Global Cataract Surgery Devices And Equipment Market Set For 9.5% Growth, Reaching $11.84 Billion By 2028
Cataract Surgery Devices And Equipment Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What Is Driving The Growth Of The Cataract Surgery Devices And Equipment Market?2
The cataract surgery devices and equipment market has seen exponential growth in recent years. It is expected to surge from $7.46 billion in 2023 to $8.24 billion in 2024, with a compound annual growth rate CAGR of 10.5%. This growth during the historical period can be attributed to aging population demographics, increasing incidence of cataracts, heightened patient awareness, government initiatives for vision care, as well as increasing healthcare expenditure.
What Is Projected For The Cataract Surgery Devices And Equipment Market?
The market is expected to witness robust growth in the forecast period, reaching $11.84 billion in 2028 at a CAGR of 9.5%. This anticipated growth momentum can be accredited to a growing focus on outpatient surgery, customized intraocular lenses, value-based healthcare models, global vision care campaigns, global initiatives for eye health and significant strides in AI integration, teleophthalmology, remote consultations, rapid technological innovations, improvements in intraocular lens technology, and surgical techniques, particularly femtosecond laser technology.
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What Factors Are Driving The Growth Of The Cataract Surgery Devices And Equipment Market?
The rising geriatric population, more prone to developing cataracts as they age, is expected to fuel the growth of the cataract surgery devices and equipment market in the future. For instance, according to the 2021 American Community Survey conducted by The United States Census Bureau, there were 55,892,014 people aged 65 and over in the U.S., representing about 16.8% of the population. With age, the prevalence of cataracts increases, thereby escalating demand for cataract surgery devices due to associated vision impairment.
What Are The Key Industry Players And Emerging Trends In The Cataract Surgery Devices And Equipment Market?
Major companies operating in the cataract surgery devices and equipment market include Johnson & Johnson Services Inc., Allergan Inc., PhysIOL S.A, Novartis AG, Abbott Laboratories, Alcon Inc., HOYA Corporation, Bausch & Lomb Inc., Carl Zeiss Meditech AG, Topcon Corporation, NIDEK Co. Ltd., Glaukos Corporation, Aurolab Co., OPHTEC BV, DORC International BV, Calhoun Vision Inc., Coburn Technologies Inc., HumanOptics AG, Hanita Lenses Ltd., Lenstec Inc., CRISTALENS SL, and EyeKon Medical Inc., among others.
In developing innovative products, such as the VERITAS Vision System, these companies aim to improve surgical accuracy and outcomes. Designed to enhance patient safety, surgeon efficiency, and comfort, the VERITAS Vision System was launched by Johnson & Johnson Vision in July 2021. It utilizes hybrid fluidics technology and White star technology to facilitate cataract surgery with more stability and less surge, thereby improving surgical outcomes.
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How Is The Global Cataract Surgery Devices And Equipment Market Segmented?3
The market is broadly segmented:
1 By Type: Intraocular Lens IOL, Ophthalmic viscoelastic device OVD, Phacoemulsification Equipment, Femtosecond Laser Equipment.
2 By Surgery Type: Extracapsular Cataract Extraction, Phacoemulsification, Femtosecond Laser, Other Surgery Types.
3 By Application: Ophthalmology Centers, Hospitals, Clinics.
What Are The Regional Insights Into The Cataract Surgery Devices And Equipment Market?
In 2023, North America was the largest player in the global cataract surgery devices and equipment market, closely followed by Asia-Pacific. The regions analyzed in the report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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