Growing Demand from Emerging Economies Will Significantly Augment the Global Cataract Devices Market Until 2020, Says Technavio

LONDON--()--According to the latest market research report by Technavio, the global cataract devices market is expected to grow at a CAGR of over 6% until 2020.

In this report, Technavio covers the present scenario and growth prospects of the global cataract devices market for 2016-2020. To calculate the market size, the report considers the revenue generated from the following applications:

  • IOLs
  • Ophthalmic viscoelastic devices (OVDs)
  • Femtosecond lasers
  • Phacoemulsification equipment

“Emerging economies such as India, China, Brazil, Russia, and South Africa are expected to be significant contributors to this market during the forecast period. In addition, markets in emerging economies are expected to grow three times faster than developed markets in the coming years. The market in these countries will be driven by the increase in their elderly population, evolving demographics, rising disposable income, modernization of healthcare systems, and growing demand for the treatment of ophthalmic disorders,” said Barath Palada, one of Technavio’s lead industry analysts for healthcare research.

“Emerging countries, therefore, provide significant growth opportunities to eye care product manufacturers. Increasing awareness of the latest medical interventions and treatment for eye diseases, as well as increasing purchasing power are some of the other factors likely to augment the growth of the market in these economies,” added Barath.

Segmentation of global cataract devices market by geography 2015

• Americas

    48.48%

• EMEA

33.29%

• APAC

18.23%

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Cataract devices market in Americas

The cataract devices market in the Americas was valued at USD 3.51 billion in 2015. The US market holds a significant share in the global cataract devices market. With an estimated three million cataract surgeries performed each year, it is the most demanded procedure in the US. The market in the US is driven by the increased adoption of IOLs and easy availability of advanced technologies such as micro-incision cataract surgery and femtosecond lasers. The availability of reimbursement by Medicare and a growing number of ASCs also contribute to the growth of the cataract devices market in the US.

Cataract devices market in EMEA

The cataract devices market in EMEA was valued at USD 2.41 billion in 2015. It is expected to grow at a slow pace during the forecast period. In 2015, Germany held the largest share of the market, followed by France. In Europe, a major challenge faced by the market is the low doctor-patient ratio in the field of ophthalmology. According to the European Union of Medical Specialists, in Europe, there are only around 40,000 ophthalmologists for the entire population of about 500 million.

Technological advancements such as femtosecond laser technology in EMEA are anticipated to increase the efficiency and productivity of these devices in the future. This will make cataract surgeries faster and more reliable, thereby improving the overall outcome of the procedure. However, many countries in Europe are facing challenges with regards to ophthalmic training and education, and in recruiting ophthalmologists.

Cataract devices market in APAC

The cataract devices market in APAC was valued at USD 1.32 billion in 2015. The cataract devices market in APAC will grow rapidly during the forecast period as a result of the growing older population, increase in government sponsored healthcare programs, and adoption of advanced technologies.

The rising per capita income and growing consumer health awareness will likely boost the market growth in APAC. The adoption of IOLs in emerging countries such as China and India is at a growing stage. However, differences in income levels and access to healthcare resources between the urban and rural population can negatively influence the growth of cataract devices market in emerging countries. Therefore, in countries such as China and India, financial support in the form of reimbursement is needed to improve the adoption of cataract surgery.

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
media@technavio.com

Release Summary

According to the latest market research report by Technavio, the global cataract devices market is expected to grow at a CAGR of over 6% until 2020.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
media@technavio.com