Cataract Surgery Devices And Equipment Market Analysis 2023-2027: Projected Market Size, Key Drivers, And Major Segments As Per The Business Research Company's Cataract Surgery Devices And Equipment Global Market Report 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Sept. 26, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Cataract Surgery Devices And Equipment Global Market Report 2023, the global cataract surgery devices and equipment market is on a remarkable growth trajectory, with a projected market size of $7.11 billion in 2023, up from $6.61 billion in 2022, representing a robust compound annual growth rate (CAGR) of 7.6%. This impressive expansion is expected to continue, reaching $9.18 billion in 2027 at a CAGR of 6.6%. These figures underscore the industry's vitality and the increasing demand for cataract surgery equipment worldwide.
Cataract Surgery Devices And Equipment Market Driver - Aging Population
A key driving force behind this remarkable growth is the global aging population. In 2020, the world had 1 billion individuals aged 65 or older, a number set to double to 1.5 billion by 2050. The surge in the geriatric population is paralleled by an anticipated increase in cataract cases. According to the World Health Organization, the U.S. alone will experience a 78% rise in cataract cases by 2050. This demographic shift presents a substantial market opportunity for cataract surgery equipment manufacturers, expanding their customer base exponentially.
Learn More In-Depth On The Cataract Surgery Devices And Equipment Market
Major Players
Leading the charge in the cataract surgery devices and equipment market are prominent players including Alcon Inc., Abbott Laboratories, Carl Zeiss Meditech AG, Essilor International S.A., Opcon Corporation, Allergan, Inc., Bausch & Lomb, Inc., NIDEK Co. Ltd., STAAR Surgical Company, and Johnson & Johnson.
Technological Advancements
Innovation is a driving force in the cataract surgery devices and equipment market, with laser technology taking center stage. Laser-assisted cataract surgery, offering enhanced safety and precision, has transformed cataract surgery. Femtosecond laser platforms, in particular, have significantly contributed to the precision of cataract surgeries, potentially surpassing traditional hand-held techniques. As an example, Abbott Laboratories recognized the potential and acquired Optimedica for $250 million to enter the laser cataract surgery devices market.
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Regional Dominance
In 2022, North America emerged as the largest region in the global cataract surgery devices and equipment market, closely followed by Asia-Pacific, which claimed the second-largest market share.
Cataract Surgery Devices And Equipment Market Segmentation
The global cataract surgery devices and equipment market is segmented as follows:
- By Type: Intraocular Lens (IOL), Ophthalmic viscoelastic device (OVD), Phacoemulsification Equipment, Femtosecond Laser Equipment
- By Application: Ophthalmology Centers, Hospitals, Clinics
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By Surgery Type: Extracapsular Cataract Extraction, Phacoemulsification, Femtosecond Laser, Other Surgery Types
Cataract Surgery Devices And Equipment Global Market Report 2023 by The Business Research Company provides insights on the cataract surgery devices and equipment market size, cataract surgery devices and equipment market segments, cataract surgery devices and equipment market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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