Global Cataract Surgical Devices Market Report and Forecast 2024-2032

Global Cataract Surgical Devices Market Outlook

The global cataract surgical devices market size stood at a value of around USD 9.08 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 4.20% to reach USD 13.14 billion by 2032.

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Various Advantages of Using Intraocular Lenses is Driving the Global Cataract Surgical Devices Industry

Intraocular lenses are artificial lenses which are engineered with high precision as an implant in cataract surgeries. The intraocular lens is permanently fixed inside the eye because of which, it does not require cleaning and it cannot fall out of the eye. One of the crucial advantages of these lenses is that the patient feels no sensation or irritation. This bolsters the comfort of the geriatric patients during the cataract treatment process. Moreover, these lenses improve the patient’s vision and can be customised for ocular needs.

Over the forecast period, foldable intraocular lenses are anticipated to witness a high demand owing to the small incision requirement during the lens fixation process. Furthermore, the rapid development of multifocal intraocular lenses is likely to aid the segment in the coming years.

The Asia Pacific Region to Account for a Significant Share in the Cataract Surgical Devices Market

The market in the Asia Pacific region is being driven by the increasing cases of cataract disorders owing to the increasing geriatric populations in China and Japan. According to a report by the National Library of Medicine, the prevalence of cataract disorders among the geriatrics in China alone, stood at around 27.45%.

The favourable reimbursement policies of the governments of emerging nations such as India, couped with the advancements in the healthcare infrastructure are anticipated to accelerate the market growth in the coming years. Furthermore, the market in the region is likely to be positively navigated by the rising healthcare awareness and increasing disposable income.

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Market Segmentation

Cataract is an eye disorder in which the eye lens develops cloudy patches, restraining people from seeing things clearly. Cataract surgical devices refer to the devices which are used to remove cataracts from the eye in order to prevent permanent loss of vision, bleeding of eye, infection, and swelling of the retina.

Based on product type, the cataract surgical devices market can be segmented into:

• Ophthalmic Viscoelastic Devices

• Intraocular Lenses

• Femtosecond Laser

• Phacoemulsification Equipment

• Others

By end-use, the market has been bifurcated into:

• Ophthalmology Clinics

• Hospitals

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Increasing Prevalence of Age-Related Cataract to Boost the Growth of the Cataract Surgical Devices Industry

The rising demand for the cataract surgical devices market is owing to the increasing prevalence of age-related cataracts. According to a report by WHO, around 94 million people worldwide suffer from severe distance vision impairment or visual loss due to cataract. Over the forecast period, the growing risk of cataract among the millennials due to excessive smoking, increasing alcohol consumption, and prolonged exposure to sun is anticipated to propel the demand.

Moreover, some of the key market forces fuelling demand include rising healthcare expenditure, increasing geriatric population, and rapid development of eye hospitals in the emerging economies. There are growing research and development activities and technological advancements in the eye-care centres. Coupled with favourable policies of the government aimed towards reducing the burden of cataract related diseases, these factors are anticipated to boost the market growth in the coming years.

Key Players in the Global Cataract Surgical Devices Market

The report gives a detailed analysis of the following key players in the global cataract surgical devices market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Topcon Corporation

• Hoya Medical Singapore Pte. Ltd

• Carl Zeiss Meditec AG

• Alcon Inc.

• Johnson & Johnson Vision Care, Inc.

• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report