London, United Kingdom (PressExposure) January 05, 2012 -- The global market for cataract surgery devices was valued at $3 billion in 2010, and is forecast to exceed $3.8 billion by 2017, growing at a Compound Annual Growth Rate (CAGR) of 3%. This growth in the market is expected to be driven by the increase in the adoption of premium Intraocular Lenses (IOLs) such as multifocal, accommodating and toric IOLs plus technological advancements, such as microincision cataract surgery in the developed countries and phacoemulsification in the developing countries, and an increase in the prevalence of cataracts because of the aging population and the associated risk factors such as diabetes.
The high prevalence of cataracts, especially in the elderly population, will lead to an increase in the number of cataract surgeries and generate demand for cataract surgery devices. According to the World Health Organization (WHO), the number of cataract surgeries performed in 2010 was estimated to be around 20 million and this number is expected to reach 32 million by 2020. In India, over five million cataract surgeries are performed annually, making it the top country in the world for such surgeries. In the US, annually, over three million cataract surgeries are performed. In Germany, over 0.8 million cataract surgery procedures are performed each year, while in France, the figure is over 0.5 million.
Cataracts are a leading cause for blindness worldwide, accounting for around 50% of all types of blindness. Furthermore, the incidence of cataracts increases with age. According to the National Eye Institute, of the total US population, cataracts are prevalent in 68.3% of those aged 80 and above and in 42.8% of those aged 70 to 79. An increase in the elderly population will lead to a significant increase in the prevalence of cataracts.
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IOL is the largest segment in the global cataract surgery devices market and is forecast to reach $3.1 billion by 2017 at a CAGR of 4%. The market is expected to be driven by the increasing adoption of premium IOLs such as multifocal, accommodating and toric IOLs.
There is an escalating shift from the use of standard monofocal IOLs to premium IOLs resulting in higher revenue generation. Although, the majority of surgically implanted IOLs, to replace the clouded lens and restore vision, are the standard monofocal lenses, premium IOLs are gaining increased adoption because of their enhanced clinical outcomes. The adoption level of premium IOL units was 13% in the US in 2010.
However, the revenue contribution from these premium IOL units made 39% of the total IOL segment. The higher revenue generation from the premium IOLs is because of their higher price, a factor that will significantly contribute to the growth of the IOL market.
GlobalData's new report, "Cataract Surgery Devices - Global Pipeline Analysis, Competitive Landscape and Market Forecasts to 2017" provides key data, information and analysis on the global cataract surgery devices market. The report provides market landscape, competitive landscape and market trends information on the cataract surgery devices market. The report provides comprehensive information on the key trends affecting the market, and key analytical content on the market's dynamics. The report also reviews the competitive landscape and technology offerings.
This report is built using data and information sourced from proprietary databases, primary and secondary research and in-house analysis by GlobalData's team of industry experts.
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