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Cataract Surgery - Global Pipeline Analysis, Opportunity Assessment and Market Forecasts to 2016
Cataract Surgery - Global Pipeline Analysis, Opportunity Assessment and Market Forecasts to 2016
The Global Cataract Surgery Devices Market is Forecast to Exceed $2.5 Billion by 2016
Hyderabad,
AP,
India
(prbd.net)
17/11/2010
The global market for cataract surgery was valued at $2.3 billion in 2009, and is forecast to exceed $2.5 billion by 2016, with a Compound Annual Growth Rate (CAGR) of 2%. The growth in the market is expected to be driven by higher growth in the phacoemulsification market, the affordability of cataract surgery and continued growth in the number of cataract surgeries performed in emerging economies such as India.
Globally, about 15 million cataract surgical procedures take place every year. Cataracts are the leading cause of vision loss among people aged 55 and over. In many developing economies, cataracts are the leading cause of blindness. In India, about five million cataract surgeries are performed annually, the highest in the world. About four million Intraocular Lens (IOL) implantations are done following the cataract surgery.
Intraocular Lens (IOL) is the largest segment in the global cataract surgery devices market. The global market for IOLs is forecast to reach about $2 billion in 2016 with a CAGR of 2%. The market is expected to be driven by higher physician adoption of premium IOLs such as accommodating IOLs and toric IOLs.
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Accommodating IOLs are designed to accommodate or adjust, like the natural eye, to see at multiple distances. Accommodating IOLs offer the possibility of seeing well at more than one distance, without glasses or contact lenses. Accommodating IOLs such as Bausch & Lomb’s Crystalens are designed so they may move forward and backward within the eye in response to flexing of the same muscles that manipulate the crystalline lens for accommodation. This accommodation may reduce the need for reading glasses, bifocals, or trifocals, and does not require any effort from the patient.
Toric IOLs are the fastest growing premium IOLs, a growth which is fuelled by increasing patient demand, especially from those who previously have undergone refractive surgery. Toric IOLs improve patient quality of life by reducing or eliminating their dependence on glasses. They provide the most predictable and stable correction for corneal astigmatism. Companies are also improving their product offerings in a significant manner, which makes it easy for physicians to implant them.
The US market for cataract surgery was valued at $900m in 2009, and is forecast to reach about $1.1 billion in 2016, with a Compound Annual Growth Rate (CAGR) of 3%. The US contribution towards the global cataract surgery devices market was about 40% in 2009. The US market for cataract surgery devices is expected to be driven by significant number of cataract surgeries performed, higher adoption of advanced technologies such as micro-incision cataract surgery and premium IOLs, the availability of reimbursement and a significant patient population suffering from cataracts.
Cataract surgery is the most requested procedure in the US and the incidence of age-related cataracts is about 42% in those aged 52-64 and 60% in those aged 65-74. In the US annually, an estimated three million cataract surgeries are performed.
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