Cataract Surgical Devices Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Cataract surgical devices Market

The cataract surgical devices market size was valued at USD 6.56 billion in 2018, and the market is now projected tgrow tUSD 14.04 billion by 2032, exhibiting a CAGR of 5.6% during the forecast period of 2019-2026.

The cataract surgical devices market experienced significant decline when COVID-19 hit the world since cataract surgeries fall under the elective procedures that were either deferred or halted tcontain the spread of the virus. It resulted in witnessing a great decline in its surgical businesses and thus, the sales of related devices at the time of the pandemic. Surgical instruments and equipment’s were alsfelt tbe scarce due tdisruptions on the supply chain. However, as various healthcare networks around the world continued performing elective surgical procedures and have adopted all the necessary safety precautions, the market was gradually restored. The number of delayed operations and the development of minimally invasive technologies still create growth opportunities for the development in the post- Covid period. This kept the cataract surgical devices market growth stable.

Increasing incidence of cataract is expected tincrease the demand for cataracts surgical equipment considerably over the forecast period. For instance, the International Journal of Advanced Medical and Health Research estimate that cataract contributes tblindness of approximately 17.6 million individuals globally, on the basis of a 2015 study. Cataract is more common than other eye ailment, and this fact is creating ample chance for increasing the chances for cataract surgeries, which in turn will help the market texpand in the anticipated years. These factors drive the cataract surgical devices market share.

One of the most important trends in the development of the cataract surgical devices market is the increasing popularity of second laser assisted cataract surgery. This refined approach improves the accuracy and efficacy through laser work tdpart of the surgery like corneal cuts, capsulotomy, and lens rupture. The FLACS system has been proved tdecrease the intervention of human input, tdecrease complications, and tshorten the healing period. This, combined with rising accessibility of better vision IOLs and addition of laser in the cataract surgeries as surgery spacer increasing patient preference and customization, has fuelled the need for advanced surgical tools.

Comprehensive Analysis of Cataract surgical devices Market

The cataract surgical devices market is responding quite an unprecedented rate of growth because of its market segmentation. This indicators growth in different regions by substituting the major forces of supply and demand which define the shape of local pharmacy benefit management market. Therefore, they are logically divided int2 Segments, By Product Type Outlook and By End-User Outlook. Given the Product Type, Global Cataract Surgery Devices Market can further categorised intPhacoemulsification System, Femtosecond Laser, Intraocular Lens and Ophthalmic Viscoelastic Device as well as Other Consumables. Depending upon the end-user, the market has been divided inthospitals, ophthalmic clinics, and others. Out of all the market segments, the hospitals are most likely toffer a high revenue in the cataract surgical equipment market in the forthcoming years. A rising incidence of hospital cataract surgeries across the regions is expected thelp the hospitals segment during the forecast period.

The Asia Pacific region was valued at USD 2.09 billion in 2018. Increased rates of cataract disorders and consequently more surgeries are among the reasons that Asia Pacific is likely ttake over the main share of the cataract surgical devices market. Availability of favourable reimbursement policies and higher usage of intraocular lenses in the Asia-Pacific countries like Japan, China and India shall steadily support the market in the region. Accompanied by this, the growth of geriatric population in the countries of China and Japan will alsenhance the market growth.

Alcon (Part of Novartis AG) [Switzerland], Johnson and Johnson Services, Inc. [U.S.], ZEISS International [Germany], Bausch & Lomb Incorporated [U.S.], STAAR SURGICAL [U.S.], Hoya Corporation [Japan], Oertli Instrumente AG [Switzerland], Rayner Intraocular Lenses Limited [U.K.], Oculentis [Germany] and SIFI S.p.A [Italy] are significant players in the medical devices market. They are the key player that ensures the industry's success while still having tkeep pace with their innovation in product and services. They offer a competitive zone that incites the growth of technologies and quality assurance. They operate on a global scale and have a wide range of product lines ensuring that the market players compete on a fair playing field bringing in innovations that result in the market's evolution.

In July 2021, Johnson & Johnson (J&J) Vision around the global begun distributing a phacoemulsification or phacsystem for cataract surgeries, and entered many countries. This system enabled surgeons thave an easier and more comfortable time during surgery by incorporating and resituating the eye’s natural lens because the lens becomes hazy through cataracts.

Segmentation Table

ATTRIBUTES DETAILS

Study Period 2015-2026

Base Year 2018

Forecast Period 2019-2026

Historical Period 2015-2017

Unit Value (USD billion)

Segmentation By Product Type

Phacoemulsification Systems

Femtosecond Laser

Intraocular Lenses

Ophthalmic Viscoelastic Devices & Other Consumables

By End-user

Hospitals

Ophthalmic Clinics

Others

By Geography

North America (U.S. and Canada)

Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)

Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)

Latin America (Brazil, Mexico, and Rest of Latin America)

Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)