Cataract Surgery Devices Market Analysis | 2022-2028

“The Cataract Surgery Devices Market was estimated at US$ 7.9 billion in 2021 and is expected to grow at a CAGR of 4.01% during 2022-2028 to reach US$ ~11.40 billion in 2028”.

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Market Dynamics

Introduction

A cataract is a state where the lens becomes clouded, impairing vision. In cataract surgery, the naturally clouded lens is removed, and an artificial intraocular lens is then implanted. Cataract surgery equipment is instruments used during cataract surgery, such as intraocular lenses, phacoemulsification systems, forceps, and balanced salt solutions.

The gadgets used in cataract surgery are meant to repair cataracts without harming the cornea. Cataract surgery has a great track record for safety and success and is a low-risk operation. Surgery becomes crucial if the condition is discovered at an earlier stage because, without it, the cataract would develop and cause visual loss.

Market Drivers

The market is driven by a rise in the frequency of ocular illnesses, an increase in the prevalence of cataract disease, and technical developments in ophthalmic devices. Additionally, the global increase in the elderly population spurs market expansion.

The prevalence of ocular illnesses is on the rise, healthcare technology is advancing thanks to the use of lasers and computer-controlled optical delivery systems, which allow for accurate incisions without causing any damage to the surrounding tissues, and rising economies are expanding. Additionally, new competitors' product innovation and evolution are anticipated to drive market expansion.

Additionally, an increase in the prevalence of disorders like diabetes, obesity, and hypertension has helped the cataract surgery devices market grow. However, the market expansion is constrained by a shortage of qualified experts and a lack of knowledge of cataract problems, particularly in emerging economies. Additionally, a rise in R&D spending to create effective cataract surgery tools is the primary element projected to accelerate growth.

The market for cataract surgery equipment is hampered by a lack of health insurance and a lack of public understanding of the advantages of the procedure. The high expense of cataract surgery, particularly in developing nations like India, China, Brazil, and South Africa, limits the market's expansion. Government initiatives to lessen the impact of disorders linked to cataracts also present profitable business prospects for major industry players.

Several investments/guidelines in the industry have been directed in recent years, which would boost the overall market:

In comparison to employing Barret True K alone, intraoperative aberrometry produced better refractive outcomes (measured as absolute prediction error p0.005) in post-myopic LASIK/PRK eyes on 1,067 eyes implanted with AcrySof IQ mono-focal IOLs. The ORA SYSTEM assists surgeons in catching outliers in real-time before IOL implantation and hitting refractive targets with precision by continuously improving its increasing database of millions of cases.

Recent Developments

There is stiff competition in the cataract surgery devices market. The market's leading players can concentrate on creating sophisticated urinary catheters that provide catheterization that reduces the danger of leakage and infection while preventing discomfort and resentment from urethral disorders. For example:

• In April 2022, Alcon, the industry pioneer in eye care committed to enabling people to see brilliantly, released significant statistics on its SMART Solutions for cataract surgery. The first application in Alcon's expansive cloud-based platform is SMARTCataract, which was specially created for surgical ophthalmic offices. The information demonstrates significant time savings for cataract patients during the cataract evaluation, planning, operating room (OR), and postoperative (post-op) processes.
• In November 2021, at the American Academy of Ophthalmology (AAO) 2021 annual meeting, Alcon, the world leader in eye care committed to assisting people in seeing brilliantly, showcased its most recent development in integrated and connected surgical technologies: SMART Solutions by Alcon, a digital platform specifically designed for ophthalmology. Alcon's leadership in clinic-to-operating room (OR) integration with image-guided technology and cloud-based planning is strengthened by this new platform.
• In July 2021, the phacoemulsification (phaco) technology, created by Johnson & Johnson’s (J&J) Vision to give surgeons more comfort and efficiency during cataract surgery, was launched globally. Additionally, the VERITAS Vision System is designed to increase patient security. Phacoemulsification, the most popular technique for cataract surgery, enables doctors to emulsify and remove the internal lens of the eye when it develops cataracts and becomes hazy. For surgeons, delicate surgery can be taxing because it requires a lot of concentration and control. The hybrid fluidics technology used in the VERITAS Vision System reduces post-occlusion surge to protect intraocular structures and provide better chamber stability
• In April 2021, the FDA 510(k) clearance and CE mark of Johnson & Johnson Vision's next-generation phacoemulsification innovation, the VERITAS Vision System, was announced. Johnson & Johnson Vision is a global leader in eye health and a division of the Johnson & Johnson Medical Devices Companies. Through the use of technologies, the high-performance phacoemulsification system enables surgeons to guide through any lens density with less surge and more stability. Additionally, the new technology offers ergonomic improvements to significantly improve usability during cataract surgery.

Segments Analysis

By Product Type

The market has been segmented into intraocular lenses, phacoemulsification equipment, and ophthalmic viscoelastic device. Ocular diseases are becoming more common, healthcare technology is improving because lasers and computer-controlled optical delivery systems allow for precise incisions without harming adjacent tissues, and developing economies are expanding.

Additionally, the market expansion is predicted to be fuelled by new rivals' product innovation and evolution. The cataract surgery devices market has expanded due to the rising prevalence of diseases including diabetes, obesity, and hypertension. The market's growth is, however, restricted by a dearth of skilled experts and a lack of understanding of cataract issues, particularly in emerging markets. Additionally, the main factor anticipated to accelerate growth is an increase in R&D spending to develop efficient tools for cataract surgery.

By Type

“The consumables sector currently controls the market and is anticipated to do so during the forecast period”.

The cataract surgery devices market has been divided into equipment and consumables. The consumables sector currently controls the market and is anticipated to do so during the forecast period. Due to an increase in the prevalence of eye illnesses and technical advancements in healthcare, including the use of lasers and computer-controlled optical delivery systems, this market is anticipated to grow rapidly.

By End-User Type

“The hospital's segment is anticipated to continue dominating over the forecast period”.

The market is segmented into hospitals, ophthalmic clinics, research institutes, and others. The market segment is dominated by hospitals currently and is anticipated to continue dominating over the forecast period. Due to the expanding elderly population, rising prevalence of cataract patients, and increased public awareness of the advantages of cataract surgery, this market is anticipated to rise at a rapid rate.

Regional Analysis

“North America led the cataract surgery devices market in 2021”.

The cataract surgery devices market is broken down geographically into areas like North America, Europe, Asia-Pacific, and the Rest of the World (RoW). In 2021, North America is anticipated to be the cataract surgery devices market's largest region. A well-developed healthcare infrastructure, high disposable income, and advantageous reimbursement policies are predicted to boost market expansion because of the region's rising cataract prevalence.

Key Players

The following are the key players in the Cataract Surgery Devices Market (arranged alphabetically)

• Alcon Inc
• Bausch Lomb
• Carl Zeiss Meditec AG
• Essilor International S.A
• HAAG Streit Holding
• Johnson and Johnson
• Nidek Co Ltd
• STAAR Surgical Company
• Topocon
• Ziemer Ophthalmic Systems AG

Note: The above list does not necessarily include all the top players in the market.

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