The importance of premium cataract surgery to manufacturers, surgeons, and surgery centers alike grows, as reimbursements for cataract surgery under nationalized health care systems worldwide continue to decline, according to a Market Scope report.
The reduction in cataract surgery reimbursement to US cataract surgeons in 2020 underlines this trend, but similar cuts are happening in nearly every country as health care costs soar.
Premium IOLs already account for a third of global IOL manufacturer revenue, and Market Scope expects that share to grow to half by 2024. Globally, manufacturer revenue for premium cataract surgery (PCS) products will total $1.7 billion in 2019, and the firm forecasts the number will double by 2024. PCS revenue to providers in most countries averages about five to six times the manufacturer revenue, and Market Scope projects the total for providers will grow from $9.3 billion in 2019 to over $19.1 billion in 2024.
Thirteen countries account for nearly 82 percent of global PCS revenue: the US, Japan, Germany, France, Italy, Spain, the UK, Canada, Australia, South Korea, China, India, and Brazil. Each of these countries presents unique challenges and opportunities.
In Market Scope’s inaugural “Premium Cataract Surgery Market Report,” the firm provides a forecast for these 13 countries for seven categories: presbyopia-correcting IOLs (PC-IOLs), toric IOLs, post-op adjustable IOLs, femtosecond laser-assisted cataract surgery (FLACS), FLACS arcuate corneal incisions, manual limbal relaxing incisions, and excimer laser IOL enhancements.
The United States accounts for nearly 40 percent of the 2019 global market in manufacturer revenue and half of the top 13 countries’ manufacturer revenue. The US has all the characteristics that drive a thriving PCS market: a large wealthy population, high PCS public awareness, a favorable reimbursement option, a large percentage of surgeon practices and surgery centers focused on PCS, and the world’s largest ophthalmic surgery product manufacturers located in the country.
The US PCS market has grown dominant despite a technology deficit, due to the lengthy and costly FDA approval process. US surgeons are just now gaining access to their first trifocal IOL, the Alcon PanOptix. European surgeons have had access to trifocal lenses since 2015, and trifocals are now the most frequently used PC-IOLs in Europe.
Eye hospitals, clinics, and cataract and refractive surgeons who are PCS-focused are critical to the growth of the premium channel in each country, and the report provides a list of the most visible PCS-focused KOLs and eye surgery centers.
The availability of better technologies to support the move to PCS is seen as a critical growth driver. The firm analyzes the technology available today and projects the important improvements that will drive future PCS growth. Coverage also includes descriptions of half a dozen new PC-IOLs unveiled at the recent ESCRS meeting, including EDOF, trifocal, and hybrid EDOF multifocal designs that are expected to continue to drive PC-IOL penetration in the target countries.
Market Scope’s “2019 Premium Cataract Surgery Market Report” was published in October.