Eye Care Consultations in the Philippines are Expected to Rise to Over 2.2 Million by the Year Ending 2023 Ken Research
GURUGRAM, India, Sept. 9, 2019 /PRNewswire/ -- Key Findings
- Revenue generated through Cataract registering CAGR of close to 12% during 2018-2023 while Retina Related Ailments would display strongest CAGR of close to 15% during the same.
- The consultation revenue in the Philippines Ophthalmology Market is expected to increase at CAGR of close to 9% during the period 2018-2023E while the number of eye surgery revenue is expected to rise at CAGR of close to 11% during the period 2018-2023E. NCR would register highest revenue growing at a CAGR of close to 9%, similar to Calabarzon, Ilocos Region, Central Visayas, Davao Region, MIMAROPA, Central Luzon, Cagayan Valley and others.
- Strongest growth would be witnessed in Zamboanga Peninsula region during the forecast period.
Philippines Ophthalmology Market is expected to witness a sound growth in terms of number of consultations, number of surgeries, consultation revenue and surgery revenue registering a CAGR of close to 6%, 6%, 9% and 11% respectively during 2018-2023. Surging unhealthy lifestyle, expanding geographical presence of eye clinic and hospitals and ophthalmologist and implementation of Universal Health Care by the government will support the growth of the market. Increase in eye health awareness would act as a prime driver in the market. Since eye treatments are expensive, it has been projected that increase in household income along with increasing awareness towards eye care will lead to increase in number of eye consultation and eye surgeries during the period 2018-2023. Philippines signed Universal Health Care (UHC) Bill in March 2019 into law (Republic Act No. 11223) that automatically enrolls all Filipino citizens in the National Health Insurance Program and prescribes complementary reforms in the health system. It has been estimated that Philippines' population would increase to 117 million by the end of 2023E. Rising population would directly demand higher need for eye care. The old age population will also increase rapidly which will lead to further increase cataract surgeries which accounts for 70% of the total eye surgeries in the Philippines. According to a study conducted in February 2019, Philippines have topped the global list for time spent online with an average of 10 hours and two minutes of screen time via different media such as mobile phones, tablets and PCs every day. Moreover, in future it is expected that the number of hours spent on screen will increase due to increasing internet penetration in country, which will have harmful effects on the eyes and leads to prevalence of refractive errors such as Myopia and other eye ailments.