The global cataract surgery device market size was significantly robust in 2022 and is expected to register a rapid revenue CAGR over the forecast period. Cataract surgery device market revenue growth is primarily driven by the rise in various eye-related disorders, globally leading cataract problems.
A cataract surgery device is used in the surgical treatment of cataracts. A cataract is an eye-related problem associated with blurred or cloudy vision, which if not treated properly on time can result in permanent vision loss. The surgery of cataract usually involves the implantation of an intraocular lens. The replacement of lens with an artificial lens helps to regain the vision of an eye. Surgical removal of cataract is the only treatment available for cataract. The common symptoms seen in cataracts are blurred vision, redness of an eye, difficulty in reading, and visual changes. Factors that increases the chances of cataract are ageing, diabetes, genetic diseases, and excessive consumption of steroid hormones.
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Some of the factors supporting market growth
Drivers:
Increasing prevalence of various ocular diseases in growing population due to the rising use of electronic gadgets like mobile phones and laptops, leading to blurred vision related to cataracts is one of the major factors driving revenue growth of the cataract surgery device market.
Increase in geriatric population with age-related blurred vision or weakening of eye muscles resulting in blurred vision increases the risk of cataract and the demand for cataract surgery devices thus contributes to revenue growth of the cataract surgery device market.
Rise in various chronic conditions such as diabetes, obesity, hypertension, and genetic diseases, which increases the chance of cataract drive the market revenue growth of cataract surgery devices with increasing the demand for these devices.
Technological advancements in the cataract surgery device along with an increase in the device application supports revenue growth of the cataract surgery device market.
Restraints:
High cost required for cataract surgery due to the high price of the device required in the treatment and a lack of skilled professionals for the treatment are the major factors restraining revenue growth of the cataract surgery device market.
In addition, lack of knowledge about the disease and lack of healthcare insurance by the government for the treatment of cataracts impede the market revenue growth of cataract surgery device.
Opportunities:
Technological advancements in cataract surgery devices and major key players in the cataract surgery device market focusing on cost reduction of the device to reduce the overall cost required for cataract surgery. Also, improved healthcare facilities and an increase in government investment in the healthcare domain will witness lucrative growth opportunities in the forecast period.
Geographic Market Scenario
Largest Market Share:
Among the regional markets for cataract surgery devices, North America emerged to be the largest with the highest revenue share. Revenue growth in North America is attributed to rising healthcare expenditure, increasing awareness, and rising incidence of ocular diseases related to cataracts in this region.
Fastest Growing Market:
Asia Pacific cataract surgery device market is expected to register the fastest revenue growth rate over the forecast period. Rising number of patients with ocular diseases related to cataract and government initiatives to promote awareness are some of the major factors responsible for the market revenue growth in this region. Also, the presence of large population is one of the key factors expected to positively impact the cataract surgery device market revenue growth ahead.
Key market trends and innovation
- Johnson & Johnson in July 2021 announced the launch of a phacoemulsification system for the surgery of cataracts.
- Alcon in January 2021 announced the launch of AcrySof IQ Vivity for patients undergoing cataract surgery.
- HOYA Surgical Optics launched the CLEARlog app, specially designed to allow surgeons to analyse patient’s cataract quickly and easily.
Major Companies in the Market
- Carl Zeiss
- Johnson & Johnson
- Essilor Luxottica
- NIDEK CO., LTD
- Topcon Healthcare
- Bausch & Lomb Incorporated
- Alcon
- STAAR Surgical
- HAAG STREIT
- Ziemer Ophthalmic Systems
- Medical Information Technology, Inc.
- Abbott
- Rayner Intraocular Lenses Limited
What Our Report Provides and Why Our Offering Is Better
This report offers historical data points, forecast, and revenue growth at a global regional & country level, and provide analysis, industry trends, and consumption pattern details for each region, major country, and segment from 2023-2032. The global market report includes industry trends, drivers, restraints, opportunities, threats, market strategies, segment revenue, and revenue share contribution by each regional and country market. In addition, the report offers industry analysis and competitive landscape, company financials, and impact analysis.
Cataract Type Outlook (Revenue, USD Billion; 2023-2032)
- Nuclear cataract
- Cortical cataract
- Posterior subcapsular cataract
- Congenital cataract
Surgery Type Outlook (Revenue, USD Billion; 2023-2032)
- Intracapsular
- Extracapsular
Product Outlook (Revenue, USD Billion; 2023-2032)
- Phacoemulsification equipment
- Intraocular lenses
- Ophthalmic viscoelastic devices
- Drapes
- Others
Type Outlook (Revenue, USD Billion; 2023-2032)
- Equipment
- Consumables
Age Outlook (Revenue, USD Billion; 2023-2032)
- Paediatrics
- Adults
- Geriatrics
Gender Outlook (Revenue, USD Billion; 2023-2032)
- Female
- Male
End-User Outlook (Revenue, USD Billion; 2023-2032)
- Hospital
- Ambulatory Surgical Centers (ASC)
- Speciality clinics
Distribution Channel Outlook (Revenue, USD Billion; 2023-2032)
- Offline
- Online
Regional Outlook (Revenue, USD Billion; 2023-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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