Pune India, Jan. 17, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the minimally invasive cataract surgery devices market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the minimally invasive cataract surgery devices market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the type, end-user, and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global minimally invasive cataract surgery devices market are STAAR SURGICAL, NIDEK Co., Ltd., Lumenis Be Ltd., AbbVie Inc., Hoya Corporation, Essilor, Opcon USA, Bausch & Lomb, Incorporated, Alcon Vision LLC., Johnson & Johnson Services Inc., Carl Zeiss Meditech AG, New World Medical Inc., among others. To achieve a substantial market share in the worldwide minimally invasive cataract surgery devices market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Surgery that reduces the size of the incisions necessary to minimize wound healing time and associated pain is classified as minimally invasive. By using small tools, cameras, and lights during an operation, minimally invasive surgery limits the number and size of cuts and incisions that must be made. Due to fewer complications, faster recovery, less blood loss, better results, and shorter hospital stays, this procedure is much safer than traditional open surgery. In addition to computer-controlled optical delivery systems, which enable precise incisions without injuring surrounding tissue, cataract surgery equipment sales are soaring due to the invention of minimally invasive cataract surgery tools. New product launches are expected to result from technological breakthroughs, which are anticipated to have a favourable impact on the market. The market is witnessing immense growth but there are some factors which are hampering the growth of the market such as a lack of trained professionals, a lack of awareness about minimally invasive cataract surgery devices, poor healthcare infrastructure in some areas, lack of reimbursement policies and high cost of the devices. Furthermore, various market key players are focusing on improving the efficiency of the devices in order to make them more acceptable and efficient, this is also creating new opportunities for market growth.
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Scope of Minimally Invasive Cataract Surgery Devices Market Report:
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Type, End-User, and Regions. |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | STAAR SURGICAL, NIDEK Co., Ltd., Lumenis Be Ltd., AbbVie Inc., Hoya Corporation, Essilor, Opcon USA, Bausch & Lomb, Incorporated, Alcon Vision LLC., Johnson & Johnson Services Inc., Carl Zeiss Meditech AG, New World Medical Inc., among others |
Segmentation Analysis
Glaucoma in conjunction with cataracts is expected to be the fastest-growing segment in 2022.
The type segment includes stand-alone glaucoma, phacoemulsification, glaucoma in conjunction with cataract, femtosecond laser surgery and extracapsular cataract extraction surgery. Glaucoma in conjunction with the cataract segment is expected to witness the highest growth rate during the forecast period. This segment has grown due to its use in the production of high-quality fabrics and its ability to blend with other materials in order to enhance wrinkle-free and stain-resistant qualities. Curtains, drapes, furniture covers, and upholstery are also often made with them.
Hospitals are expected to be the fastest-growing segment in 2022.
The end-user segment includes ophthalmology clinics, hospitals, outpatient surgery centres and others. The hospital segment is expected to witness the highest growth rate during the forecast period. The market is mainly dominated by the hospital segment in comparison with other end-users because they perform complex diagnostics and therapeutic procedures. Due to their advantages, hospitals account for the majority of the growth in the market due to their better and specialized efficient billing systems, as well as technologically advanced minimally invasive cataract surgery devices.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the minimally invasive cataract surgery devices market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The North American region witnessed a major share. As a result of the growing number of cataract patients, the growing elderly population, and the growing public awareness of the benefits of cataract surgery, North America dominates the market for minimally invasive cataract surgical devices. Technological advancements in minimally invasive cataract surgical devices are contributing a major share in the regional market growth. The country also performs a large number of cataract surgeries because of its robust healthcare infrastructure, which will add more value to the regional market growth.
Country Analysis
- Germany
Germany's minimally invasive cataract surgery devices market size was valued at USD 0.35 billion in 2022 and is expected to reach USD 3.07 billion by 2030, at a CAGR of 31.2% from 2023 to 2030.
It is estimated that the country's minimally invasive surgical devices market will be cushioned by the increasing geriatric population, technological advances in minimally invasive surgery devices, and government initiatives to monitor visual impairment.
- China
China’s minimally invasive cataract surgery devices market size was valued at USD 0.44 billion in 2022 and is expected to reach USD 3.9 billion by 2030, at a CAGR of 31.5% from 2023 to 2030. Minimally invasive cataract surgery devices are growing due to the rising prevalence of eye-related diseases such as glaucoma, cataracts, and other vision-related problems, in the country.
- India
India's minimally invasive cataract surgery devices market size was valued at USD 0.34 billion in 2022 and is expected to reach USD 3.02 billion by 2030, at a CAGR of 31.4% from 2023 to 2030.
Patients suffering from cataracts in India are increasing with the growing population. They undergo surgery in order to treat the condition, which increases the demand for cataract surgical devices.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the increasing demand for minimally invasive devices for the treatment of eye-related diseases, propelling the growth of the market across the countries.
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