Cataract Surgery Devices Market Size By Type of Surgery (Phacoemulsification Surgery, Manual Small Incision Cataract Surgery (MSICS), Extracapsular Cataract Extraction (ECCE)), By Type of Device (Intraocular Lenses (IOLs), Ophthalmic Viscoelastic Devices (OVDs), Phacoemulsification Equipment, Femtos

Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format

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Cataract Surgery Devices Market Valuation – 2024-2031

The world of healthcare is becoming more connected than ever before. Doctors and researchers from different countries are sharing ideas and working together to improve treatments. This has led to a faster spread of better ways to treat cataracts, which is an eye condition that can cause blindness if left untreated. As countries with less developed healthcare systems catch up to those with more advanced systems, the demand for cataract surgery devices is growing. This is because everyone wants to have access to the best possible care. This demand is expected to push the cataract surgery market to grow from $4.41 billion in 2023 to $6.65 billion by 2031. This growth is a good thing because it means that more people will have access to the care they need to prevent blindness. It is a result of the increased sharing of knowledge and technology in healthcare. This sharing is making the world a more connected and healthier place.

The growing demand for cataract surgery devices is being driven by a complex interaction of demographic trends, technical breakthroughs, improved healthcare access, economic considerations, patient preferences, globalization, regulatory factors, and continuous innovation. As the world population ages and healthcare standards improve, the demand for effective, safe, and accessible cataract surgical solutions will grow. Meeting this demand necessitates ongoing investment in research, development, and infrastructure to guarantee that all people regardless of location or socioeconomic class and have access to critical vision-restoring treatments by enabling the market to grow at a CAGR of 5.26% from 2024 to 2031.

Cataract Surgery Devices Market Definition/ Overview

Cataract surgery equipment include a wide range of instruments and technologies used for the surgical removal of cataracts, a common ailment in which the eye’s natural lens becomes clouded resulting in blurred vision. The primary purpose of cataract surgery is to restore clear vision by removing the clouded lens and replacing it with an artificial intraocular lens (IOL). This complex technique relies on a number of sophisticated instruments each of which plays an important role in guaranteeing precision, safety, and efficacy.

The principal use of cataract surgical equipment is phacoemulsification which employs ultrasonic waves to emulsify the cataractous lens. Phacoemulsification equipment include ultrasonic handpieces enable surgeons to break up the clouded lens into small fragments that can be readily suctioned out through a small incision. This approach drastically decreases the need for larger incisions reducing surgical trauma shortening recuperation times and lowering the likelihood of complications like infections.

How Increasing Geriatric Population Drive the Cataract Surgery Devices Market?

The growing senior population is a major driver of the cataract surgical devices market influencing its growth and development. As the world’s population ages, the incidence of cataracts, a clouding of the eye’s natural lens that causes reduced vision increases dramatically. This generational shift generates a surge in demand for cataract surgeries hence driving the market for improved surgical equipment targeted to treat this condition. Cataracts primarily affect older persons. The natural aging process causes biochemical changes in the lens making it opaque and preventing light from reaching the retina.

With an increasing geriatric population, healthcare systems around the world are focusing more on age-related disorders such as cataracts. Governments and healthcare groups are launching a variety of programs to address the increased prevalence of cataracts. These measures include public awareness campaigns emphasizing the significance of early cataract detection and treatment as well as subsidies and insurance coverage for cataract surgery. Such steps not only improve access to cataract procedures but they also encourage the use of innovative surgical instruments hence driving market growth.

How High Costs Hamper the Cataract Surgery Devices Market?

The high costs of cataract surgical devices have a considerable negative influence on the market in a variety of ways affecting both healthcare professionals and patients. These expenses come from a variety of sources including the initial investment in advanced surgical equipment, continuous maintenance, and consumables and disposables. The cost of acquiring cutting-edge technology such as phacoemulsification machines, femtosecond lasers, and premium intraocular lenses (IOLs) is significant. These gadgets need significant capital investment which might be prohibitively expensive for many healthcare facilities particularly in low- and middle-income nations.

Large, well-funded healthcare institutions and private clinics are more likely to afford and implement sophisticated technologies giving them a competitive advantage over smaller, less financially stable enterprises. This market dynamic may result in a concentration of high-quality cataract surgical services in metropolitan centers and affluent areas while rural and underdeveloped areas continue to rely on outdated techniques. Access to modern cataract surgery is geographically and economically disparate which can increase health inequities and restrict the overall effectiveness of cataract treatment programs.

Category-Wise Acumens

Will Advantages Associated with the Laser-Assisted Cataract Surgery Drive the Type of Device Segment?

The type of device category of the cataract surgical devices market is rapidly evolving with femtosecond lasers likely to account for a sizable proportion during the forecast period. The increase can be ascribed to a shift in patient and provider preferences for laser-assisted cataract surgery over traditional procedures. This choice stems from the numerous benefits that femtosecond laser technology provides transforming cataract surgery by improving precision, safety, and overall surgical outcomes.

The fundamental advantage of femtosecond laser-assisted cataract surgery (FLACS) is that the process is bladeless. Traditional cataract surgery includes making manual incisions with a scalpel which introduces the risk of human error and incision quality variations. In contrast, the femtosecond laser makes these incisions with exceptional precision aided by advanced imaging technologies. This bladeless procedure dramatically lowers the risk of complications associated with manual cuts including infection, wound leakage, and uneven incision forms. Patients benefit from more consistent and predictable surgical outcomes which lead to increased safety and shorter recovery times.

Cataract surgery is getting a high-tech upgrade with femtosecond lasers! These lasers are like tiny super-fast tools that are changing the game for both patients and doctors. Instead of using old-school blades, these lasers use computer-guided precision to make tiny, accurate cuts. This means less risk of complications and a quicker recovery for patients. Plus, it's way more comfortable too! Doctors love them because they can perform surgeries with unparalleled precision, safety, and consistency. It's like having a superhero helping out during surgery! As femtosecond lasers become more popular and their awesomeness becomes more well-known, they're going to revolutionize cataract surgery. They're bringing in a whole new level of accuracy and creativity in eye surgery. The future of cataract surgery is looking brighter than ever thanks to these amazing lasers!

Will the Increasing Number of Advanced Healthcare Facilities Drive the End-User Segment?

Hospitals are expected to earn the most revenue in the cataract surgical equipment market throughout the forecast period owing to an increase in the number of cataract procedures performed across various geographies. This tendency is supported by a number of essential elements including the increasing healthcare infrastructure in developing nations and the growing number of modern healthcare institutions worldwide. As cataracts continue to be one of the leading causes of vision impairment and blindness worldwide, there is an increasing demand for surgical intervention, with hospitals serving as key treatment sites.

Hospitals are predicted to rake in the most money from cataract surgery equipment in the coming years. Why? Because more and more people around the world are getting cataract surgeries. Also, countries that are just starting to develop are building more hospitals, and these hospitals are getting better and better equipment. Plus, the tools used in cataract surgery are getting even more advanced. All of this means that hospitals are the go-to place for cataract surgeries. They have everything you need, from start to finish, and they put a lot of emphasis on making sure everything goes smoothly and safely. Plus, they're usually more affordable than other options. As the number of cataract surgeries keeps going up, hospitals will become even more important in meeting patients' needs and helping the cataract surgery equipment market grow.

Gain Access into Cataract Surgery Devices Market Report Methodology

Country/Region-wise Acumens

Will Higher Prevalence of Cataract Disorders Drive the Market in Asia Pacific Region?

The Asia Pacific region generated considerable revenue from the cataract surgical devices market and it is expected to maintain its lead position during the projected period. This strong market performance can be attributable to a number of crucial elements, the most notable of which is the region’s increasing frequency of cataract illnesses. Cataracts, a primary cause of visual impairment and blindness are especially prevalent in the elderly population. The Asia Pacific region with its enormous and increasingly aging population bears a significant burden of cataract cases needing widespread surgical procedures to restore eyesight and improve quality of life.

The increasing frequency of cataract disorders, attractive reimbursement policies, high penetration of intraocular lenses, and growing senior population in countries such as China and Japan are critical to securing a significant market share. Furthermore, technological improvements, increased patient awareness, a competitive market environment, and major investment in healthcare infrastructure all contribute to the industry’s growth potential. As these trends unfold, the Asia Pacific region is well-positioned to maintain and expand its leadership in the worldwide cataract surgery device market satisfying the growing need for cultured surgical treatments and improving visual outcomes for millions of patients.

Will the Increasing Awareness Regarding the Ocular Disorders Boost the Cataract Surgery Devices Market in North America?

The growing awareness of ocular illnesses is expected to considerably benefit the North American region notably in the eye care and allied businesses. As North American populations age, especially those in the United States and Canada, the prevalence of visual illnesses such as cataracts, glaucoma, age-related macular degeneration (AMD), and diabetic retinopathy increases. This demographic transition combined with increased knowledge of the importance of eye health is resulting in significant development in the eye care industry.

Advancements in understanding eye diseases are like a bright light for the North American eye care industry, promising a brighter future. This growth spurt has several roots- Public Health Heroes Smart campaigns are raising awareness about eye health like never before. - Tech Revolution Cutting-edge technology makes diagnosing and treating eye problems more precise. - Chronic Care Connection Eye care is now better connected to overall health management. - Insurance Power-up Favorable insurance policies make eye care more accessible. - Patient Voices Advocacy groups amplify the needs of those with eye issues. Thanks to the internet, people can easily learn about eye health and prioritize prevention. Ongoing research and innovation keep pushing the boundaries of what's possible. As people become more aware, they'll seek early diagnosis and treatment, leading to healthier eyes and a thriving eye care industry in North America.

Competitive Landscape

The cataract surgery devices market is a dynamic and competitive space, characterized by a diverse range of players vying for market share. These players are on the run for solidifying their presence through the adoption of strategic plans such as collaborations, mergers, acquisitions and political support. The organizations focus on innovating their product line to serve the vast population in diverse regions.

Some of the prominent players operating in the cataract surgery devices market include

  • Carl Zeiss Meditech AG
  • Bausch & Lomb, Inc.
  • Alcon Incorporated
  • NIDEK Co. Ltd.
  • Essilor International S.A.

Latest Developments

  • In January 2024, Lupin Ltd, a renowned pharmaceutical manufacturer, stated that bromfenac ophthalmic solution, 0.07%, would be officially launched in the United States. The US Food and Drug Administration approved this launch. Lupin has secured the exclusive right to be the first to file for this newly released product. This grants the company the right to a 180-day period during which no other company can market the product, as indicated in a stock exchange filing.
  • In August 2023, Nova Eye Medical, an ophthalmic treatment device manufacturer, reported strong sales results following the successful launch of their latest iTrack Advance glaucoma surgical equipment in the United States. The iTrack Advance is a disposable gadget that has an illuminated fiber optic tip. It is specifically intended to improve the effectiveness of canaloplasty surgery in the treatment of glaucoma. The redesigned device was released in May and can be used by ophthalmologists, who represent a large new market, as well as cataract surgeons. Sales in the United States for the three months ending on July 31st were $2.2 million, a 32% increase over the same period the previous year. Continued solid sales growth in the United

Report Scope

REPORT ATTRIBUTESDETAILS
Study Period

2018-2031

Growth Rate

CAGR of ~5.26% from 2024 to 2031

Base Year for Valuation

2023

Historical Period

2018-2022

Forecast Period

2024-2031

Quantitative Units

Value in USD Billion

Report Coverage

Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis

Segments Covered
  • Type of Device
  • Type of Surgery
  • End-User
Regions Covered
  • North America
  • Europe
  • Asia Pacific
  • Latin America
Key Players
  • Carl Zeiss Meditech AG
  • Bausch & Lomb, Inc.
  • Alcon Incorporated
  • NIDEK Co. Ltd.
  • Essilor International S.A.
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Cataract Surgery Devices Market, By Category

Type of Device

  • Intraocular Lenses (IOLs)
  • Ophthalmic Viscoelastic Devices (OVDs)
  • Phacoemulsification Equipment
  • Femtosecond Laser Equipment

Type of Surgery

  • Phacoemulsification Surgery
  • Manual Small Incision Cataract Surgery (MSICS)
  • Extracapsular Cataract Extraction (ECCE)

End-User

  • Hospitals
  • Ophthalmology Clinics
  • Ambulatory Surgical Centers (ASCs)

Region

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • Middle East & Africa

Research Methodology of Market Research

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