Cataract Surgery Devices Market Size Worth USD 12.23 Billion by 2030 at 5.19% CAGR – Report by Market Research Future (MRFR)

Cataract Surgery Devices Market Trends and Insights by Device Type (Intraocular lens (IOL), Ophthalmic Viscoelastic Device (OVD), Phacoemulsification Equipment and Femtosecond Laser Equipment) by End-Users (Ophthalmology Centers, Hospitals, Clinics), Competitive Market Growth, Size, Share and Forecast to 2030

New York, USA, Dec. 12, 2022 (GLOBE NEWSWIRE) — Cataract Surgery Devices Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), “Cataract Surgery Devices Market Information By Device Type, End-User, And Region – Forecast till 2030“, the market will reach USD 12.23 billion by 2030 at 5.19% CAGR.

Market Synopsis

As the normal lens of the eyes is removed during cataract surgery, it is also known as replacement therapy. To restore clear eyesight, cataract surgery is primarily performed. It is a sign when cataract-related vision opacity has advanced to the point that it interferes with routine everyday activities. It is among the surgical operations that are carried out the most frequently worldwide. The two types of cataract surgery are intracapsular and extracapsular. The lens and the flimsy capsule that surrounds the lens are both removed during intracapsular surgery. The lens is removed during extracapsular cataract surgery while the capsule is still in place.

Cataract surgery is necessary when vision loss prevents people from performing daily tasks like reading, driving, or watching T.V. A common optical condition called a cataract causes the lens to become cloudy, impairing vision. Due to aging, this kind of eye illness is prevalent in the elderly population. The defective lens is replaced with artificial ones during cataract procedures to treat impaired eyesight. Blurred vision, reading difficulties, glare, visual abnormalities, eye redness, and other symptoms are all signs of cataracts. The only way to recover vision and view the globe once again is through surgical removal of the cataract. The cataract process is typically performed as an outpatient procedure, and the majority of patients are discharged shortly after the surgery.

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Report Scope:

Report Attribute Details
Market Size in 2030 USD 12.23 Billion
CAGR 5.19%
Base Year 2021
Forecast Period 2022-2030
Historical Data 2020
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered By Device Type and End-users.
Geographies Covered North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Market Drivers Phacoemulsification equipment is gaining more traction in recent years
The technological advancements in the cataract surgery devices

Cataract Surgery Devices Market Competitive Landscape:

The well-known contenders in the market of cataract surgery devices are:

  • Alcon, Inc. (U.S)
  • Bausch & Lomb, Inc. (U.S.)
  • NIDEK Co., Ltd. (Japan)
  • Abbott Laboratories (U.S.)
  • Carl Zeiss Meditech AG (Germany)
  • Essilor International S.A. (France)
  • Opcon Corporation (Japan)
  • Allergan, Inc. (U.S.)
  • STAAR Surgical Company (U.S.)

Cataract Surgery Devices Market Dynamics:

Market Drivers:

Over the forecast period, it is anticipated that the market for cataract surgical equipment will rise significantly due to the increasing prevalence of cataracts. Additionally, the development of cutting-edge technologies has fueled the need for more expensive cataract surgical equipment. The growth of the market for cataract surgical devices is anticipated to be aided in emerging nations by the expanding healthcare infrastructure and easier access to cataract surgical equipment. The higher prevalence of cataracts is creating a significant opportunity for cataract surgery growth, which will ultimately accelerate market growth over the anticipated years.

Additionally, it is anticipated that the market value for cataract surgical equipment will grow over the forecast period due to rising awareness of the illness and strengthening healthcare infrastructure in growing economies. The invention of computer-controlled optical delivery systems, which enables precise incisions without inflicting injury to the surrounding tissues, also encourages demand for cataract surgical instruments, allowing sales of cataract surgery equipment to soar.

Market Restraints:

The market expansion is being constrained by issues like a shortage of qualified specialists and a lack of knowledge about cataract problems, particularly in developing economies. Additionally, inadequate primary healthcare infrastructure and a lack of health insurance are possible roadblocks to the market’s total expansion.

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COVID 19 Analysis

Due to the suspension of numerous routine surgeries and outpatient visits, which decreased the requirements for cataract surgery devices in the market, the overall impact of COVID-19 on the market for cataract surgery devices is still negative. This is due to a decrease in the number of patients visiting hospitals and clinics for cataract surgery. Additionally, due to the COVID-19 outbreak, most markets are suffering a drop, particularly in the market for devices used in cataract surgery.

Despite this, the market for cataract surgery devices is in a period of recovery with the resumption of operations across various domains, including healthcare services, as a result of the approval and administration of multiple COVID-19 vaccines around the world, providing a positive future outlook for the market for cataract surgery devices during the forecast period. The COVID-19 pandemic disrupted not only the research and development of illnesses other than COVID-19 but also the global supply chain for medical devices and pharmaceuticals, which had an effect on the market for devices used in cataract surgery.

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Cataract Surgery Devices Market Segmentation

By end-users, the market includes ophthalmology centers, hospitals, and clinics.

By device type, the market includes an ophthalmic viscoelastic device (OVD), phacoemulsification equipment, intraocular lens (IOL), and femtosecond laser equipment.

Cataract Surgery Devices Market Regional Insights

Throughout the projected period, Asia-Pacific is anticipated to dominate the market. One of the main reasons Asia-Pacific has dominated the market for cataract surgical devices is the higher frequency of cataract illnesses and subsequent surgical intervention. The market in the region will be supported by supportive regulatory policies and rising intraocular lens penetration in nations like Japan, China, and India. In addition, the growing elderly population in China and Japan will contribute to the market’s expansion. The market for cataract surgery is expanding most quickly in Asia-Pacific. The market offers tremendous potential for expansion. The market is challenged by poor reimbursement.

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The rate of growth is accelerating during the projection period, nevertheless. The next major player in Europe has made significant investments in cataract operations. In the area, new cataract operations are being used more frequently. The largest market share for cataract surgical devices is held by North America, which is also expected to continue this pattern over the projection period. A high disposable income, strong healthcare infrastructure, and supportive reimbursement policies are predicted to boost market expansion because of the region’s rising cataract prevalence.

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