Rapid Growth Expected in Cataract Surgery Devices Market (2024-2031)
A cataract is an eye disease characterized by the clouding of the eye lens, leading to vision loss. Cataract surgery involves removing the clouded natural lens and implanting an intraocular lens. While cataracts are commonly linked to aging, they can also be congenital or develop due to eye injuries, inflammation, or other eye diseases.
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Cataract Surgery Devices Market Trends
The global cataract surgery devices market growth is driven by factors such as the increasing geriatric population, rising prevalence of ocular disorders, and technological advancements in healthcare. Innovations like lasers and computer-controlled optical delivery systems in cataract surgery device lasers, enable precise incisions without damaging surrounding tissues.
The increasing prevalence of cataract diseases and the growing geriatric population will drive the growth of the cataract surgery devices market.
The growth rate of the cataract surgery devices market is driven by several factors, including the rising prevalence of cataract cases and an increasing geriatric population prone to ophthalmologic diseases like cataracts. According to Prevent Blindness.org, an estimated 38.5 million people in the United States will have cataracts by 2032, with annual treatment costs nearing USD 7 billion. The increasing number of cataract cases leads to a higher demand for surgeries and devices. For example, LaserSurgeryHub.UK reports approximately 330,000 cataract operations annually in England alone. Additionally, technological advancements in ophthalmic devices are enhancing the comfort levels for both doctors and patients, positively impacting market growth.
Moreover, product innovation and advancements by new entrants are expected to drive the growth of the cataract surgery devices market. Additionally, the increasing incidence of diseases such as diabetes, obesity, and hypertension is anticipated to positively impact the global cataract surgery devices market growth.
The shortage of skilled professionals and low awareness about cataract disorders may hinder market growth.
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Cataract Surgery Devices Market Segmentation
The phacoemulsification equipment segment is projected to experience the highest CAGR during the forecast period (2024-2031).
The phacoemulsification equipment dominates the market share due to its favored choice by surgeons and patients, driven by its significant advantages. Phacoemulsification cataract surgery employs an ultrasonic device to break up cataracts, enhancing vision without requiring hospitalization, featuring smaller incisions, and allowing normal activities post-surgery. Besides these benefits, the segment's growth is propelled by increasing cataract prevalence and surgeries, as well as the rising adoption of laser-equipped cataract surgery devices in high-growth Asian markets like India and China.
Global Cataract Surgery Devices market
By Product:
- Intraocular Lenses
- Phacoemulsification Equipment
- Ophthalmic Viscoelastic Devices
By End-User:
- Ophthalmology Clinics
- Hospitals
By Surgery Type:
- Extracapsular Cataract Extraction
- Femtosecond Laser
- Phacoemulsification
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Cataract Surgery Devices instrument Regional Share:
The North American region commands the largest market share in the global cataract surgery devices market.
North America is projected to maintain its dominance in the global market throughout the forecast period. This growth is driven by factors such as the region's high prevalence of cataracts, well-established healthcare infrastructure, affluent population with high disposable income, and favorable reimbursement policies. According to the National Institutes of Health (NIH), approximately 50% of Americans will develop cataracts by the age of 80. The region's market leadership is further supported by statistics indicating significant costs associated with cataract surgery device instruments, in the US for individuals without Medicare or private insurance, ranging from approximately $3,783 to $6,898 per eye in 2019, as reported by All About Vision. Additionally, NCBI reports a substantial volume of cataract surgeries among Medicare beneficiaries, with an estimated 3.7 million cases performed in 2020. These factors collectively drive the growth of the market for cataract surgery devices instruments in North America.
Cataract Surgery Devices Market key players:
Key players are Coburn Technologies Inc, Alcon, Inc, Johnson & Johnson, NIDEK, Abbott, Ziemer Ophthalmic Systems, Carl Zeiss Meditech AG, Essilor International S.A and Bausch & Lomb
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