Global Cataract Surgery Devices Market Size

Cataract Surgery Devices Market Analysis

The cataract surgery devices market is expected to register a CAGR of 4.2% during the forecast period of 2022-2027.

The COVID-19 pandemic led to disruption in not only the research and development activities of other therapies and drugs for medical conditions other than COVID-19 but also impacted the treatment procedures and supply chain of the pharmaceuticals and medical devices around the world, which also impacted the cataract surgery devices market. For instance, according to a research study published in December 2021, titled 'Impact of COVID-19 Pandemic on Cataract Surgical Volume: A North Indian Experience', the studied clinic was expected to perform 7,500 cataract procedures, but due to the pandemic, they were able to perform only 2,500 procedures. This data suggests that there was a significant decrease in cataract procedures during the COVID-19 pandemic. However, with the ongoing vaccination programs and decreasing COVID-19 cases, the studied market is expected to regain its full potential over the forecast period of the study.

The major factors that are expected to drive growth in the cataract surgery devices market are the increasing prevalence of the cataract and the growing geriatric population globally. For instance, according to the research study published by Xiaotong Han et al., in September 2021, the global prevalence rate of cataract-related visual impairment increased by 58.45%, from 791.4 per 100,000 people in 1990 to 1,253.9 per 100,000 people in 2019, and the cataract-related disability-adjusted life years (DALYs) rate increased by 32.18 percent from 65.3 per 100,000 people in 1990 to 86.3 per 100,000 people in 2019, which shows an increase in cataract and cataract related illness, globally and thus, the demand for cataract surgery devices for treatment is increasing which is fueling growth in the studied market.

Further, according to the research study published by Konrad Pesudovs et. a., in June 2021, 2020, an estimated 15.2 million people aged 50 and more were blind, with another 78.8 million suffering from moderate to severe vision impairment (MSVI) due to cataract, and since 2000, there has been a 29.7% increase in the incidence of cataract blindness and a 93.1 percent increase in cases of MSVI. Hence, the number of surgeries for the treatment of cataracts is expected to increase over the years, which will drive growth in the cataract surgery devices market over the forecast period.

Moreover, the prevalence of cataracts is found to be higher in the older population, and with the growing geriatric population, the burden of cataracts is further expected to increase, which will have a positive impact on the growth of the cataract surgery devices market. For instance, according to the October 2021 update of the World Health Organization, the percentage of people of age more than 60 years in the global population will increase from 12% in 2015 to 22% by 2050, of which about 80% of the older people in 2050 will be living in the low-and middle-income countries. Also, as per the same source, the common heath conditions associated with aging includes hearing loss, cataracts and refractive errors, back and neck pain, and other. Also, technological advancements in ophthalmic devices are further expected to augment growth in the studied market over the forecast period of the study. However, the high cost associated with cataract devices and surgeries is expected to restrain growth in the cataract surgery devices market during the forecast period of the study.