Cataract Surgical Devices Market Size, Share & Industry Analysis, By Product Type (Phacoemulsification Systems, Femtosecond Laser, Intraocular Lenses, Ophthalmic Viscoelastic Devices & Other Consumables), By End-user (Hospitals, Ophthalmic Clinics, Others), and Regional Forecast, 2019-2032

The global cataract surgical devices market size stood at USD 6.56 billion in 2018 and is projected to reach USD 14.04 billion by 2032, exhibiting a CAGR of 5.6% during the forecast period.

Cataract is a common ocular disorder that causes clouding of the lens which leads to blurred vision. This type of ocular disorder is observed among the geriatric population owing to aging. In order to correct the blurred vision, cataract surgeries are performed where the defected lens is replaced with artificial ones. Symptoms of cataract include blurred vision, difficulty in reading, glare, visual changes, eye redness, and others. Certain factors such as aging, genetic conditions, diabetes, and prolonged use of steroid medications are responsible for causing cataracts. Nuclear cataracts, cortical cataracts, posterior subcapsular cataracts, and congenital cataracts are some of the types of cataracts. Higher adoption of intraocular lenses due to an exponentially increasing number of cataract surgeries are prominently factor to boost the cataract surgical devices market during the forecast period. 

Additionally, the advent of innovative technologies has enabled to fuel the demand for higher-value cataract surgical equipment. In the emerging countries, the developing healthcare infrastructure, coupled with increased accessibility for cataract surgical instrument, are estimated to augment the cataract surgical devices market growth during the forecast period.

MARKET DRIVERS

“Increasing Prevalence of Cataract to Boost Market Growth”

The rising prevalence of cataract is significantly anticipated to boost the cataract surgical equipment’s market growth over the forecast period. For instance, according to a study published in the International Journal of Advanced Medical and Health Research in 2015, cataract is responsible for blindness in an estimated 17.6 million people across the globe. The higher prevalence of cataract is generating significant opportunity for the growth of the cataract surgeries, which will eventually augment the growth of the market over the foreseen years. Additionally, the increasing accessibility of cataract surgeries due to higher awareness of the disorder and developing healthcare infrastructure in emerging nations are projected to fuel the cataract surgical devices market value during the forecast period.

Moreover, aging is one of the prominent influence which is projected to drive the cataract surgery devices market growth during the forecast period. For instance, according to AGS Health in Aging Foundation in 2019, one in five adults over age 65 develop a cataract. Moreover, if the person is in his mid-seventies, he has a 50.0% probability of developing a cataract.

“Increasing Government Programs to Promote Eye Care Will Aid the Growth of the Market during the Forecast Period”

Globally there is a higher prevalence of cataracts. Active government programs in order to encourage cataract surgeries are likely to fuel the growth of the market during the forecast period. For instance, in 2017, the Ministry of Health, India, proposed an estimated USD 105.8 million intending to free India from cataract by 2022. This, combined with evolving healthcare infrastructure and implementation of such initiatives are projected to bolster the adoption of cataract surgeries, which will eventually drive the growth of the global market during the forecast period.

SEGMENTATION

By Product Type Outlook

 “Intraocular Lens Segment to Account for Maximum Share in the Forthcoming Years”

Based on product type, the global cataract surgery devices market can be segmented into phacoemulsification systems, femtosecond laser, intraocular lens, and ophthalmic viscoelastic devices & other consumables.

The intraocular lens segment is estimated to hold the major market share in the total market in 2018 and is projected to grow at a significant rate during the forecast period. This cataract surgical device market trend is attributed to the various product offering of diverse cost range provided by local and leading manufacturers. In Asia Pacific, an ever-growing demand for cataract surgeries is expected to offer significant opportunities for the growth of the intraocular lens segment as it plays a prominent role in the cataract surgeries.

Moreover, the segment is also projected to register a higher CAGR owing to higher adoption across all geographies. Regionally North America and countries such as Japan and India are driving the intraocular lens segment growth. The phacoemulsification systems and femtosecond lasers are estimated to experience a steady CAGR owing to the increase in the number of cataract surgeries worldwide.

By End-user Outlook

“Hospitals to Hold the Leading Position in the Market in Terms of Revenue Generation”

Based on the end-user, the market is segmented into hospitals, ophthalmic clinics, and others.

The hospitals are anticipated to generate the highest revenue in the cataract surgical equipment market during the forecast period. An increasing number of cataract surgeries in hospitals across all the geographies are projected to drive the hospitals segment during the forecast period. Certain factors such as evolving healthcare infrastructure in developing countries and increasing the number of advanced healthcare facilities are likely to boost the adoption of cataract surgery devices in hospitals, which will eventfully accelerate the growth of the hospital segment in the market over the years.

REGIONAL ANALYSIS

Asia Pacific generated a revenue of USD 2.09 billion in 2018 and is expected to hold the leading position in the market throughout the forecast period. Higher prevalence of cataract disorders and subsequent surgical intervention is one of the leading cause of Asia Pacific to capture major cataract surgical devices market share. Favorable reimbursement policies and high penetration of intraocular lenses in countries like Japan, China and India will bolster the market in the region. Combined with this the increasing geriatric population in countries of China and Japan will further boost the market growth.

On the other hand, North America is projected to be the second most prominent region in terms of revenue by 2026 in the overall market. This is attributed to the strong presence of key market players in the U.S. and also high number of cataract surgeries. The favorable reimbursement policies by insurance companies and high awareness regarding ocular disorders are the predominant factors driving the market growth in the region. In European countries like Germany, France and U.K the increased adoption of technologically advanced medical devices combined is estimated to boost the growth in the cataract surgical devices market revenue. Latin America and Middle East and Africa held a lower share in the market. This is owed to lower penetration of intraocular lenses in the country compared to the countries of Asia Pacific and North America.

INDUSTRY KEY PLAYERS

“Alcon, Johnson and Johnson Services, Inc., Together Accounts for The Largest Share in Global Cataract Surgical Devices Market in Terms of Revenue”

Alcon, which is a part of Novartis AG is the leader in global market. Alcon, along with Johnson and Johnson Services, Inc. holds around 50% of the cataract surgery devices market share. Alcon has diverse product offering that cover intraocular lenses, phacoemulsification systems, ophthalmic viscoelastic devices and femtosecond lasers. Johnson and Johnson Services, Inc. also holds a significant share in the market. Strategic acquisition of has enables Johnson and Johnson Service, Inc. to capture the market share. Some of the major strategies followed by the key market players are strategic partnerships, acquisition, and constant innovation in intraocular lenses among others. Other prominent players in the market include ZIESS International, Bausch & Lomb Incorporated, and STAAR SURGICAL.

List Of Key Companies Profiled:

• Alcon (Part of Novartis AG)


• Johnson and Johnson Services, Inc.


• ZEISS International


• Bausch & Lomb Incorporated


• STAAR SURGICAL


• Hoya Corporation


• Oertli Instrumente AG


• Rayner Intraocular Lenses Limited


• Oculentis


• SIFI S.p.A


• Other Prominent Players

KEY INDUSTRY DEVELOPMENTS:

• July 2021 - Johnson & Johnson (J&J) Vision worldwide launched a phacoemulsification (phaco) system for cataract surgeries and was made available in multiple countries.  This system allows surgeons with improved efficiency and comfort during surgery to blend and remove the eye's internal lens when it becomes cloudy due to cataracts.


• January 2021 – Alcon, an international leader in eye care, launched AcrySof IQ Vivity, the only non-diffractive extended depth of focus intraocular lens (IOL) in the U.S. It is available for all patients undergoing cataract surgery as it is the most common cause of vision loss worldwide.


• October 2020 - HOYA Surgical Optics announced the launch of CLEARlog, an app designed by the company that allows surgeons to record and efficiently analyze their cataracts quickly. It is planned to be a cost-effective and time-saving solution for surgeons who want to conduct a deep multifactorial analysis of their outcome.

REPORT COVERAGE

The report presents a comprehensive assessment of the global market by offering valuable insights, facts, industry-related information, and historical data. Several methodologies and approaches are adopted to make meaningful assumptions and views. Furthermore, the report offers a detailed analysis and information as per the market segments, helping our readers to get a comprehensive overview of the global market.

Along with this, the report provides an extensive analysis of the market competitive landscape and dynamics. Various key insights provided in the report are the number of cataract surgeries - for key countries, introduction of new products / approvals (by major players), key industry developments - mergers, acquisitions, and partnerships, snapshot: global vision care market- 2018, technological advancements in cataract surgeries.

Report Scope & Segmentation