Cataract Surgery Device Market

Rising prevalence of cataract to propel market growth

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.

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 Global Cataract Surgery Devices Market Industry is experiencing growth driven by the increasing aging population. As individuals age, the prevalence of cataracts rises significantly, necessitating surgical intervention. By 2024, the market is projected to reach 9.1 USD Billion, reflecting the growing demand for cataract surgeries. The World Health Organization indicates that cataracts are the leading cause of blindness among older adults, with an estimated 20 million people affected globally. This demographic shift suggests a sustained increase in the need for advanced surgical devices and techniques, thereby propelling the market forward.

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, Market Research Future 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.

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.