Driven by the increasing demand for cataract procedures, the global market for cataract surgery devices will grow at a Compound Annual Growth Rate (CAGR) of 5.2% between 2012 and 2019, says a new report from business intelligence provider GBI Research.
The new report states that by 2019, the Intraocular Lens (IOL), Ophthalmic Viscoelastic Device (OVD) and phacoemulsification equipment segments are forecast to reach $3.8 billion, $678 million and $73.7 million, respectively.
The North American region will continue to dominate the cataract surgery device market, but the Asia-Pacific region is expected to increase its market share from 28% in 2012 to 34% in 2019.
Parimala Ramagundam, GBI Research’s Analyst covering Medical Devices, says: “The increase of cataract surgeries in the Asia-Pacific region is due primarily to its growing elderly population, the boost of government-sponsored procedures, and the potential for adopting advanced technologies.
“However, the adoption of foldable IOLs and advanced IOLs in emerging countries such as China and India is at a growing stage, due to various factors such as reduced access to healthcare resources, and difference in income levels between urban and rural areas, where most of the target population resides,” says Ramagundam.
Phacoemulsification is the preferred cataract surgery technique worldwide, whereas manual and sutureless Small-Incision Cataract Surgery (SICS) is preferred in developing countries such as China and India because of the lower costs of the procedure.
“Due to the financial burden involved and their low income levels, rural Chinese people cannot afford phacoemulsification. Thus, more financial support is needed for this and other similar populations in developing countries, so that they can opt for these advanced cataract procedures in the future,” concludes Ramagundam.