Cataract Surgery Devices Market Expected to Reach $12.2 Billion by 2030

The Cataract Surgery Devices Market size was valued at $8.3 billion in 2020, and is estimated to reach $12.2 billion by 2030, growing at a CAGR of 3.9% from 2021 to 2030. 

A cataract is an eye-related disease in which clouding of the eye lens is observed that leads to impaired vision. Cataract surgery is the removal of the clouded natural lens and involves the implantation of an intraocular lens. The devices and instruments such as phacoemulsification systems, ophthalmic viscoelastic devices, drapes, gloves, balanced salt solution, forceps, irrigation set, and intraocular lenses among others, which aid in this cataract surgical procedure, are known as cataract surgery devices, as these serve as an appropriate instrument for such eye defects and cause no harm to the cornea.

The Cataract Surgery Devices Market trends are the rise in the prevalence of ocular disorders, technological progression in healthcare such as the use of lasers along with computer-controlled optical delivery systems which enable precise incisions without any damage to the surrounding tissues, and growth in the emerging economies. Moreover, product innovation and evolution by new entrants are expected to impel market growth. Furthermore, growth in incidences of diseases such as diabetes, obesity, and hypertension has positively propelled the Cataract Surgery Devices Market growth. However, the dearth of skilled professionals and lack of awareness regarding cataract disorders especially in developing economies restrain the market growth. Moreover, an increase in R&D expenditure for developing efficient cataract surgery devices is the key factor anticipated to boost the growth of the market.

The Cataract Surgery Industry is segmented on the basis of product, type, end-user, and region. By product, the market is divided into the intraocular lens (IOL), ophthalmic viscoelastic device (OVD), and phacoemulsification equipment. By type, the market is classified into equipment and consumables. By end-user, the market is categorized into hospitals, ophthalmology clinics, and ambulatory surgery centers.

By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

By product, the market is divided into the intraocular lens (IOL), ophthalmic viscoelastic device (OVD), and phacoemulsification equipment. The intraocular lens (IOL) segment holds the largest market share. Owing to the adoption of foldable IOLs and advanced IOLs in emerging countries such as China and India is at a growing stage due to factors such as reduced access to health care resources and differences in income levels between urban and rural areas. The use of femtosecond lasers has ensured high efficiency without any collateral tissue damages. The use of these lasers along with computer-controlled optical delivery systems has led to precise incisions without any damage to the surrounding tissues.

By type, the market is classified into equipment and consumables. The consumables segment presently dominates the market and is expected to remain dominant during the forecast period. This segment is expected to exhibit a prominent growth rate owing to a rise in the prevalence of ocular disorders and technological progression in healthcare such as the use of lasers along with computer-controlled optical delivery systems

By end-user, the market is categorized into hospitals, ophthalmology clinics, and ambulatory surgery centers. The hospital's segment presently dominates the market and is expected to remain dominant during the forecast period. This segment is expected to exhibit a prominent growth rate, owing to an increase in the prevalence of individuals suffering from cataracts, the rising geriatric population, and growing awareness amongst the population concerning the benefits of cataract surgery.

By region, the cataract surgery devices market is analyzed across North America, Asia-Pacific, Europe, and LAMEA. North America has the largest Cataract Surgery Devices Market share t in 2020 and is anticipated to maintain this trend throughout the forecast period. Owing to the rise in the prevalence of cataracts in the region, established healthcare infrastructure, high disposable income, favorable reimbursement policies. are anticipated to drive the market growth.

KEY FINDINGS OF THE STUDY

• By product, the Intraocular Lensequipment was the highest contributor to the market in 2020.
• By type, the consumables segment type has dominated the market in 2020.
• On the basis of end-user, hospitals dominated the market in 2020 and are expected to continue this trend during the forecast period.
• Region-wise, North America garnered the largest revenue share in 2020; however, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.