Cataract Surgery Devices And Equipment Market Size, Latest Trends, Growth Rate, Key Drivers And Forecast To 2033

"The Business Research Company recently released a comprehensive report on the Global Cataract Surgery Devices And Equipment Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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.

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Market Drivers and Trends:

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.

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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Major Key Players of the Market:

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

Cataract Surgery Devices And Equipment Market 2024 Key Insights:

• 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%.
• Rising Geriatric Population Fuels Demand For Cataract Surgery Devices And Equipment
• Johnson & Johnson Vision's Veritas Vision System Revolutionizes Cataract Surgery Devices Market
• North America was the largest region in the global cataract surgery devices and equipment market in 2023

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