The report forecasts the global cataract devices market to grow at a CAGR of 6.43% during the period 2016-2020. To calculate the market size, the report considers the revenue generated from the following applications:
Ophthalmic viscoelastic devices (OVDs)
A trend which is boosting market growth is the growing demand for femtosecond laser systems. Femtosecond laser technology for cataract surgery is expected to gain extensive application, after its success in corneal, refractive, and scleral surgeries. Femtosecond laser is a precise cutting instrument that can be applied to capsulorhexis and lens fragmentation. This technology is used in phacoemulsification equipment and enables obtaining optimal patient outcomes.
According to the report, a key growth driver is the growing demand from emerging economies. Emerging economies such as India, China, Brazil, Russia, and South Africa are expected to be the significant contributors to market growth during the forecast period. In addition, the 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 population (especially the older population), evolving demographics, rising disposable income, modernization of healthcare systems, and growing demand for the treatment of ophthalmic disorders.
Further, the report states that one challenge that could restrict market growth is the shortage of ophthalmologists.