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The Phacoemulsification Devices Market size is estimated to grow by USD 622.54 million at a CAGR of 5.36% between 2023 and 2028. Market growth depends on several factors, including the increasing prevalence of cataracts, technological advancements in phacoemulsification, and initiatives aimed at raising awareness and improving access to phacoemulsification in developing countries. These elements collectively drive market expansion by addressing critical health needs and leveraging cutting-edge medical technology. The rising prevalence of cataracts underscores the growing demand for effective surgical treatments. Technological advances in phacoemulsification highlight ongoing improvements in surgical precision and patient outcomes. Additionally, initiatives to increase awareness and access to this technology in developing countries reflect efforts to broaden the availability of advanced medical care globally. Thus, the interplay of these factors outlines the anticipated growth of the market, offering opportunities for stakeholders in the healthcare and medical device sectors.
There is an increasing preference for phacoemulsification as the ophthalmic technique for cataract surgery in many developed countries such as the US, Canada, France, and Germany. In addition, many market players and government agencies are focusing on expanding access to cataract surgeries using the mentioned surgical technologies such as phacoemulsification. Furthermore, leading market players such as Novartis established the Phaco Development Program in Asia. Moreover, the programs aim at training and helping ophthalmologists, hospitals, and support systems to meet the demand for public access to cataract care. Hence, such factors are positively impacting the market.
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018 - 2022, besides analyzing the current market scenario.
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The phacoemulsification consumables segment is estimated to witness significant growth during the forecast period. Phacoemulsification consumables comprise products that are used in conjunction with the phacoemulsification systems while performing cataract surgery using phaco technology. In addition, this segment includes phaco handpieces, phaco tips, foot pedals, phacoemulsification packs, capsular tension rings, and other items that facilitate the use of phacoemulsification systems. Furthermore, phacoemulsification is one of the most common types of cataract surgeries. In this technique, the internal lens is removed.
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The phacoemulsification consumables segment was the largest segment and was valued at USD 988.24 million in 2018. Moreover, this segment is available as single-use or reusable versions. In addition, the market players are focusing on improving these consumables. For example, Medical Technical Products offers a wide range of phaco accessories, such as F-Sonic phaco tip sets that provide improved geometry with a three-stage tip end and enhance the holding ability at the time of cataract removal. Furthermore, several prominent market players such as Johnson & Johnson manufacture consumables, including phacoemulsification foot pedals, handpieces, and packs. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
This segment is one of the major end-users of phacoemulsification devices and occupies the majority of the market share in the global phacoemulsification devices market by end-users.In addition, the hospitals that focus on ophthalmology care often have strong partnerships with ophthalmology device manufacturers. Moreover, The partnership helps hospitals purchase ophthalmology surgical devices at discounted prices directly from manufacturers. Furthermore, in developed countries, an increasing number of individuals opt for cataract surgery that uses advanced cataract surgery devices due to the rise in disposable income and the increase in awareness levels about cataract surgery. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
In this segment, cataract surgeries are performed on an outpatient basis. In addition, cataract surgery is one of the most common surgical procedures due to the high prevalence of cataracts. Therefore, clinics can benefit from a large customer base. Moreover, clinics are increasingly gaining popularity for cataract surgeries, and many new ophthalmic clinics exclusively focus on providing cataract surgeries. Furthermore, factors such as the increased number of ophthalmologic clinics, the availability of affordable treatment plans, and aggressive promotion strategies adopted by clinics will significantly contribute to the growth of this segment. Hence, such factors are fuelling the growth of this segment, which in turn drives the market growth during the forecast period.
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North America is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. There is an increase in per capita public expenditure on healthcare in North America every year. example, according to The World Bank Group, the health expenditure per capita in the US grew 2.7 percent in 2021, reaching USD4.3 trillion or USD12,914 per person, thereby leading to the growing adoption of phacoemulsification devices among people with visual impairment due to cataracts. In addition, some of the factors that are significantly contributing to the growth of the market in North America include improved healthcare infrastructure, government programs, funding for eye diseases and vision care, the presence of favorable reimbursement policies in developed countries such as the US and Canada, and the growing presence of global companies manufacturing cataract surgery products. Hence, such factors drive the market growth in the region during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Alcon Inc: The company offers phacoemulsification devices that provides eye care products which includes eye vitamin soft gels, systole caps eye vitamin chewable, systole caps eye vitamin tablets, under the brand name of Alcon.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is crucial for modern cataract surgical procedures, offering a minimally invasive approach to treat cataractous lenses. Utilizing ultrasound-based special phaco equipment, the phaco probe breaks down the clouded lens into minuscule particles through ultrasonic vibrations. Key components include surgical instruments, viscoelastic agents, and a control console. The procedure involves accessing the lens capsule via the cornea and sclera, removing the nucleus, and replacing it with an intraocular lens implant. This method reduces blindness and corrects astigmatism, enhancing patient outcomes. Health education initiatives and advancements in anterior lens capsules and lens membrane technologies drive market growth. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges.
One of the key factors driving the market growth is the increasing prevalence of cataracts. There is a rising prevalence of cataracts has been increasing across the globe such that four out of 10 people are likely to develop cataracts at some stage in their lives. In addition, the number of cataract surgeries performed worldwide is estimated to increase from more than 20 million surgeries in 2017 to over 35 million surgeries by 2025.
Moreover, cataract is also considered a significant cause of low vision in developed and developing countries. Furthermore, according to the National Institutes of Health (NIH) data, more than half of all Americans by 80 years of age either suffer from cataracts or have undergone cataract surgery. Hence, such factors are positively impacting the market. Therefore, it is expected to drive the market growth during the forecast period.
A key factor shaping the market growth is glaucoma surgery combined with cataract surgery via phacoemulsification. The coexisting cataract and glaucoma are significantly common in the elderly population. Therefore, phaco alone or glaucoma surgery followed by a separate phacoemulsification procedure are the treatment options for such patients. Furthermore, the surgical selection depends on each individual case, based on the stage of glaucoma and the visual significance of cataracts.
Moreover, the use of ultrasonic energy surgical devices in glaucoma surgery can accelerate cataract progression, and the postoperative complications rate may increase when both procedures are performed separately. In contrast, performing a combined procedure avoids risks and reduces the time and expenses involved in the second surgery. Furthermore, these combined procedures may decrease intraocular pressure (IOP) compared with cataract surgery alone, enhancing patient outcomes. Hence, the adoption of ultrasonic energy surgical devices in such integrated approaches drives market growth during the forecast period, emphasizing their role in improving surgical efficiency and patient safety in ophthalmic procedures.
The high cost of phacoemulsification is one of the key challenges hindering the market. growth. There is an increase in cost burden for end-users due to the high price of cataract surgeries using the phacoemulsification system. In addition, the end-users, such as hospitals ophthalmology clinics, and Ambulatory surgery centers (ASCs), have a limited budget allocation for the procurement of medical devices, including ophthalmic equipment.
Moreover, the use of advanced phaco technology provides safety, facilitates smaller incisions, and delivers better surgical outcomes. However, the technologically advanced phacoemulsification systems are associated with high costs. Hence, such factors are negatively impacting the market. Therefore, it is expected to hinder the market growth during this forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2023 for the following segments
The market is integral to the modern cataract surgical procedure, providing surgeons with advanced ultrasound-based special phaco equipment for effective nucleus removal. This less invasive procedure involves a smaller incision and uses fluidics and power modulation to minimize postoperative capsular problems and intraoperative capsular problems. The pump, irrigation, and aspiration systems, and microsurgical instruments ensure precision, enhancing the ophthalmic surgical environment. The technique promotes quick recovery, early visual rehabilitation, and less caused astigmatism. As the aging population and diabetes increase, the demand for cataract removal surgery grows, expanding the eye care market and necessitating integrated imaging systems and complementing tools.
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Market Scope |
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Report Coverage |
Details |
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Page number |
168 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.36% |
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Market Growth 2024-2028 |
USD 622.54 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
5.22 |
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Regional analysis |
North America, Europe, Asia, and the Rest of the World (ROW) |
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Performing market contribution |
North America at 40% |
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Key countries |
US, Canada, Germany, UK, and China |
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Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Alcon Inc., Bausch Health Companies Inc., Carl Zeiss AG, Escalon Medical Corp., Glaukos Corp., Halma Plc, HOYA Corp., HumanOptics Holding AG, Johnson and Johnson, Lenstec Inc., LIGHTMED Corp., LUMed GmbH, Medical Technical Products, Metall Zug AG, NIDEK Co. Ltd., Rayner, SIFI SPA, STAAR Surgical Co., Topcon Corp., and Ziemer Ophthalmic Systems AG |
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Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
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Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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