2024-2033 Cataract Surgery Devices And Equipment Market Outlook: Unlocking Growth Potential
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What is the Anticipated CAGR of the Cataract Surgery Devices And Equipment Market Over the 2024-2033 Forecast Period?
The cataract surgery devices and equipment sector has seen rapid expansion in recent years. From 2023 it is anticipated to grow from a substantial $7.46 billion to a projected $8.24 billion by 2024, with a Compound Annual Growth Rate (CAGR) of 10.5%. This steady growth over the historic period is primarily due to factors such as demographics of an aging population, growing cataract cases, improved patient awareness, governmental strategies for eye health, and a rise in healthcare spending.
In the coming years, the market size of devices and equipment for cataract surgery is predicted to experience vigorous growth. The projection is that it will expand to $11.84 billion by 2028, progressing at a compound annual growth rate (CAGR) of 9.5%. The forecast period’s growth is linked to the increased emphasis on outpatient surgery, tailored intraocular lenses, value-based healthcare systems, worldwide vision care drives, and global eye health movements. Future trends are expected to encompass the inclusion of artificial intelligence (AI), teleophthalmology, remote consultations, swift technological advancements, enhancements in intraocular lens technology, and advanced surgical techniques, including the use of femtosecond laser technology.
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What Are the Driving Forces Behind the Growth of the cataract surgery devices and equipment Market?
The ageing population is likely to be a significant factor in driving the growth of the cataract surgery devices and equipment market in the coming years. Among people 65 years old and older, there’s a higher prevalence of cataract development, which has contributed to the increased demand for cataract surgery supplies due to the related vision problems. Hence, the rise in the elderly population necessitates more cataract surgeries and corresponding devices. To illustrate, the 2021 American Community Survey compiled by The United States Census Bureau, a government institution, reported that of the total US population of 331,893,745, there were 55,892,014 individuals over the age of 65 which accounts for 16.8% of the total population. Therefore, the growing number of older adults is triggering the advancement of the cataract surgery devices and equipment market.
What Are the Core Segments of the Cataract Surgery Devices And Equipment Market?
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
What Are the Key Innovations Reshaping the Cataract Surgery Devices And Equipment Market?
Key companies involved in the cataract surgery devices and equipment market are creating innovative products such as the VERITAS Vision System with the aim of enhancing surgical precision and results. The VERITAS Vision System is a new-age phacoemulsification mechanism, built focusing on patient safety, surgical efficacy, and comfort. For example, in July 2021, the US-based ophthalmology firm Johnson & Johnson Vision introduced the Veritas Vision System constructed using hybrid fluidics technology and White star technology. This coupling with elliptical tip movement allows ultra-smooth cutting and a dual linear fluidic system for better control. The system is engineered to support anterior segment (i.e., cataract) ophthalmic surgery and is now accessible worldwide. It offers surgeons improved safety and extraordinary phacoemulsification efficiency, with minimal surge and increased stability, leading to more precise surgeries and better surgical results.
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What Regions Are Influencing the Dynamics of the Cataract Surgery Devices And Equipment Market?
North America was the largest region in the global cataract surgery devices and equipment market in 2023. Asia-Pacific was the second-largest region in cataract surgery devices and equipment market. The regions covered in the cataract surgery devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Cataract Surgery Devices And Equipment Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the cataract surgery devices and equipment market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Cataract Surgery Devices And Equipment Market Include
1. Cataract Surgery Devices And Equipment Market Executive Summary
2. Cataract Surgery Devices And Equipment Market Segments
3. Cataract Surgery Devices And Equipment Market Size And Template Market Growth Rate
4. Key Cataract Surgery Devices And Equipment Market Trends
5. Major Cataract Surgery Devices And Equipment Market Drivers
……
25. Key Mergers And Acquisitions In The Cataract Surgery Devices And Equipment Market
26. Top Cataract Surgery Devices And Equipment Companies
27. Cataract Surgery Devices And Equipment Market Opportunities And Strategies
28. Cataract Surgery Devices And Equipment Market, Conclusions And Recommendations
29. Appendix
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