New York, Feb. 10, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cataract Surgery Devices And Equipment Global Market Report 2023" - https://www.reportlinker.com/p06277184/?utm_source=GNW
, NIDEK Co. Ltd., STAAR Surgical Company, and Johnson & Johnson.
The global cataract surgery devices and equipment market will grow from $6.61 billion in 2022 to $7.11 billion in 2023 at a compound annual growth rate (CAGR) of 7.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The cataract surgery devices and equipment market is expected to grow to $9.18 billion in 2027 at a CAGR of 6.6%.
The cataract surgery devices and equipment market consist of sales of ophthalmic viscoelastic devices, phacoemulsification equipment, and femtosecond laser equipment that are used for the cataract surgery.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Cataract surgery devices includes 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.
North America was the largest region in the cataract surgery devices and equipment market in 2022.Asia Pacific was the second-largest region in cataract surgery devices and equipment market.
The regions covered in the cataract surgery devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The main types of cataract surgery devices and equipment are intraocular lens (IOL), ophthalmic viscoelastic device (OVD), phacoemulsification equipment, and femtosecond laser equipment.An ophthalmic viscoelastic device (OVD) is used for performing cataract surgeries.
The cataract surgery devices and equipment are used for various surgery types such as extracapsular cataract extraction, phacoemulsification, femtosecond laser, and others. These are used by end-users such as ophthalmology centres, hospitals, and clinics.
The major growth driver for this industry has been the global aging population.In 2020, there were 1 billion persons aged 65 years or over in the global population.
This number is projected to double to 1.5 billion in 2050. The cases of cataracts in the geriatric population are also expected to increase in the same proportion. According to World Health Organization, the number of cataract cases is expected to increase by 78% by 2050 in the U.S. alone. This presents a huge market for cataract surgery equipment manufacturers shortly by expanding the customer base due to the fast-growing geriatric population. For instance, the population of China is getting older faster than anywhere else in the world, this presents a huge market for the cataract surgery device manufacturers in China.
The major challenge that is faced by this industry is the low level of awareness about eye disorders, especially cataracts.Many people do not have proper knowledge about the symptoms of cataracts and do not get the treatment done.
This leads to potential revenue loss for the cataract surgery device manufacturers because of the low number of end-users. For example, as per a study done by NCBI, out of 1552 respondents, 89.9% had heard of cataracts but only 42% were aware of any symptom of cataracts, low awareness of cataract symptoms acts as a major restraint for the cataract surgery equipment industry.
The cataract surgery devices and equipment industry has witnessed many positive changes introduced by the market players, the most prominent one being the introduction of laser technology.Laser-assisted cataract surgery is used to gather information about the lens, to make the corneal incision, and for the opening in the lens capsule.
The advent of laser technology has caused a significant impact on this industry by bringing in new levels of safety and accuracy and advancing cataract surgery.Femtosecond laser platforms have significantly contributed to the precision of cataract surgeries being performed and may soon surpass the traditional hand-held surgeries.
For example, Abbott laboratories which lacked this technology, acquired Optimedica for $250 million to enter the laser cataract surgery devices market after witnessing the huge demand and benefits of laser technology.
The ophthalmology and medical equipment industry are subject to numerous stringent regulations and the cataract surgery device equipment manufacturers are no exception. These manufacturers need to comply with several regulations of which the European Medical Device Directives and the U.S. Health Care Compliance is the most prominent one. The European Medical Device Directive requires a manufacturer to meet the harmonized standards for placing their devices in the European market. Similarly the U.S. Health Care Compliance has laid down certain guidelines related to standards of business conduct to be followed by the Pharmaceutical manufacturers. The Medicines and Healthcare products Regulatory Agency (MHRA), which regulates the safety of medical devices in the UK, has issued an urgent notice to Carl Zeiss Meditec, for voluntarily recalling a small batch of its intraocular lenses (IOL). The recall was initiated after the manufacturer detected mislabelling of its IOL, Aaren Scientific EC-3 hydrophobic lens with the wrong dioptric power. Therefore, the manufacturers need to comply strictly with the correct labeling of dioptric power on the IOLs.
In October 2020, Katena Products, a US-based manufacturer of ophthalmic surgical instruments, acquired Micro-select instruments for an undisclosed amount.The acquisition would help Katena’s growth in instrument manufacturing vertical.
Micro-select instruments is a US-based manufacturer of ophthalmic surgery instruments.
The countries covered in the cataract surgery devices and equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, and Australia.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The cataract surgery devices and equipment market research report is one of a series of new reports that provides cataract surgery devices and equipment market statistics, including cataract surgery devices and equipment industry global market size, regional shares, competitors with a cataract surgery devices and equipment market share, detailed cataract surgery devices and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the cataract surgery devices and equipment industry. This cataract surgery devices and equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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