range of factors, starting with the prevalence of ocular illnesses such as cataracts and the growing aging population. Companies like Optimedica contribute significantly through their innovative Ophthalmic Viscoelastic Device (OVD) and Phacoemulsification Equipment. Advancements in Femtosecond Laser Equipment have revolutionized cataract surgeries, enhancing accuracy and providing benefits over traditional methods. Research and development activities in pharmaceutical and medical devices drive continuous product innovation in cataract surgery devices. However, challenges persist, including vision impairment, lack of general awareness, lack of healthcare insurance, and poor primary healthcare infrastructure affecting access to skilled professionals and advanced procedures like bladeless cataract surgery and laser-assisted cataract surgery. Overcoming these barriers and leveraging technological evolution are essential for meeting the rising demand for effective ocular disorder treatments and improving patient outcomes in the field of ophthalmology.
The prevalence of cataract remains a significant global health concern, driving the demand for advanced cataract surgery devices. With incision techniques continually evolving alongside technological advancements, the global cataract surgery devices market is poised for growth. These innovations enhance surgical precision and patient outcomes, offering hope to millions affected by cataracts worldwide.
Market Scope |
|
Report Coverage |
Details |
Page number |
170 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.94% |
Market growth 2023-2027 |
USD 2.05 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.7 |
Regional analysis |
North America, Europe, Asia, and the Rest of the World (ROW) |
Performing market contribution |
North America at 42% |
Key countries |
US, UK, Germany, Japan, and China |
Competitive landscape |
Leading market players, Market Positioning of market players, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, AbbVie Inc., Alcon Inc., Bausch Health Co Inc., Carl Zeiss AG, CRISTALENS, EssilorLuxottica SA, HOYA Corp., Johnson and Johnson, Lenstec Inc., Metall Zug AG, Mitsui Chemicals Inc., NIDEK Co. Ltd., Oertli Instrumente AG, Rayner Intraocular Lenses Ltd., ROWIAK GmbH, SIFI SPA, STAAR Surgical Co., Topcon Corp., and Ziemer Ophthalmic Systems AG |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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