Global Cataract Surgery Device Market Scenario:
Cataract Surgery Devices Market Size was valued at USD 8.6 billion in 2022 and is projected to grow from USD 9.1 Billion in 2023 to USD 12.23 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.19% during the forecast period (2022 - 2030). The global visual impairment population is increasing gradually which is the primary driving force behind the growth of the global cataract surgery device market. Increasing prevalence of eye disorders, especially cataract which necessitates surgery and, in turn, drives the market for cataract surgery device market. The gradual rise in global geriatric population is also estimated to be a positive driving force for market growth. The aging populace is more prone to developing cataract, and the demographic shift in developed countries towards older age will lead to an increased rate of cataract surgeries.
The economic upsurge in developing countries has directed the government’s attention towards control and prevention of eye diseases, which has reflected positively on the growth of the market. In addition, development of minimally invasive surgical techniques and high-tech ophthalmic surgical devices have propelled the growth of the global cataract surgery device market. The emergence of laser cataract surgery has also been a boon for the market. Furthermore, favorable reimbursement scenario for cataract surgeries has raised the adoption rate of cataract surgeries which is expected to boost the market growth over the forecast period. On the flip side, the global cataract surgery devices market is expected to witness a setback in developing countries where access to healthcare is low. Moreover, low-income levels and lack of awareness regarding eye impairments are significant impediments to the growth of the global cataract surgery devices market.
Regional Analysis
The global cataract surgery devices market spans across the regions of North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is the largest market for cataract surgery devices and accounts for 46% share of the global market. Robust healthcare sector, high expenditure on medical devices and rapid adoption of advanced technologies supports the growth of the North America cataract surgery device market and is expected to expand at a CAGR of 4.9% over the forecast period. Europe is the second largest market for cataract surgery device market research and is expected to grow at a CAGR of 5.2% while Asia Pacific is expected to grow at a relatively faster rate as compared to others. The Latin America and Middle East & Africa markets are expected to exhibit limited growth due to low penetration of healthcare.
Segmentation
The global cataract surgery device market has been segmented based on device type and end-users. By device type, the market has been segmented into intraocular lens (IOL), Ophthalmic Viscoelastic Device (OVD), Phacoemulsification Equipment and Femtosecond Laser Equipment. The intraocular lens (IOL) segment accounts for 79% of the global cataract surgery device market share and is poised to exhibit significant growth over the forecast period. By end users, the market has been segmented into hospitals, clinics, ophthalmology centers, and others.
Competitive Landscape
The notable players operating in the global cataract surgery device market include Allergan, Inc. (U.S.), Essilor International S.A. (France), Bausch & Lomb, Inc. (U.S.), STAAR Surgical Company (U.S.), Carl Zeiss Meditech AG (Germany), Abbott Laboratories (U.S.), Opcon Corporation (Japan), NIDEK Co., Ltd. (Japan), and Alcon, Inc. (U.S).
Industry Updates
· In August 2018, Alcon, a global leader in eye care and a subsidiary of Novartis, announced a voluntary recall of CyPass Micro-Stent, a micro-invasive eye surgical device due to safety concerns. The device was approved for use along with cataract surgery but was pulled off the market following a five-year post-surgery data analysis which indicates that it may cause damage to the eyes.
· In September 2018, Swiss Advanced Vision launched a Harmonis customizable intraocular lens system designed for cataract surgery.
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