Market Trends of Global Cataract Surgery Devices Industry
This section covers the major market trends shaping the Cataract Surgery Devices Market according to our research experts:
Phacoemulsification Equipment Segment is Expected to Hold a Significant Share in the Cataract Surgery Devices Market Over the Forecast Period
Phacoemulsification systems are one of the most advanced types of equipment used in treating cataracts, and by using phacoemulsification equipment, the lens is emulsified with ultrasound before being suctioned out. With the help of phacoemulsification equipment, cataract surgery is performed through a 2.5 to 2.8 mm incision with the help of a titanium needle vibrating at the rate of more than 40,000 times per second.
The phacoemulsification systems offer several advantages over other cataract surgery procedures due to which this equipment is widely used in ophthalmology settings around the world, and with the increasing burden of cataracts, their usage is further expected to increase, which will boost growth in the segment. Some of the major benefits offered by phacoemulsification equipment in cataract surgery are no hospitalization required for surgery, small incision and lesser induced astigmatism because of the smaller incision, fast recovery from the surgery, and no restriction in daily routine. Hence, owing to these benefits, payers, and providers prefer a phacoemulsification system in cataract surgery.
In addition, the advancement in the phacoemulsification system by the key companies in the area along with the launch of new devices, collaboration, and partnerships with other companies for the development and marketing of the products, and other business expansion initiatives are expected to boost growth in the studied segment. For instance, in July 2021, Johnson & Johnson Vision, a part of the Johnson & Johnson Medical Devices Companies launched VERITAS Vision System, next-generation phacoemulsification (phaco) system designed to address three critical areas: patient safety, surgeon efficiency, and comfort. Therefore, due to these above-mentioned factors, the phacoemulsification equipment segment is expected to have a major share in the cataract surgery devices market during the forecast period of the study.
North America region is Expected to Occupy a Significant Share in the Cataract Surgery Devices Market Over the Forecast Period
By geography, the North American region is expected to hold a significant share in the cataract surgery devices market owing to the high burden of cataracts in the region, presence of advanced and robust healthcare infrastructure, growing aging population, and other factors. For instance, according to a research study in January 2022, titled 'Incidence of visual impairment in Canada: the Canadian Longitudinal Study on Aging', the incidence of cataracts in Canada was 10.38%, with British Colombia being the region with the highest prevalence of 11.26% and the burden of cataract in Canada is further expected to increase with the growing geriatric population in the country, and hence with the growing geriatric population in the region, the burden of cataract is further expected to increase, leading to increase in several cataract surgeries and thus, driving growth in the cataract surgery devices market.
In the North American region, the United States is expected to hold a major share in the cataract surgery devices market owing to a large number of cataract surgeries performed in the country due to its robust healthcare infrastructure, better reimbursement policies, and significant burden of cataract along with growing geriatric population. For instance, according to the June 2020 update of the Centers for Disease Control and Prevention (CDC), approximately 20.5 million (about 17.2% of the total population) of age 40 years and more had cataracts in one or both eyes, and it was estimated that by the end of 2020, the total number of people who have cataracts is estimated to increase to 30.1 million, which is expected to have a significant impact on the number of cataract surgeries performed in the country and boost growth in the studied market. Further, with the growing aging population of the country, the cataract surgery devices market in the United States is expected to grow over the forecast period. Therefore, due to the above-mentioned factors, in the North American region, the United States is expected to have a significant market share in the cataract surgery devices market during the forecast period of the study.
