Market Analysis on Cataract Surgery Devices And Equipment Industry – Insights for Corporate Strategy and R&D
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What Is the Forecast for the Cataract Surgery Devices And Equipment Market from 2024 to 2025?
The market for cataract surgery devices and equipment has seen significant growth in recent times. The market size is projected to increase from $14.94 billion in 2024 to $15.88 billion in 2025, growing at a compound annual growth rate (CAGR) of 6.3%. Factors contributing to the growth during the historical period include an aging population, a rise in cataract cases, better patient awareness, government-backed vision care initiatives, and increased healthcare spending.
What Is the Projected Market Size of the Cataract Surgery Devices And Equipment Market?
In the forthcoming years, the market size for devices and equipment used in cataract surgery is anticipated to experience consistent growth. The market is projected to expand to $18.15 billion by 2029, with a compound annual growth rate (CAGR) of 3.4%. This growth during the predicted period can be directly linked to the increasing emphasis on outpatient surgery, customized intraocular lenses, models focusing on value-based healthcare, global campaigns for vision care, and international initiatives concerning eye health. The emerging trends for the same duration involve artificial intelligence integration, advancements in teleophthalmology and online consultation, fast-paced tech innovations, progression in intraocular lens tech, as well as developments in surgic techniques and femtosecond laser technology.
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Who are the Major Competitors in the Cataract Surgery Devices And Equipment Market Outlook?
Major companies operating in the cataract surgery devices and equipment market include 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., 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., Ellex Medical Lasers Limited
What Is Fueling Growth in the Cataract Surgery Devices And Equipment Market?
The anticipated growth in the cataract surgery devices and equipment market is propelled by the increasing elderly population. This refers to individuals who are 65 years old and above. As people grow older, they are more susceptible to developing cataracts, leading to vision problems. This then elevates the need for cataract surgery devices. The swelling elderly demographic is triggering a heightened demand for cataract surgical procedures and related equipment. For example, the Population Reference Bureau (PRB), a private non-profit organization based in the US, predicted in January 2024 that the population of Americans aged 65 and above would surge from 58 million in 2022 to 82 million by 2050, a 47% increase. Furthermore, the ratio of this population to the overall population is expected to elevate from 17% to 23%. This growth reflects a considerable age shift in the U.S. populace. The predictions underline the escalating necessity to attend to the needs of older individuals in different sectors. Thus, the expanding elderly population is fueling the growth of the cataract surgery devices and equipment market.
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Which Cataract Surgery Devices And Equipment Market Segments Are Growing the Fastest?
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
Subsegments:
1) By Intraocular Lens (IOL): Monofocal IOL, Multifocal IOL, Toric IOL, Accommodative IOL
2) By Ophthalmic Viscoelastic Device (OVD): Dispersive OVD, Cohesive OVD
3) By Phacoemulsification Equipment: Phacoemulsification Machines, Handpieces And Accessories
4) By Femtosecond Laser Equipment: Femtosecond Laser Systems For Cataract Surgery, Laser Treatment Accessories
Which Industry Trends Are Shaping the Future of the Cataract Surgery Devices And Equipment Market?
Top firms in the cataract surgery devices and equipment market are introducing novel products like the VERITAS Vision System to enhance surgical precision and patient outcomes. The VERITAS Vision System is an advanced phacoemulsification system, intended to enhance patient safety, facilitate surgeon productivity, and provide comfort. For example, in February 2024, Johnson & Johnson, a prominent pharmaceutical, biotechnology, and medical technologies firm in the US, introduced the Tecnis PureSee intraocular lens (IOL). This lens possesses a cutting-edge, purely refractive design that delivers reliable, high-grade vision with exceptional contrast and performance in low light, c omparable to that of monofocal IOLs. Globally, cataract surgery is the most widely performed surgical procedure, with approximately 28 million operations annually. However, only 10-15% of patients are provided with advanced optical IOLs intended for astigmatism and presbyopia. Presently, surgeons and patients face challenges when choosing an IOL, such as deciding between clear vision at all distances and possible glares or halos. The Tecnis PureSee seeks to alleviate these issues, leading to improved outcomes for both patients and surgeons.
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Which Countries Are Leading the Cataract Surgery Devices And Equipment Market?
North America was the largest region in the global cataract surgery devices and equipment market in 2024. 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.
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This Report Delivers Insight On:
1. How big is the cataract surgery devices and equipment market, and how is it changing globally?
2. Who are the major companies in the cataract surgery devices and equipment market, and how are they performing?
3. What are the key opportunities and risks in the cataract surgery devices and equipment market right now?
4. Which products or customer segments are growing the most in the cataract surgery devices and equipment market?
5. What factors are helping or slowing down the growth of the cataract surgery devices and equipment market?
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