The global cataract surgery devices and equipment market is expected to grow from $5.95 billion in 2021 to $6.58 billion in 2022 at a compound annual growth rate (CAGR) of 10.6%. The market is expected to grow to $9.13 billion in 2026 at a compound annual growth rate (CAGR) of 8.5%.
The cataract surgery devices and equipment market consist of sales of cataract surgery devices and equipment and related services. Cataract surgery devices and equipment include instruments used for performing cataract surgeries such as small incision cataract surgery and extracapsular surgery in the treatment of cataracts, a condition in which the lens of the eye becomes progressively opaque, resulting in blurred vision.
The main types of cataract surgery devices and equipment are intraocular lens (IOL), ophthalmic viscoelastic device (OVD), phacoemulsification equipment, and femtosecond laser equipment. An ophthalmic viscoelastic device (OVD) is used for performing cataract surgeries. The cataract surgery devices and equipment are used for various surgery types such as extracapsular cataract extraction, phacoemulsification, femtosecond laser, and others. These are used by end-users such as ophthalmology centers, hospitals, and clinics.
North America was the largest region in the cataract surgery devices and equipment market in 2021. Asia Pacific was the second-largest region in cataract surgery devices and equipment market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The major growth driver for this industry has been the global aging population. In 2019, there were 703 million 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.
The major challenge that is faced by this industry is the low level of awareness about eye disorders, especially cataracts. Many people do not have proper knowledge about the symptoms of cataracts and do not get the treatment done. This leads to potential revenue loss for the cataract surgery device manufacturers because of the low number of end-users. For example, as per a study done by NCBI, out of 1552 respondents, 89.9% had heard of cataracts but only 42% were aware of any symptom of cataracts, low awareness of cataract symptoms acts as a major restraint for the cataract surgery equipment industry.
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.
The ophthalmology and medical equipment industry are subject to numerous stringent regulations and the cataract surgery device equipment manufacturers are no exception. These manufacturers need to comply with several regulations of which the European Medical Device Directives and the U.S. Health Care Compliance is the most prominent one. The European Medical Device Directive requires a manufacturer to meet the harmonized standards for placing their devices in the European market. Similarly the U.S. Health Care Compliance has laid down certain guidelines related to standards of business conduct to be followed by the Pharmaceutical manufacturers. The Medicines and Healthcare products Regulatory Agency (MHRA), which regulates the safety of medical devices in the UK, has issued an urgent notice to Carl Zeiss Meditec, for voluntarily recalling a small batch of its intraocular lenses (IOL). The recall was initiated after the manufacturer detected mislabelling of its IOL, Aaren Scientific EC-3 hydrophobic lens with the wrong dioptric power. Therefore, the manufacturers need to comply strictly with the correct labeling of dioptric power on the IOLs.
In March 2019, Alcon, a company manufacturing cataract surgery devices acquired PowerVision for a deal amount of $285 million. This acquisition, will implement the growth of the advanced technologies of intraocular lenses and also help the patients with their needs regarding cataract surgery. Power vision, a US-based company, is a medical device company operating in cataract surgical devices.
The countries covered in the cataract surgery devices and equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, and Australia.
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.
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Report Attribute | Details |
---|---|
No. of Pages | 175 |
Published | May 2022 |
Forecast Period | 2022 - 2026 |
Estimated Market Value ( USD | $ 6.58 billion |
Forecasted Market Value ( USD | $ 9.13 billion |
Compound Annual Growth Rate | 8.5% |
Regions Covered | Global |
Table of Contents
Executive Summary
The Cataract Surgery Devices And Equipment Global Market Report 2022 provides strategists, marketers and senior management with the critical information they need to assess the global cataract surgery devices and equipment market as it emerges from the COVID-19 shut down.
Reasons to Purchase
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Description:
Where is the largest and fastest growing market for the cataract surgery devices and equipment? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The Cataract Surgery Devices And Equipment Market Global report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The Market Characteristics section of the report defines and explains the market
- The market size section gives the market size ($b) covering both the historic growth of the market, the impact of the COVID-19 virus and forecasting its recovery
- Market segmentations break down market into sub markets
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the impact and recovery trajectory of COVID-19 for all regions, key developed countries and major emerging markets
- Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers
Scope
Markets Covered:
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
Companies Mentioned: Alcon; Abbott Laboratories; Carl Zeiss Meditech AG; Essilor International S.A.; Opcon Corporation
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Companies Mentioned
A selection of companies mentioned in this report includes:
- 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
- Johnson & Johnson
- Novartis AG
- Valeant Pharmaceuticals
- HOYA Corporation
- HAAG-Streit Holding AG
- Topcon Corporation
- Ziemer Ophthalmic Systems AG
- HumanOptics AG
- PhysIOL S.A
- Calhoun Vision Cente
- EyeKon Medical inc.
- VisionCare Ophthalmic Technologies Inc.
- Sonomed Escalon.
- Lenstec Inc.
- Glaukos Corporation
- ELLEX
Methodology
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