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.
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 the 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%).
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.