Cataract Surgery Devices Market Size was valued at USD 8.6 billion in 2023 and is projected to grow from USD 9.1 Billion in 2024 to USD 13.53 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.2% during the forecast period (2023 - 2032). The rise in prevalence of ocular illnesses is one of the key market drivers anticipated to propel market expansion for cataract surgery devices over the predicted period.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
In January 2024, Lupin Ltd, a leading pharmaceutical company, announced the formal launch of bromfenac ophthalmic solution, 0.07%, in the United States. This launch came after getting approval from the US Food and Drug Administration (FDA). Lupin has obtained the exclusive right to be the first to file for this newly-introduced product. This gives the firm the entitlement to a period of 180 days where no other company can market the product, as stated in a filing with the stock exchange. Bromfenac Ophthalmic Solution, 0.07% is the generic counterpart of Prolensa® Ophthalmic Solution, 0.07%, manufactured by Bausch & Lomb Inc. This medication is prescribed to treat postoperative inflammation and alleviate ocular pain in individuals who have undergone cataract surgery.
In August 2023, Nova Eye Medical, a maker of ophthalmic treatment devices, announced impressive sales figures after the successful release of their newest iTrack Advance glaucoma surgical equipment in the United States. The iTrack Advance is a disposable device that features a lighted fiber optic tip. It is specifically designed to enhance the effectiveness of canaloplasty surgery for the treatment of glaucoma. The revised gadget was introduced in May and can be used by ophthalmologists, who represent a significant new market, in addition to cataract surgeons. The sales in the United States for the three-month period ending on July 31st amounted to $2.2 million, showing a 32% increase compared to the same period in the previous year. Continued robust expansion of sales in the United States is anticipated, with a focused initiative to acquire new customers set to commence in late 2033. Tom Spurling, the Managing Director of Nova Eye, stated that the company's strategy for entering the US market is showing encouraging indications of expansion. Spurling stated that the product debut at the American Society of Cataract and Refractive Surgery convention generated substantial sales momentum.
Over the forecast period, it is anticipated that the market for cataract surgery devices will rise significantly due to the increasing prevalence of cataract. The rising prevalence of cataracts is creating a major opportunity for cataract surgery devices expansion, which will ultimately accelerate market growth over the anticipated years. Globally, 30 million cataract surgeries were carried out in 2022. Over 10 million cataract operations are carried out worldwide year, with rates ranging from 100 to 6000 procedures per million people. Most ophthalmologists—about 50%—regularly operate on cataracts. Additionally, it is anticipated that the market value for cataract surgery devices would grow over the forecast period due to rising awareness of the illness and developing healthcare infrastructure in emerging nations. Furthermore, one key factor that is anticipated to fuel the market expansion for cataract surgery devices throughout the forecast period is aging. One in five persons over the age of 65 have cataracts, for instance, according to the AGS Health in Aging Foundation in 2019. Also, the likelihood of having a cataract is 50.0% if the person is in his mid-seventies. Thus, this factor is driving the market CAGR for cataract surgery devices.Figure 1: Cataract Incidence by Age
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Furthermore, the advent of laser technology is the most notable of the many positive developments that market participants have brought about for the devices and equipment used in cataract surgery. The corneal incision, the opening in the lens capsule, and information about the lens are all performed during cataract surgery with laser assistance. This industry has been significantly impacted by the development of laser technology, which has improved cataract surgery and introduced new levels of safety and accuracy. Femtosecond laser systems have greatly improved the accuracy of cataract surgeries and may soon outperform conventional hand-held procedures. For instance, after realizing the enormous demand and advantages of laser technology, Abbott laboratories, which lacked this technology, acquired Optimedica for $250 million to enter the market for cataract surgery devices.
However, the development of the global market for cataract surgery devices is being significantly influenced by the accessibility of cutting-edge, high-quality IOL implants. In this surgery, the implantation of an intraocular lens (IOL) is a widely accepted method. An intraocular lens is an artificial lens that is implanted inside the eye to take the role of the retina's natural lens, which is typically surgically removed during this procedure. IOL implants that are state-of-the-art and of the highest calibre can lessen the need for glasses or contact lenses after surgery and offer lifelong vision clarity. IOL implants are typically used more advanced by younger persons than by elderly people. Thus, it is anticipated that this aspect will accelerate cataract surgery devices market revenue globally.
The Cataract Surgery Devices Market segmentation, based on device type, includes Intraocular lens (IOL), Ophthalmic Viscoelastic Device (OVD), Phacoemulsification Equipment and Femtosecond Laser Equipment. The intraocular lens (IOL) segment held the majority share in 2023 in the Cataract Surgery Devices Market data. Medical devices are utilised during intraocular lens (IOL) cataract surgery to remove cataracts from the eyes. IOLs are used to correct eyesight by being placed into the eye through a tiny incision. IOLs can be made of artificial materials or can be made by physically removing the normal lens and substituting it with an IOL.
The Cataract Surgery Devices Market data, based on end-users, includes Ophthalmology Centers, Hospitals and Clinics. The hospitals segment dominated the cataract surgery devices market revenue for cataract surgery devices in 2022 and is projected to be the faster-growing segment during the forecast period, 2024-2032. Throughout the projection period, the hospitals segment is expected to be driven by an increase in the number of cataract operations performed in hospitals across all geographical regions. The adoption of cataract surgery devices in hospitals is likely to be boosted by a number of factors, including changing healthcare infrastructure in developing nations and an increase in the number of cutting-edge healthcare facilities, which will ultimately speed up the growth of the hospital segment in the market over time.
Figure 2: Cataract Surgery Devices Market, by End-Users, 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides the market insights for cataract surgery devices into North America, Europe, Asia-Pacific and Rest of the World. North America cataract surgery devices market accounted for USD 3.9 billion in 2023 with a share of around 45.80% and is expected to exhibit a significant CAGR growth during the study period. This is explained by the substantial presence of major market participants in the United States as well as the significant volume of cataract operations. The main drivers propelling market expansion in the region are the advantageous reimbursement policies of insurance companies and rising awareness regarding ocular illnesses.
Further, the major countries studied in the market report for cataract surgery devices are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: CATARACT SURGERY DEVICES MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Asia Pacific cataract surgery devices market accounts for the second-largest market share. One of the main reasons Asia Pacific has dominated the market for cataract surgery devices is the higher frequency of cataract disorders and subsequent surgical intervention. The market in the region will be supported by favorable reimbursement policies and rising intraocular lens penetration in nations like Japan, China, and India. Moreover, China cataract surgery devices market held the largest market share, and the India cataract surgery devices market was the fastest growing market in the region.
Europe cataract surgery devices Market is expected to grow at the fastest CAGR from 2024 to 2032 due to the economy's rapid improvement and a sizable population base with unmet demand for accessible eye care services. Additionally, the possibilities for regional growth are aided by the expanding medical tourism sector and an increase in international investments. Further, the UK cataract surgery devices market held the largest market share, and the Germany cataract surgery devices market was the fastest growing market in the region.
Cataract Surgery Devices Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the cataract surgery devices market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the cataract surgery devices industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the global cataract surgery devices industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, cataract surgery devices industry has provided medicine with some of the most significant benefits. The cataract surgery devices market major player such as Alcon Inc. (U.S), Abbott Laboratories (U.S.), Carl Zeiss Meditech AG (Germany), Essilor International S.A. (France), Opcon Corporation (Japan), Allergan Inc. (U.S.), Bausch & Lomb Inc. (U.S.), NIDEK Co. Ltd. (Japan) and STAAR Surgical Company (U.S.).
With its headquarters in Geneva, Switzerland, and its incorporation in Fribourg, Switzerland, Alcon is an American-Swiss medical firm that specialises in eye care products. The Alcon part of the corporation was founded in Fort Worth, Texas, where Alcon was first established as a US company. In January 2022, in India, Alcon introduced the AcrySof IQ Vivity IOL, a presbyopia-correcting intraocular lens (PC-IOL) with wavefront-shaping technology for patients having cataract surgery.
Carl Zeiss created Carl Zeiss AG, often known as ZEISS, an optical and optoelectronics business in Jena, Germany, in 1846. He helped lay the groundwork for the current multinational corporation with Otto Schott and Ernst Abbe. In April 2020, Carl Zeiss Meditec purchased the surgical tool manufacturers Kogent Surgical and Katalyst Surgical. The acquisition served to grow the businesses and support the delivery of surgical treatment options.
Key Companies in the cataract surgery devices market includes
Cataract Surgery Devices Industry Developments
July 2021:A phacoemulsification (phaco) system was released by Johnson & Johnson (J&J) Vision globally and made accessible in several nations. This technique enables surgeons to merge and remove the internal lens of the eye when it gets hazy due to cataracts with greater efficiency and comfort during surgery.
October 2020:HOYA Surgical Optics announced the release of CLEARlog, an app created by the business that enables surgeons to swiftly record and analyse their cataracts. It is intended to be a time- and money-efficient alternative for surgeons who want to perform a thorough multifactorial study of their results.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 8.6 billion |
| Market Size 2024 | USD 9.1 billion |
| Market Size 2032 | USD 13.53 billion |
| Compound Annual Growth Rate (CAGR) | Â 5.2% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018 - 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Device Type, End-Users and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Alcon Inc. (U.S), Abbott Laboratories (U.S.), Carl Zeiss Meditech AG (Germany), Essilor International S.A. (France), Opcon Corporation (Japan), Allergan Inc. (U.S.) |
| Key Market Opportunities | New product launches and R&D Amongst major key Players |
| Key Market Dynamics | Increasing prevalence of cataract surgery Increase in the aging population |
Cataract Surgery Device Market Highlights:
Frequently Asked Questions (FAQ) :
The Cataract Surgery Devices Market size was valued at USD 8.6 Billion in 2023.
The Cataract Surgery Devices Market is projected to grow at a CAGR of 5.2% during the forecast period, 2024-2032.
North America had the largest share in the global market for cataract surgery devices.
The key players in the market for cataract surgery devices are Alcon Inc. (U.S), Abbott Laboratories (U.S.), Carl Zeiss Meditech AG (Germany), Essilor International S.A. (France), Opcon Corporation (Japan), Allergan Inc. (U.S.).
The intraocular lens (IOL) dominated the cataract surgery devices market in 2022.
The hospitals had the largest share in the Cataract Surgery Devices Market.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
