The"Cataract Surgery Devices Market" is expected to grow at a CAGR during the forecast period (2022-2029).
A cataract is an eye-related disease in which clouding of the eye lens is observed that leads to loss of vision. Cataract surgery is the removal of the clouded natural lens and involves implantation of the intraocular lens. Though most cases of cataracts are associated with the aging process, sometimes children can be born with the condition, or a cataract may develop after eye injuries, inflammation, and some other eye diseases.
The global cataract surgery devices market growth is driven by the factors such as the geriatric population, 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.
An increase in the prevalence of cataract diseases and increasing geriatric population will drive the market growth
The growth rate of the market can be attributed to a cohort of factors, such as the growing prevalence of cataract cases and the increasing geriatric population who are more prone to ophthalmologic diseases especially cataracts. According to Preventblindness.org, 2019, an estimated 38.5 million entities in the United States will have cataracts by 2032 and the average annual cost related to the treatment of cataracts in the United States is nearly USD 7 billion. With the increasing prevalence of cataract cases, the surgeries increase creating an enormous demand for the devices. For instance, according to LaserSurgeryHub.UK, approximately 330,000 cataract operations are performed each year in England alone. With this huge number of surgeries, the market growth will increase globally. Furthermore, the technological advancements in ophthalmic devices are increasing the comfort levels of the doctors and the patients, having a positive impact on market growth.
Moreover, product innovation and evolution by new entrants are expected to impel market growth. Furthermore, growing incidences of diseases such as diabetes, obesity, and hypertension have positively anticipated propelling the growth of the global cataract surgery devices market.
The dearth of skilled professionals and lack of awareness regarding cataract disorders are likely to hamper the market growth
However, the factors such as the dearth of skilled professionals and lack of awareness regarding cataract disorders especially in developing economies are limiting the market growth. Also, lack of healthcare insurance and poor primary healthcare infrastructure are the potential restraints hampering the overall growth of the global cataract surgery devices market.
The COVID-19 had a short-term impact on the cataract surgery devices market primarily in the initial phase of the pandemic when the whole world went into lockdown and other travel restrictions to curb the spread of infection due to the SARS-CoV-2 virus. Due to restrictions and lockdown, the ongoing and scheduled surgical procedures were delayed or canceled which impacted the cataract surgery devices market negatively. For instance, as the pandemic started to affect India in March 2020, the number of cataract cases fell to 495 (20% reduction). In April and May 2020, no cases were performed due to government-mandated elective surgical shut-down. From June 2020 through October 2020, only 257 cases were performed. In November 2020, we started to slowly increase surgical volume and performed 145 cases, and performed 263 cases in December 2020.
The phacoemulsification equipment segment is expected to grow at the fastest CAGR during the forecast period (2021-2028)
The phacoemulsification equipment has a larger market share due to the surgeons and patients opting for them over the others due to the advantages. Phacoemulsification cataract surgery is a procedure in which an ultrasonic device is used to break up the cataract, from the eye to improve vision. The benefits of this surgery are that there is no need for hospitalization, smaller incision, no restriction on normal activities, etc. Apart from these advantages, the other factors propelling the segment growth are the increasing prevalence of cataracts and surgeries, increasing the adoption of these devices in Asian Countries like India and China, which are the fastest-growing in the market.
North America region holds the largest market share of global cataract surgery devices market
North America is expected to dominate the global market in the forecast period. The market growth is due to factors such as the high prevalence of cataracts in the region, established healthcare infrastructure, high disposable income, favorable reimbursement policies. The National Institutes of Health (NIH) stated that around 50% of the population will acquire cataracts by the age of 80 years in America. As per the statistics the region is going to maintain its dominance in the market throughout the forecast period. According to a report prepared for All About Vision, The cost of cataract surgery in the US for someone without Medicare or private medical insurance has ranged from approximately $3,783 to $6,898 per eye in 2019. As per NCBI, based on the trends in the surgical volume of cataract surgery over the past decade, 3.7 million cataract cases would have been performed in 2020 in the United States among Medicare beneficiaries. These factors are driving the growth of the market in the forecast period.
The cataract surgery devices market is a moderately competitive presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Coburn Technologies Inc., Alcon, Inc., Johnson & Johnson, NIDEK, Abbott, Ziemer Ophthalmic Systems, Carl Zeiss Meditech AG, Essilor International S.A., and Bausch & Lomb, Inc., SIFI S.P.A. among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the cataract surgery devices market globally. For instance, in December 2019, Johnson & Johnson Vision, which is a division of Johnson & Johnson Services, announced the release of the TECNIS Toric II 1-Piece Intraocular Lens in the US.
Coburn Technologies Inc.
Coburn Technologies Inc. manufactures computer-integrated ophthalmic lens processing systems. The Company designs manufactures, and services software equipment and supplies used in surfacing prescriptions in lens blanks, coating lenses, and machining lenses to fit into patient frames.
Huvitz HRK-1 Autorefractor/Keratometer: The Huvitz HRK-1 Auto Refractor/Keratometer provides eyecare professionals with better performance and higher accuracy of measurements at an affordable price. Eliminating the challenges associated with high diopters, HRK-1 utilizes the Ring Signal method to provide more precise results of patients’ ocular systems.
Get your free sample proposal with a single click!