The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s cataract surgery devices and equipment market report forecasts the cataract surgery devices and equipment market size to grow to $9.18 Billion by 2027, with a CAGR (compound annual growth rate) of more than 6%.

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Cataract Surgery Devices And Equipment Market Size Forecast

The global cataract surgery devices and equipment market is expected to grow from $6.61 billion in 2022 to $7.11 billion in 2023 at a compound annual growth rate (CAGR) of 7.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The cataract surgery devices and equipment market size is expected to grow to $9.18 billion in 2027 at a CAGR of 6.6%.

North America held the largest cataract surgery devices and equipment market share.

Key Cataract Surgery Devices And Equipment Market Driver ­– Rise In The Aging Population Globally

In 2020, there were 1 billion persons aged 65 years or over in the global population. This number is projected to double to 1.5 billion in 2050. The cases of cataracts in the geriatric population are also expected to increase in the same proportion. According to World Health Organization, the number of cataract cases is expected to increase by 78% by 2050 in the U.S. alone. This presents a huge market for cataract surgery equipment manufacturers shortly by expanding the customer base due to the fast-growing geriatric population. For instance, the population of China is getting older faster than anywhere else in the world, this presents a huge market for the cataract surgery device manufacturers in China.

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Key Cataract Surgery Devices And Equipment Market Trend – Introducing Laser Technology

The cataract surgery devices and equipment industry has witnessed many positive changes introduced by the market players, the most prominent one being the introduction of laser technology. Laser-assisted cataract surgery is used to gather information about the lens, to make the corneal incision, and for the opening in the lens capsule. The advent of laser technology has caused a significant impact on this industry by bringing in new levels of safety and accuracy and advancing cataract surgery. Femtosecond laser platforms have significantly contributed to the precision of cataract surgeries being performed and may soon surpass the traditional hand-held surgeries. For example, Abbott laboratories which lacked this technology, acquired Optimedica for $250 million to enter the laser cataract surgery devices market after witnessing the huge demand and benefits of laser technology.

Cataract Surgery Devices And Equipment Market Segment

1) By Type: Intraocular Lens (IOL), Ophthalmic viscoelastic device (OVD), Phacoemulsification Equipment, Femtosecond Laser Equipment

2) By Application: Ophthalmology Centers, Hospitals, Clinics

3) By Surgery Type: Extracapsular Cataract Extraction, Phacoemulsification, Femtosecond Laser, Other Surgery Types

Cataract Surgery Devices And Equipment Market Major Players and Strategies

Major players in the cataract surgery devices and equipment market are Alcon Inc., Abbott Laboratories, Carl Zeiss Meditech AG, Essilor International S.A., Opcon Corporation, Allergan, Inc., Bausch & Lomb, Inc., NIDEK Co. Ltd., STAAR Surgical Company, and Johnson & Johnson.

In October 2020, Katena Products, a US-based manufacturer of ophthalmic surgical instruments, acquired Micro-select instruments for an undisclosed amount. The acquisition would help Katena’s growth in instrument manufacturing vertical. Micro-select instruments is a US-based manufacturer of ophthalmic surgery instruments.

The Cataract Surgery Devices And Equipment Global Market Report 2023 covers regional data on cataract surgery devices and equipment market size, cataract surgery devices and equipment market trends and drivers, opportunities, strategies, and cataract surgery devices and equipment market competitor analysis. The countries covered in the cataract surgery devices and equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Cataract surgery devices include instruments that are used for performing cataract surgery in the treatment of cataracts, a condition in which the lens of the eye becomes progressively opaque, resulting in blurred vision.

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