Global Minimally Invasive Cataract Surgery Devices Market, By Product Type (Implant and Stent, Glaucoma Drainage, Glaucoma Laser Device, Intraocular Lens, Opthalmic Viscoelastic Device, Phacoemulsification System), Surgery Type (Glaucoma in Conjunction with Cataract, Femtosecond Laser Surgery, Phacoemulsification, Extracapsular Cataract Extraction Surgery, Stand Alone Glaucoma), End-User (Hospitals, Outpatient Surgery Center, Ophthamology Clinic, Others) – Industry Trends and Forecast to 2030.
Minimally Invasive Cataract Surgery Devices Market Analysis and Size
According to the most recent report from the Centers for Disease Control and Prevention, published in September 2021, heart disease is the leading cause of death in the United States. About 18.2 million adults aged 20 and older have coronary artery disease, and approximately 360,900 people died from the disease in 2019. As a result of the country's high mortality rate from cardiovascular diseases, the number of surgeries is expected to rise. As minimally invasive surgical procedures gain popularity, the market under consideration is expected to expand over the forecast period. Cancer is also one of the most common chronic diseases in the country, which will drive market growth in the coming years.
Data Bridge Market Research analyses that the minimally invasive cataract surgery devices market which was USD 5.5 billion in 2022, is expected to reach USD 44.87 billion by 2030, at a CAGR of 30% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Minimally Invasive Cataract Surgery Devices Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015 - 2020)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Product Type (Implant and Stent, Glaucoma Drainage, Glaucoma Laser Device, Intraocular Lens, Opthalmic Viscoelastic Device, Phacoemulsification System), Surgery Type (Glaucoma in Conjunction with Cataract, Femtosecond Laser Surgery, Phacoemulsification, Extracapsular Cataract Extraction Surgery, Stand Alone Glaucoma), End-User (Hospitals, Outpatient Surgery Center, Ophthamology Clinic, Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Hoya Corporation (Japan), AbbVie Inc. (U.K.), Essilor (France), NIDEK Co., Ltd. (U.S.), Lumenis Be Ltd. (Israel), Abbott (U.S.), Johnson & Johnson Services Inc. (U.S.), New World Medical Inc. (U.S.), Carl Zeiss Meditech AG (Germany), Alcon Vision LLC. (Switzerland), Opcon USA (U.S.), Bausch & Lomb, Incorporated (U.S.), and STAAR SURGICAL (U.S.)
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Market Opportunities
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Market Definition
Minimally invasive surgery employs surgical techniques that use small tools, cameras, and lights to limit the size and number of cuts or incisions made during an operation. This procedure is much safer than traditional open surgery because it results in fewer complications, faster recovery, less blood loss, better results, and shorter hospital stays. These surgeries are gaining popularity among surgeons and patients worldwide because of these factors. They are mostly used in cardiothoracic, orthopaedic, vascular, and neurological surgeries. Compared to conventional glaucoma surgery devices, minimally invasive surgery (MIGS) devices provide a safer and less invasive method of reducing intraocular pressure (IOP).
Global Minimally Invasive Cataract Surgery Devices Market Dynamics
Drivers
- Growing acceptance of minimally invasive surgeries than traditional surgeries
MIS procedures have several advantages over traditional procedures, including less post-operative pain, faster recovery times, less stress on the immune system, fewer major operative and post-operative complications, less scarring and smaller incisions. MIS procedures are becoming more popular worldwide because the benefits of minimally invasive procedures reduce overall hospital and treatment costs, driving the market growth.
- Rising prevalence of chronic diseases
The rising prevalence of chronic diseases such as cancer and cardiovascular disease is increasing demand for surgical procedures for treatment, boosting market growth. According to the World Health Organization's (WHO) 2021 fact sheet, noncommunicable diseases (NCDs), also known as chronic diseases, kill approximately 41 million people each year, accounting for approximately 71% of all deaths worldwide. According to the same source, over 15 million people aged 30-69 die worldwide each year as a result of NCDs. As a result of the high mortality rate from NCDs, the demand for treatment procedures is increasing.
As minimally invasive procedures have more advantages over traditional procedures, they are gaining traction. Thus, the studied market is grow during the forecast period.
Opportunities
- New product launch
Collaborations, mergers, and acquisitions are important strategic actions carried out by industry participants that are anticipated to have a favourable impact on the market. New product launches as a result of technical breakthroughs. The market is anticipated to expand steadily throughout the projected period as a result of the creation of novel solutions. A good example is the ELUXEO surgical system, which was introduced by Fujifilm Medical Systems USA Inc. in July 2020. It combines the company's endoscopy and minimally invasive surgery portfolios and enables surgeons to perform both flexible and rigid endoscopy from a single tower by improving visualisation.
Restraints/Challenges
- Shortage of Experienced Professionals
As opposed to open surgery, minimally invasive procedures are carried out by surgical specialists using advanced medical technology. These treatments must be performed by experienced professionals. Surgical specialists are the primary users of minimally invasive surgery equipment, and many countries suffer from a global shortage of skilled medical personnel. Because of this scarcity, patients who prefer a minimally invasive procedure must reluctantly undergo conventional procedures.
This scarcity is especially acute in rural areas, where the government owns the majority of healthcare facilities. The government is heavily funding various programmes to improve the state of health in rural areas.
This minimally invasive cataract surgery devices market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the minimally invasive cataract surgery devices market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on the Minimally Invasive Cataract Surgery Devices Market
The COVID-19 pandemic has had an impact on a variety of surgical procedures, including minimally invasive. Due to the lockdown restrictions, patients with various lifestyle-related and chronic diseases experienced a delay in diagnosis and treatment as a result of fewer hospital visits, which impacted the studied market. As a result of the current pandemic scenario, this data indicates that minimally invasive surgical procedures have declined, which will affect the procurement of minimally invasive surgical procedures and devices, thereby affecting the market. However, with ongoing vaccinations and decreasing COVID-19 cases, the studied market is expected to recover to its full potential during the forecast period of the study.
Recent Developments
- In April 2021, in collaboration with Veran Medical Technologies Inc., Olympus Corporation launched the 510(k)-cleared H-SteriScope Single-Use Bronchoscopes, a line of five premium endoscopes for use in advanced diagnostic and therapeutic procedures.
- In May 2021, The NaviCamTM Magnetically Controlled Capsule Endoscopy (MCCE) system received premarketing approval from the Food and Drug Administration. As a result, the aforementioned factors are expected to drive the region's minimally invasive surgery devices market growth.
Global Minimally Invasive Cataract Surgery Devices Market Scope
The minimally invasive cataract surgery devices market is segmented on the basis of product type, surgery type and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product Type
- Implant and Stent
- Glaucoma Drainage
- Glaucoma Laser Device
- Intraocular Lens
- Opthalmic Viscoelastic Device
- Phacoemulsification System
Surgery Type
- Glaucoma in Conjunction with Cataract
- Femtosecond Laser Surgery
- Phacoemulsification
- Extracapsular Cataract Extraction Surgery
- Stand Alone Glaucoma
End-User
- Hospitals
- Outpatient Surgery Center
- Ophthamology Clinic
- Others
Minimally Invasive Cataract Surgery Devices Market Regional Analysis/Insights
The minimally invasive cataract surgery devices market is analyzed and market size insights and trends are provided by country, product type, surgery type and end-user as referenced above.
The countries covered in the minimally invasive cataract surgery devices market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the minimally invasive cataract surgery devices market because of the increasing prevalence of cataract patients, the growing geriatric population, and growing public awareness of the benefits of cataract surgery.
Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2023 to 2030 owing to the increase in surgical procedures, an aging population, and a high burden of chronic diseases.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure Growth Installed base and New Technology Penetration
The minimally invasive cataract surgery devices market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for minimally invasive cataract surgery devices market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the minimally invasive cataract surgery devices market. The data is available for historic period 2011-2021.
Competitive Landscape and Minimally Invasive Cataract Surgery Devices Market Share Analysis
The minimally invasive cataract surgery devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to minimally invasive cataract surgery devices market.
Some of the major players operating in the minimally invasive cataract surgery devices market are:
- Hoya Corporation (Japan)
- AbbVie Inc. (U.K.)
- Essilor (France)
- NIDEK Co., Ltd. (U.S.)
- Lumenis Be Ltd. (Israel)
- Abbott (U.S.)
- Johnson & Johnson Services Inc. (U.S.)
- New World Medical Inc. (U.S.)
- Carl Zeiss Meditech AG (Germany)
- Alcon Vision LLC. (Switzerland)
- Opcon USA (U.S.)
- Bausch & Lomb, Incorporated (U.S.)
- STAAR SURGICAL (U.S.)
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