Cataract Surgery Devices and Equipment Global Market Report 2024

The cataract surgery devices and equipment market size has grown rapidly in recent years. It will grow from $7.46 billion in 2023 to $8.24 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. The growth observed during the historic period in the field of cataract surgery devices can be attributed to factors such as the aging population demographics, an increase in the incidence of cataracts, a rise in patient awareness regarding vision care, government initiatives for promoting vision health, and an overall increase in healthcare expenditure.

The cataract surgery devices and equipment market size is expected to see strong growth in the next few years. It will grow to $11.84 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The anticipated growth in the forecast period in the cataract surgery devices field can be attributed to several factors, including a growing focus on outpatient surgery, the adoption of customized intraocular lenses, the implementation of value-based healthcare models, global vision care campaigns, and widespread initiatives for eye health on a global scale. Major trends expected in the forecast period include the integration of artificial intelligence (AI) in the field, the rise of teleophthalmology and remote consultations, rapid technological innovations, improvements in intraocular lens technology, advancements in surgical techniques, and the utilization of femtosecond laser technology.

The anticipated growth in the cataract surgery devices and equipment market is expected to be propelled by the rising geriatric population. With the geriatric demographic encompassing individuals aged 65 and above, their increased susceptibility to developing cataracts due to aging has driven the demand for cataract surgery devices, addressing associated vision impairments. Notably, data from the 2021 American Community Survey by the United States Census Bureau reveals that the U.S. had 55,892,014 individuals aged 65 and over, constituting 16.8% of the total population, indicating a significant market-driving factor.

The surge in vision impairment cases is anticipated to contribute to the growth of the cataract surgery devices and equipment market. Vision impairment, gauged through best-corrected visual acuity (BCVA) in the better-seeing eye, prompts a heightened demand for cataract surgery devices to provide effective solutions, replacing clouded lenses with artificial ones and restoring clear vision. A global perspective from the World Health Organization in October 2022 indicates that over 2.2 billion people face near or distance vision problems, with approximately 1 billion cases involving preventable or untreated vision loss, emphasizing the role of cataract surgery devices in addressing such issues.

A major challenge faced by the industry is the low awareness of eye disorders, particularly cataracts, among the general population. Insufficient knowledge about cataract symptoms hinders individuals from seeking timely treatment, potentially leading to revenue loss for manufacturers of cataract surgery devices. Notably, a study by NCBI revealed that out of 1552 respondents, 89.9% were aware of cataracts, but only 42% knew about any symptoms, underscoring the impact of low awareness on the industry.

Major companies are driving innovation by developing advanced products such as the VERITAS Vision System to enhance surgical accuracy and outcomes in cataract surgeries. For instance, Johnson & Johnson Vision's introduction of the VERITAS Vision System utilizes hybrid fluidics technology and White star technology, coupled with elliptical tip movement, to improve surgical efficiency and safety. This innovation addresses patient safety, surgeon efficiency, and comfort, highlighting the ongoing advancements in cataract surgery devices and equipment.

The cataract surgery devices and equipment market has experienced positive transformations driven by market players, notably the integration of laser technology. Laser-assisted cataract surgery has revolutionized the industry, providing new levels of safety and accuracy in cataract surgeries. Femtosecond laser platforms, in particular, have significantly contributed to the precision of these surgeries, potentially surpassing traditional hand-held procedures. Market dynamics prompted major players such as Abbott Laboratories to enter the laser cataract surgery devices market, exemplified by the acquisition of Optimedica for $250 million.

In July 2023, Vantage Surgical Solutions, specializing in mobilized surgical solutions, acquired Ophthalmic Surgical Solutions (OSS) for an undisclosed amount. This strategic acquisition aims to expand Vantage Surgical Solutions' ophthalmic surgical equipment and services portfolio, enhancing both product offerings and geographic reach. OSS, as a specialized company in ophthalmic surgical equipment and services, aligns with Vantage Surgical Solutions' focus on ophthalmic surgery access.

Major companies operating in the cataract surgery devices and equipment market report are 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. 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 main types of cataract surgery devices and equipment include intraocular lens (IOL), ophthalmic viscoelastic device (OVD), phacoemulsification equipment, and femtosecond laser equipment. Ophthalmic viscoelastic devices (OVDs) are specifically employed in cataract surgeries. These devices and equipment are applied in various surgery types, including extracapsular cataract extraction, phacoemulsification, femtosecond laser procedures, among others. End-users of these devices include ophthalmology centers, hospitals, and clinics.

The cataract surgery devices and equipment market research report is one of a series of new reports that provides cataract surgery devices and equipment market statistics, including cataract surgery devices and equipment industry global market size, regional shares, competitors with a cataract surgery devices and equipment market share, detailed cataract surgery devices and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the cataract surgery devices and equipment industry. This cataract surgery devices and equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The countries 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.

The cataract surgery devices and equipment market consist of sales of ophthalmic viscoelastic devices, phacoemulsification equipment, and femtosecond laser equipment that are used for the cataract surgery. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.