The Cataract Surgery Devices Market growth
The Cataract Surgery Devices Market is estimated to grow at a high CAGR of 7.2% during the forecast period from 2024 to 2031 and is expected to reach USD 12.8 billion by 2031.
Cataracts Surgery, an eye-related condition characterized by the clouding of the eye lens, result in vision loss. Cataract surgery, which involves the removal of the clouded natural lens and implantation of an intraocular lens, addresses this issue. While cataracts are most commonly associated with aging, they can also occur in children at birth or develop due to eye injuries, inflammation, and other eye diseases.
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Cataract Surgery Devices Market dynamics
The global cataract surgery devices market dynamics are driven by several factors, including the growing geriatric population, the increasing prevalence of ocular disorders, and advancements in healthcare technology. Technological progressions, such as the use of lasers combined with computer-controlled optical delivery systems, enable precise incisions without damaging surrounding tissues. The rise in cataract diseases and the expanding elderly population will further propel the market growth.
The market growth rate can be attributed to the increasing prevalence of cataract cases and the susceptibility of the aging population to ophthalmologic diseases, particularly cataracts. According to Preventblindness.org, in 2019, an estimated 38.5 million individuals in the United States will have cataracts by 2032, with the average annual cost related to cataract treatment in the country nearing USD 7 billion. These factors underscore the importance of the cataract surgery devices market dynamics in meeting the growing demand for effective cataract treatments.
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Segmentations
By Product: Intraocular Lenses, Phacoemulsification Equipment, Ophthalmic Viscoelastic Devices, and Others
By End-User: Ophthalmology Clinics, Hospitals, and others.
By Surgery: Type Extracapsular Cataract Extraction, Femtosecond Laser, Phacoemulsification, Others
Cataract Surgery Devices Market Geographical size
The global cataract surgery devices market, holding the largest market share during the forecast period. This market growth is attributed to several factors, including the high prevalence of cataracts in the region, a well-established healthcare infrastructure, high disposable income, and favorable reimbursement policies. According to the National Institutes of Health (NIH), approximately 50% of the population in America will develop cataracts by the age of 80. These statistics indicate that North America will maintain its market dominance throughout the forecast period.
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Key players
Coburn Technologies Inc., Alcon, Inc., Johnson & Johnson, NIDEK, Abbott, Ziemer Ophthalmic Systems, Carl Zeiss Meditech AG, Essilor International S.A., and Bausch & Lomb, Inc and SIFI S.P.A.
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