Cataract Surgery Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Technique (Phacoemulsification, Extracapsular Cataract Extraction, Intracapsular Extraction, Laser-Assisted Cataract Surgery), By Device Type (Equipment, Consumables), By End-User (Hospitals, Eye Care Centres, Academic And Research Institutions), And By Geography - Forecasts From 2021 To 2026
- Published : Oct 2021
- Report Code : KSI061610444
- Pages : 114
The cataract surgery market was valued at US$4.271 billion in 2019 and is expected to grow at a CAGR of 5.69% over the forecast period to reach a total market size of US$6.292 billion by 2026.
An eye-related condition called a cataract causes the lens to cloud over, leaving the patient without vision. As part of cataract surgery, the lenses in the eye are removed and intraocular lenses are implanted. Growing older populations have been a major driver of this industry's growth. Additionally, technological advancements such as laser technology have contributed to the growth of this market since it has brought about new levels of safety and accuracy. Furthermore, cataract surgery will aid market growth. LaserSurgeryHub.uk, for instance, estimates that 330,000 cataract operations are performed yearly in England alone. The global market growth will rise with the huge number of surgeries being carried out. Moreover, there is a positive impact on the growth of the market due to the technological advancements in ophthalmic devices.
- Rise of geriatric population and technological advancement
Technological advances in ophthalmic devices as well as a rise in cataract diseases drive the market. For instance, A global launch of Johnson & Johnson's phacoemulsification (phaco) system, developed to make cataract surgeries more efficient and comfortable for surgeons, was announced in July 2021. In addition to increasing patient safety, the VERITAS Vision System improves image quality as well. Additionally, geriatric populations around the world are increasing, driving market growth. Approximately half of all Americans will suffer from cataracts by the time they reach age 75. The cataracts of one in six Americans older than 40 have already begun. Approximately 61 percent of cataract patients are women, compared to 39 percent of cataract patients who are men. In about one out of 250 children, there will be a cataract when they are born or during their childhood. In the United States, more than two million cataract procedures are performed each year. (Source: visionproblemsus.org). According to the United Nations (UN) data of World Population Prospects for 2019, the world's population will double within 30 years, from 7.7 billion to 9.7 billion, and at the same time, the world will age more rapidly. The number of people over the age of 65 will rise from one in 11 in 2019 to one in six by 2050 (16%), up from one in 11 at the beginning of this year (9%).
- High cost
The cataract surgery devices market is slowed by a lack of healthcare coverage and low awareness of cataract surgery's benefits. High cataract surgery costs, especially in emerging economies like India, China, Brazil, and South Africa, impede the market's growth. Additionally, governments implement programs to lower the burden of cataract-related diseases, which creates lucrative opportunities for key players in the market.
As a result of the current COVID-19 pandemic, these programs have been halted and all elective cataract procedures have been accumulated. In the present day, health care workers understand the importance of safety precautions. Various strategies have been adopted by different countries, leading to variations in safety protocols. Because of so much effort being devoted to containing the pandemic, cataract surgery has declined in market share for a while as prioritization is given to containing COVID-19 Pandemic.
Cataract Surgery Market Scope:
|Market size value in 2019||US$4.271 billion|
|Market size value in 2026||US$6.292 billion|
|Growth Rate||CAGR of 5.69% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Technique, Device Type, End-User, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Alcon Incorporated, Carl Zeiss Meditech AG, Bausch & Lomb Inc., NIDEK Co. Ltd., Essilor International S.A, Johnson & Johnson, Lenstec, Topcon Corporation, Novartis, Ziemer Ophthalmic Systems|
|Customization scope||Free report customization with purchase|
- By Technique
- Extracapsular Cataract Extraction
- Intracapsular Extraction
- Laser-Assisted Cataract Surgery
- By Device Type
- By End-User
- Eye Care Centres
- Academic and Research Institutions
- By Geography
- North America
- South America
- United Kingdom
- Middle East and Africa
- South Africa
- Asia Pacific
- North America
Frequently Asked Questions (FAQs)
Q1. What is the size of the cataract surgery market?
A1. Cataract Surgery Market was valued at US$4.271 billion in 2019.
Q2. What will be the cataract surgery market size by 2026?
A2. The global cataract surgery market is expected to reach a market size of US$6.292 billion by 2026.
Q3. What are the growth prospects for the cataract surgery market?
A3. The cataract surgery market is expected to grow at a CAGR of 5.69% over the forecast period.
Q4. How is the global cataract surgery market segmented?
A4. The cataract surgery market has been segmented by technique, device type, end-user, and geography.
Q5. What factors are anticipated to drive the cataract surgery market growth?
A5. Technological advances in ophthalmic devices as well as a rise in cataract diseases drive the cataract surgery market.
2. Research Methodology
2.1. Research Process and Design
2.2. Research Assumptions
3. Executive Summary
4. Market Dynamics
4.1. Market Segmentation
4.2. Market Drivers
4.3. Market Restraints
4.4. Market Opportunities
4.5. Porter’s 5 Forces Analysis
4.5.1. Bargaining Power of Suppliers
4.5.2. Bargaining Power of Buyers
4.5.3. Threat of Substitutes
4.5.4. Threat of New Entrants
4.5.5. Competitive Rivalry in the Industry
4.6. Life Cycle Analysis- Regional Snapshot
4.7. Market Attractiveness
5. Cataract Surgery Market Forecast by Technique (US$ Billion)
5.2. Extracapsular Cataract Extraction
5.3. Intracapsular Extraction
5.4. Laser-Assisted Cataract Surgery
6. Cataract Surgery Market Forecast by Device Type (US$ Billion)
7. Cataract Surgery Market Forecast by End-User (US$ Billion)
7.2. Eye Care Centres
7.3. Academic and Research Institutions
8. Cataract Surgery Market Forecast by Geography (US$ Billion)
8.1. North America
8.1.1. United States
8.2. South America
8.4. Middle East and Africa
8.4.2. Saudi Arabia
8.5. Asia Pacific
9. Competitive Intelligence
9.1. Investment Analysis
9.2. Recent Deals
9.3. Strategies of Key Players
10. Company Profiles
10.1. Alcon Incorporated
10.2. Carl Zeiss Meditech AG
10.3. Bausch & Lomb Inc.
10.4. NIDEK Co. Ltd.
10.5. Essilor International S.A
10.6. Johnson & Johnson
10.8. Topcon Corporation
10.10. Ziemer Ophthalmic Systems
Carl Zeiss Meditech AG
Bausch & Lomb Inc.
NIDEK Co. Ltd.
Essilor International S.A
Johnson & Johnson
Ziemer Ophthalmic Systems
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