Cataract Surgery Devices Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, UK, Germany, Japan, China - Size and Forecast 2024-2028

Cataract Surgery Devices Market Size 2024-2028 

The cataract surgery devices market size is forecast to increase by USD 1.86 billion, at a CAGR of 5.21% between 2023 and 2028. 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. Ophthalmologists are the primary healthcare professionals performing cataract surgery using advanced devices like Laser technology, Phacoemulsification Equipment, and Femtosecond Laser Equipment. 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.

What will be the size of the Market During the Forecast Period?

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Market Dynamics and Customer Landscape

The Market is driven by the increasing prevalence of ocular illnesses, such as cataracts, among the global population. According to the World Health Organization, approximately 21 million people are blind and 48 million have vision impairment due to cataracts. The geriatric population is a significant consumer of cataract surgery devices due to the higher prevalence of cataracts in older adults. The use of Intraocular lenses (IOL) post-surgery has become a common practice, leading to an increase in demand for IOLs. Safety and accuracy are crucial factors influencing the purchase decision of surgeons and patients. Ultrasound technology is used during cataract surgery to ensure precision and safety. Hospitals and Ophthalmology Centers are the major end-users of cataract surgery devices. The benefits of cataract surgery, including improved vision and reduced hospitalization, have led to a growing demand for these phacoemulsification devices. Our researchers analyzed the data with 2023 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.

Key Market Driver

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 2023, 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.

Significant Market Trend

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.

Major Market Challenge

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 artificial eye 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.

Key Market Customer Landscape

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

Who are the Major Market Players?

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, 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:

• Abbott Laboratories
• AbbVie Inc.
• Alcon Inc.
• Bausch Health Co Inc.
• Carl Zeiss AG
• CRISTALENS
• EssilorLuxottica SA
• HOYA Corp.
• Johnson and Johnson
• Metall Zug AG
• Mitsui Chemicals Inc.
• NIDEK Co. Ltd.
• Oertli Instrumente AG
• Rayner Intraocular Lenses Ltd.
• ROWIAK GmbH

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.

What is the Fastest-Growing Segment in the Market?

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, phacoemulsification devices and ophthalmic viscosurgical devices 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 3.06 billion in 2018 and continued to grow by 2022. 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.

Which are the Key Regions for the Market?

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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.

Segment Overview

The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.

• Product Outlook 
  • Intraocular lens
  • Phacoemulsification devices
  • Ophthalmic viscosurgical devices
  • Femtosecond lasers

• End-user Outlook 
  • Hospitals
  • Clinics
  • Ophthalmology centers

• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia
    • China
    • India
  • Rest of the World (ROW)
    • Australia
    • Argentina
    • Rest of the World

Market Analyst Overview

In the realm of eye care services, addressing visual impairment and cataract blindness is crucial for enhancing patient satisfaction. Treatment procedures such as phacoemulsification machines and femtosecond laser platforms are at the forefront of innovative surgical techniques, while robotic assistance and AI-assisted surgery offer surgical advantages. Telemedicine and minimally invasive surgery are transforming patient-centered healthcare, improving surgical efficacy and managing moderate to severe vision impairment. Advanced technology and ophthalmic viscoelastic devices are vital for nuclear sclerotic cataract treatments, contributing to disease control and prevention. The rise of emerging startups is leading to affordable solutions, addressing drivers and restraints in the field. Healthcare spending continues to rise as chronic diseases and disability-adjusted life years underscore the need for effective vaccination programs and other surgery types.

Cataract surgery is a common procedure to remove clouded lenses from the eye and replace them with clear intraocular lenses (IOLs). The prevalence of cataract, an ocular illness causing vision impairment and blindness, especially among the geriatric population, drives the demand for cataract surgery devices. Phacoemulsification Equipment and Femtosecond Laser Equipment are the primary devices used in cataract surgeries. Laser technology, such as bladeless and laser-assisted cataract surgery, is a recent evolution in cataract surgery devices, offering benefits like precision, safety, and faster recovery. Ophthalmology Centers, Hospitals, and Clinics are the major end-users of cataract surgery devices. The adoption of these devices is influenced by the increasing number of surgeries, the need for accuracy and safety, and the surrounding tissues' preservation. Ultrasound technology is used in traditional cataract surgeries, while product innovation and technology advancements continue to shape the market. Surgeons and patients alike highlights the importance of safety, accuracy, and hospitalization reduction in cataract surgery. Alternatives like IOLs and alternative surgical methods are also under consideration. The benefits of cataract surgery, including improved vision and reduced dependence on glasses or contact lenses, make it a preferred choice for those suffering from ocular disorders. Overall, the market is expected to continue its growth trajectory in the healthcare sector, with skilled professionals playing a crucial role in its evolution.

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What are the Key Data Covered in this Market Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2023 and 2028.
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across North America, Europe, Asia, and the Rest of the World (ROW)
• Thorough market research report analysis of the market's competitive landscape and detailed information about market players
• Comprehensive market growth and forecasting analysis of factors that will challenge the growth of  market market players

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