According to this new study by Fact.MR, a market research and competitive intelligence provider, the global cataract devices market is estimated at US$ 13.55 billion in 2022 and is expected to expand steadily at a CAGR of 3.7% during the forecast years of 2022–2032.
Development of cataract in the elderly is associated with rising incidence of glaucoma and diabetes. Ensuing high demand for cataract devices globally has exhausted the production capacities of cataract device manufacturers. Limited accessibility in low-income economies and the dire need for ophthalmic procedures for both diagnosis and treatment are expected to boost this demand further.
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On a different note, the surgical world is inclining towards efficient and minimally invasive procedures. This trend has favoured advancements in ophthalmic surgical techniques and has also directed cataract device manufacturers’ focus on manufacturing minimally aggressive cataract surgical devices. AI-based image analysis and similar technological improvisations have also favoured the acceptance of advanced cataract devices globally.
Among all the factors encouraging the sales of cataract devices, hefty product cost and post-operative complications have been the key anchors of the market. Fact.MR suggests that manufacturers should focus on upgrading production technologies to reduce price points and the risks of post-cataract surgical complications.
Key Takeaways from Market Study
- The global cataract devices market is projected to expand at a CAGR of 3.7% and reach US$ 19.49 billion by 2032.
- The market expanded at 1.5% CAGR between 2017 and 2021.
- Under product type, intraocular lenses are estimated to be valued at US$ 6.74 billion in 2022.
- Europe dominated the global market with 30.4% market share in 2021.
- Revenue from sales of cataract devices is expected to increase at CAGRs of 4.1% and 4.6%, respectively, in Latin America and East Asia.
Competitive Landscape
Key players are focusing on providing specific, affordable, and adaptable cataract devices that fit the needs and expectations of varied end users. Investments by manufacturers to expand their presence on a global level are achieved by following various inorganic growth tactics such as mergers, acquisitions, and collaborations with emerging players in every part of the world. The clear link between R&D investment and economic growth achieved by leading manufacturers marks the importance of product innovation in the industry.
- In Jan 2020, Hoya Corporation announced a joint venture with GeMax, a specialty service provider of IOLs with a strong market position in China. The collaboration will help Hoya Surgical Optics gain a prominent position in the East Asia market.
- In July 2022, Nidek Technologies acquired back Nidek Medical S.R.L., a sales and service company of ophthalmic devices. This acquisition will allow the company to enhance its ophthalmic devices portfolio.
Prominent Players of Cataract Devices Market
- Bausch & Lomb
- Carl Zeiss Meditec AG
- Alcon
- Hoya Corporation
- Staar Surgical
- NIDEK CO., LTD
- Johnson and johnson
- Aurolabs
- Biotech Healthcare Group
- Ophtec BV
- VSY Biotechnology
Market Development
Key market players are focusing on developing strategies that will strengthen their current product portfolios. Opportunities for inorganic growth through mergers and acquisitions have helped manufacturers maintain a prominent position in the market.
In addition, investments in R&D to present new cataract devices for vision correction and eye health will help improve patient outcomes, thereby driving the revenue market share of leading players. Global as well as emerging players are competing to gain market supremacy by partnering with various government organizations, focusing on educating the target audience regarding cataract disease, the risk factors associated with cataract development, and the potential treatment options available.
Segmentation of Cataract Devices Industry Research
- By Product Type:
- Phacoemulsification Equipment
- Ophthalmic Viscoelastic Devices (OVD)
- Cohesive OVD
- Dispersive OVD
- Femtosecond Lasers
- Intraocular Lenses (IOLs)
- Standard Monofocal IOLs
- Premium IOLs
- Toric IOLs
- Multifocal IOLs
- Accommodative IOL
- By Application:
- Posterior Sub-Capsular Cataracts
- Cortical Cataracts
- Nuclear Sclerotic Cataracts
- Congenital Cataracts
- Traumatic Cataracts
- Others
- By End User:
- Hospitals
- Ophthalmic Clinics
- Ambulatory Surgery Centers
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global cataract devices market, presenting historical market data (2017–2021) and forecast statistics for the period of 2022–2032.
The study reveals essential insights on the basis of product type (phacoemulsification equipment, ophthalmic viscoelastic devices (OVD), femtosecond lasers, Intraocular lenses (IOLs)), application (posterior sub-capsular cataracts, cortical cataracts, nuclear sclerotic cataracts, congenital cataracts, traumatic cataracts, others), and end user (hospitals, ophthalmic clinics, ambulatory surgery centers), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
Read More: https://www.factmr.com/report/cataract-devices-market
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