Geriatric Population Drives Innovation: Cataract Surgery Devices Market Surges to $11.84B by 2028 at a CAGR of 9.5%

The cataract surgery devices and equipment market size has grown rapidly in recent years. It will grow from $7.46 billion in 2023 to $8.24 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. The growth in the historic period can be attributed to aging population demographics, increasing incidence of cataracts, rise in patient awareness, government initiatives for vision care, increasing healthcare expenditure.

The cataract surgery devices and equipment market size is expected to see strong growth in the next few years. It will grow to $11.84 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to growing focus on outpatient surgery, customized intraocular lenses, value-based healthcare models, global vision care campaigns, global initiatives for eye health. Major trends in the forecast period include integration of artificial intelligence (ai), teleophthalmology and remote consultations, rapid technological innovations, improvements in intraocular lens technology, technological advancements in surgical techniques, femtosecond laser technology.

Market Overview -
Cataract surgery devices include instruments that are used for performing cataract surgery in the treatment of cataracts, a condition in which the lens of the eye becomes progressively opaque, resulting in blurred vision.

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Rising Geriatric Population Fuels Demand For Cataract Surgery Devices And Equipment
The rising geriatric population is expected to propel the growth of the cataract surgery devices and equipment market in the future. The geriatric population refers to people aged 65 and over. The rising elderly population are more prone to developing cataracts as they age, which is boosting the demand for cataract surgery devices due to the associated vision impairment. Consequently, the growing geriatric demographic has led to an increased need for cataract surgery procedures and related devices. For instance, according to the 2021 American Community Survey conducted by The United States Census Bureau, a US-based government agency, there were 55,892,014 people aged 65 and over in the U.S. out of a total population of 331,893,745, which represents 16.8% of the population. Therefore, the rising geriatric population is driving the growth of the cataract surgery devices and equipment market.

Competitive Landscape -
Major companies operating in the cataract surgery devices and equipment market report are Johnson & Johnson Services Inc., Allergan Inc., PhysIOL S.A, Novartis AG, Abbott Laboratories, Alcon Inc., HOYA Corporation, Bausch & Lomb Inc., Carl Zeiss Meditech AG, Topcon Corporation, NIDEK Co. Ltd., Glaukos Corporation, Aurolab Co., OPHTEC BV, DORC International BV, Calhoun Vision Inc., Coburn Technologies Inc., HumanOptics AG, Hanita Lenses Ltd., Lenstec Inc., CRISTALENS SL, EyeKon Medical Inc., ROWIAK GmbH, Ziemer Ophthalmic Systems AG, HAAG-Streit Holding AG, Sonomed Escalon Corp., VisionCare Ophthalmic Technologies Inc., Ellex Medical Lasers Limited, Altacor Pharma

Johnson & Johnson Vision's Veritas Vision System Revolutionizes Cataract Surgery Devices Market
Major companies operating in the cataract surgery devices and equipment market are developing innovative products such as VERITAS Vision System to improve surgical accuracy and outcomes. VERITAS Vision System is a next-generation phacoemulsification system, designed to address patient safety, surgeon efficiency, and comfort. For instance, in July 2021, Johnson & Johnson Vision, a US-based ophthalmology company launched the Veritas Vision System by using hybrid fluidics technology and white star technology combined with elliptical tip movement for ultra-smooth cutting and a dual linear fluidic system for improved control. The system is designed to facilitate anterior segment (i.e., cataract) ophthalmic surgery and is now globally available, offering surgeons enhanced safety and exceptional phacoemulsification efficiency, with less surge and more stability, which improves surgical accuracy and outcomes.

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Key Segments -
The cataract surgery devices and equipment market covered in this report is segmented -
1) By Type: Intraocular Lens (IOL), Ophthalmic viscoelastic device (OVD), Phacoemulsification Equipment, Femtosecond Laser Equipment
2) By Surgery Type: Extracapsular Cataract Extraction, Phacoemulsification, Femtosecond Laser, Other Surgery Types
3) By Application: Ophthalmology Centers, Hospitals, Clinics

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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