Technavio's latest market research report on the global cataract surgery devices market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022.
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Technavio has published a new market research report on the global cataract surgery devices market from 2018-2022. (Graphic: Business Wire)
According to Technavio market research analysts, the global cataract surgery devices market will grow at a CAGR of over 3% during the forecast period. The increasing prevalence of cataract and rise in geriatric population is a major factor driving the market's growth. Cataract is a medical condition that causes clouding of the lens of the eye. Cataract surgery needs to be performed to prevent blindness. In countries such as the US, cataract is the leading cause of blindness. Advancing age, ultraviolet radiation, diabetes, smoking, and hypertension are some of the factors leading to cataract. It can be diagnosed after a comprehensive examination of the eye. Surgery is recommended for cataract if it interferes with performing daily activities. Though cataract treatment is available worldwide, factors such as insurance coverage, cost of treatment, and lack of awareness among individuals to avail appropriate cataract treatment hinder its acceptance.
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In this report, Technavio highlights the increasing medical tourism for low cost cataract surgery as one of the key emerging trends in the global cataract surgery devices market:
Increasing medical tourism for low cost cataract surgery
In countries such as India, South Korea, Turkey, Malaysia, Mexico, Singapore, and Jordan, medical tourism is a concept that is widely accepted. Cataract surgery is commonly performed in these countries. In developed countries like the US, individuals opt for medical tourism in their favorite international destination. In these destinations, medical infrastructure is comparable with that in countries such as the US. In addition, when compared with the charges for surgery in the US or other developed countries like Canada, Germany, and the UK, the costs incurred by individuals to undergo cataract surgery in countries favoring medical tourism is significantly low.
"Factors such as increasing advancements in healthcare infrastructure, rise in number of healthcare institutions availing accreditation, and low costs of cataract surgery will result in the increased demand for medical tourism for cataract surgery," says a senior analyst at Technavio for research on orthopedics and medical devices
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Global cataract surgery devices market segmentation
This market research report segments the global cataract surgery devices market into the following products (IOLs, phacoemulsification devices, OVDs, and femtosecond lasers), end-users (hospitals, ophthalmology clinics, and ASCs), and key regions (the Americas, APAC, and EMEA).
The IOLs segment held the largest market share in 2017, accounting for nearly 55% of the market. The market share for this product is expected to decrease by 2022. The fastest growing product is femtosecond lasers, which will account for nearly 3% of the total market share by 2022.
The Americas was the leading region for the global cataract surgery devices market in 2017, followed by EMEA and APAC. In the Americas, the market is growing owing to the presence of the improving healthcare infrastructure, the access to advanced technology, and the skilled ophthalmic surgeons.
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