The cataract surgery devices and equipment market has witnessed rapid growth, escalating from $7.46 billion in 2023 to $8.24 billion in 2024, reflecting a compound annual growth rate (CAGR) of 10.5%. This growth in the historical period is attributed to demographics showcasing an aging population, the increasing incidence of cataracts, rising patient awareness, government initiatives aimed at promoting vision care, and a general uptick in healthcare expenditure. Projecting into 2028, the market is expected to experience strong growth, reaching $11.84 billion at a CAGR of 9.5%. Anticipated drivers for this growth in the forecast period include a growing focus on outpatient surgery, the adoption of customized intraocular lenses, the integration of value-based healthcare models, global vision care campaigns, and overarching global initiatives for eye health. Notable trends in the forecast period include the integration of artificial intelligence (AI), teleophthalmology and remote consultations, rapid technological innovations, improvements in intraocular lens technology, and advancements in surgical techniques, particularly utilizing femtosecond laser technology.
Major Driver In The Cataract Surgery Devices And Equipment Market
The cataract surgery devices and equipment market anticipates growth fueled by the rising geriatric population globally. With individuals aged 65 and over classified as the geriatric demographic, the prevalence of cataracts increases with age, necessitating cataract surgery for vision correction. The 2021 American Community Survey by The United States Census Bureau revealed a geriatric population of 55,892,014 in the U.S., comprising 16.8% of the total population. This demographic shift fuels the demand for cataract surgery devices and equipment, reflecting the market's growth trajectory. Market projections for 2023, 2024, and 2028 affirm the market's expansion in response to the aging population.
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Cataract Surgery Devices And Equipment Market Competitive Landscape
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, EyeKon Medical Inc., ROWIAK GmbH, Ziemer Ophthalmic Systems AG, HAAG-Streit Holding AG, Sonomed Escalon Corp., VisionCare Ophthalmic Technologies Inc., Ellex Medical Lasers Limited, Altacor Pharma
Key Cataract Surgery Devices And Equipment Market Trend
Major companies in the cataract surgery devices and equipment market are developing innovative products like the VERITAS Vision System to improve surgical accuracy and outcomes. The VERITAS Vision System is a next-generation phacoemulsification system designed to address patient safety, surgeon efficiency, and comfort. For instance, in July 2021, Johnson & Johnson Vision, a US-based ophthalmology company, launched the VERITAS Vision System using hybrid fluidics technology and White Star technology combined with elliptical tip movement for ultra-smooth cutting and a dual linear fluidic system for improved control. The system is designed for anterior segment (cataract) ophthalmic surgery and is now globally available, offering surgeons enhanced safety and exceptional phacoemulsification efficiency, with less surge and more stability, improving surgical accuracy and outcomes.
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Cataract Surgery Devices And Equipment Market Segmentation
The cataract surgery devices and equipment market covered in this report is 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
By Geography:The regions covered in the cataract surgery devices and equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
North America was the largest region in the global cataract surgery devices and equipment market in 2023.
The Cataract Surgery Devices And Equipment Global Market Report 2024 furnishes information about the global cataract surgery devices and equipment market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
