Cataract Surgery Devices Market Assessment, By Product Type [Intraocular Lenses, Ophthalmic Viscoelastic Devices, Femtosecond Laser, Phacoemulsification Equipment, Others], By Application [Phacoemulsification, Extracapsular surgery, Laser-assisted Catarac

Cataract Surgery Devices Market Assessment, By Product Type [Intraocular Lenses, Ophthalmic Viscoelastic Devices, Femtosecond Laser, Phacoemulsification Equipment, Others], By Application [Phacoemulsification, Extracapsular surgery, Laser-assisted Cataract Surgery], By Age [Pediatrics, Adults, Geriatrics], By End-user [Hospitals, Eye Care Clinics, Research Institutes, Others], By Region, Opportunities and Forecast, 2017-2031F

Global cataract surgery devices market is projected to witness a CAGR of 4.48% during the forecast period 2024-2031, growing from USD 9.12 billion in 2023 to USD 12.95 billion in 2031. An increasing elderly population drives growth in the global cataract surgery devices market, a rising prevalence of lifestyle-related diseases, such as diabetes and hypertension, an increasing number of vision impairment cases, and rising cataract surgeries. Increasing healthcare expenditure, technological advancements, and increased awareness regarding cataract surgeries among the population are further accelerating the growth of global cataract surgery devices market. Moreover, governmental support and initiatives and increase in private and public sector investments are creating a positive outlook for the market’s expansion.

The global cataract surgery devices market is consistently undergoing robust growth due to an increasing geriatric population. As aging is the main cause of developing cataract disease, it escalates the demand for cataract surgeries. An increased number of cataract surgeries needs adequate cataract surgery devices to perform the surgery, thereby acting as a crucial growth-inducing factor. In line with this, proliferating healthcare expenditure and evolving healthcare infrastructure, with different types of cataract surgery options available for patients, further escalates the growth of global cataract surgery devices market.

Technological advancements and innovations in cataract surgical equipment and devices, high demand for cataract laser treatment devices, and increased acceptance among the population are further propelling the global cataract surgery devices market. Additionally, the increasing disposable incomes of consumers have enhanced accessibility to eyecare facilities and surgeries, which, in turn, is favoring market growth. Moreover, governmental support and initiatives to improve access to eyecare services and appliances for low socio-economic people, the presence of many leading players, and public and private firm’s collaborations and joint ventures to invest in research and development of more efficient and effective cataract surgical devices are facilitating the growth in global cataract surgery devices market.

Rise in Prevalence of Cataract Cases

There has been a surge in demand for cataract surgery devices due to the rising number of cataract cases worldwide. An increase in the aging population leads to age-related and vision issues such as cataracts, diabetic retinopathy, glaucoma, age-related macular degeneration, and presbyopia. As a result, demand for cataract surgeries is also increasing. According to an article published in 2022 by The BMC Public Health journal, cataract is the major cause of blindness worldwide, and it is expected to increase further with the increasing aging population. Currently, the prevalence of cataracts is 3.9% among the 55 to 64 years age group and 92.6% for the 80 years and above population.

Cataract surgeries are cost-effective and have high success rate, which have increased its demand among the patients seeking treatment. Cataract surgical devices, such as phacoemulsification devices, intraocular lenses, and precision instruments, play a crucial role in the cataract surgical procedure. For instance, phacoemulsification devices use ultrasonic energy to breakup and remove the cloudy lens, allowing for a smaller incision and faster recovery. Similarly other devices used in cataract surgeries also helps in improving surgical outcomes. Due to all these factors, there has been a tremendous growth in the demand for global cataract surgery devices.

Technological Advancements in Cataract Surgery Devices

With the high prevalence of cataract cases, there is a high demand for innovation in cataract surgical devices that can enhance cataract surgeries' success rate and health outcomes. Innovations in these surgical devices allow more precise incisions, enhance vision correction, and improve the surgical process. As the number of cataract surgeries are rising and people are becoming increasingly aware of cataract surgeries, manufacturers are also continuously investing in research and development to launch innovative products and meet the growing demand for cataract surgery devices.

For instance, in April 2023, Bausch + Lomb Corporation announced the launch of StableVisc cohesive ophthalmic viscosurgical device (OVD) as well as TotalVisc Viscoelastic System. These devices bring new OVD options that provides best possible surgical outcomes for patients. StableVisc is a cohesive OVD that helps maintain appropriate space in the anterior chamber of the eye to allow surgeons to extract and replace the clouded natural lens. TotalVisc Viscoelastic System is a dispersive OVD with both StableVisc and ClearVisc and protects ocular tissue during the surgical procedure. These innovative product launches and technological advancements further accelerate the global cataract surgery devices market.

Government Initiatives

Ophthalmic facilities are an essential component of the health care system worldwide. As the prevalence of eyesight illnesses, such as cataracts, continues to rise, the demand for cataract surgeries and surgical devices will also continue to grow. Due to this, governments from all over the world are consistently launching initiatives, policies, and programs to increase accessibility to cataract surgeries further boosts the global cataract surgery devices market. For instance, in May 2023, the Department of Health and Community Services in Canada announced funding of an additional 1,500 (added to the previously announced 3,300 procedures) out-of-hospital cataract procedures within the country. These will be equally distributed among the three non-hospital designated facilities (two in the Eastern Zone and one in the Western Zone), authorized to provide out-of-hospital cataract surgery as an insured service. This initiative aims to reduce the wait times and improve access to the cataract surgery. All these initiatives taken by the government further stimulate growth in the global cataract surgery devices market.

Growing Demand for Femtosecond Laser

Among the product segment, femtosecond laser segment is expected to grow fastest. Technological advancements in this segment have led to the emergence of advanced products that increase the speed of cataract surgeries, improve surgical outcomes, and provide faster recovery. Moreover, there has been a tremendous demand among patients and healthcare providers for laser assisted cataract surgeries over conventional surgeries due to their several advantages, such as bladeless operation and high and accurate precision, mainly achieved through computer-guided laser. Many key market players understand the growing demand of this segment and are launching innovative products.

For instance, in April 2023, Johnson & Johnson Vision Care, Inc., which is a global leader in eye care, announced that the company’s latest innovation “ELITA Femtosecond Laser” has received FDA 510(k) clearance for the creation of LASIK flaps. This system is a modular design that provides an ultra-fast laser repetition rate, smooth stromal bed with effortless flap lifts, and high precision that provides surgeons with increased speed and accuracy, along with improved visual outcomes. These new innovative launches further propel the global cataract surgery devices market.

North America Holds the Largest Share in the Cataract Surgery Devices Market

North America holds the largest share of the global cataract surgery devices market. A robust healthcare infrastructure and exclusive healthcare facilities are available in the United States, making it rich in the latest advanced and hi-tech medical devices, including cataract surgery devices. People are more aware of the success rate of cataract surgeries and the latest efficient medical devices used in the surgery, which increase the acceptance of these surgeries among people. Additionally, increased disposable income further leads to the growth of this region's cataract surgery devices market.

For instance, according to Ophthalmology Physicians & Surgeons, PC, over 24.4 million people over 40 years of age are affected by cataracts in the United States. As life expectancy increases and people live longer, the development of cataracts is also progressing. Around 50 million Americans are estimated to develop cataracts by the year 2050. As the number of cataract cases increases, cataract surgical procedures also increase. In the US, more than 2 million cataract surgeries are performed yearly. Due to these factors, the cataract surgery devices market holds a significant share in this region. Along with this, technological advancement and constant governmental support further accelerate growth in this market. Moreover, key market players like Johnson & Johnson Vision Care, Inc. and Bausch + Lomb Corporation play a pivotal role in promoting market growth.

Future Outlook

Global cataract surgery devices market is expected to grow in the coming years, due to multiple factors. Primarily, the continuously increasing elderly population leads to a rise in prevalence of vision impairment due to cataract worldwide. This has further led to increase in demand for cataract surgeries. Advanced and highly efficient cataract surgery devices play a vital role in huge success of these surgeries, due to which patient’s trust and acceptance has enhanced in the past few years. Technological advancements in this market, governmental support, policies, and programs, increase in healthcare expenditure and healthcare infrastructures, and collaborative ventures involving eyecare companies, medical devices manufacturers, research institutions, and other healthcare providers, have spurred innovation and growth in global cataract surgery devices market.

Key Players Landscape and Outlook

Companies are progressively taking initiatives in the cataract surgery devices market, undergoing strategic partnerships and distribution agreements, which play a pivotal role in propelling the global cataract surgery devices market. These alliances empower firms to adapt to each other's strengths, gain access to new markets and technologies, and pool resources for research and development endeavors. Distribution agreements enable companies to broaden their market presence at an international level.

These collaborative initiatives promote innovation, expedite product development, improve surgery success rates, and contribute to the enduring and robust growth of the healthcare industry. For instance, in January 2023, Bausch + Lomb Corporation, a leader in global eye health, announced the acquisition of AcuFocus, Inc., which manufactures medical devices for the ophthalmic industry. It has developed IC-8 Apthera EDOF IOL, which is successfully used for cataract patients’ treatment. With this strategic acquisition, the company aims to enhance its product portfolio of surgical devices used in cataract surgeries and increase its global footprint.