Hydrophobic Intraocular Lens Market: Introduction
- The hydrophobic intraocular lens market is tracing a steady growth trajectory, despite unfavorable growth conditions brought in by the cost-prohibitive nature and the shortage of ophthalmologists. As found by several researches, a staggering rise in ophthalmic incidents and ocular conditions has been observed since the past few years. The National Eye Institute has found that 36 million people in the U.S. were detected with ocular diseases in 2016. Rapid rise in number of patients opting for vision correction procedures is likely to exert a profound influence on the vertical movement of the market.
Key Drivers and Restraints of Global Hydrophobic Intraocular Lens Market
- Global geriatric population is increasing at a steady rate, owing to factors such as increased life expectancy due to improved access to better health care facilities across the world and rise in awareness about chronic diseases. According to the United Nations (UN) and the U.S. Census Bureau statistics, the global geriatric population rose from 562 million in 2012 (8% of total population) to 617 million in 2015 (8.5% of total population), and is expected to reach a staggering 1.4 billion by 2030. This has led to increasing number of vision correction procedures such as LASIK, cataract surgeries, and other procedures driven by rising number of age-related eye disorders. Aging population and rising number of vision correction procedures are attributed to the growth of the global hydrophobic intraocular lens market.
- Hydrophobic intraocular lenses are categorized into standard hydrophobic intraocular lens and premium hydrophobic intraocular lens, depending upon the various functions performed by the products, pricing, and other factors. Premium hydrophobic intraocular lenses consist of intraocular lenses such as accommodative IOL, aspheric IOL, and toric IOL. These IOLs are a result of constant innovation and technological advancements in the intraocular lens segment. Premium hydrophobic intraocular lenses are priced higher than standard hydrophobic intraocular lenses; however, adoption of these hydrophobic intraocular lenses is constantly increasing, owing to factors such as better visual performance, reduced rates of astigmatism, and greater spectacle independence. Increase in awareness about premium hydrophobic intraocular lens combined with favorable recommendations from health care providers, and better acceptance from patients across the world are expected to drive the global intraocular lens market during the forecast period.
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Premium Hydrophobic Intraocular Lens Segment Attributed to Rapid Growth in Global Market
- In terms of product type, the premium hydrophobic intraocular lens segment is projected to grow at a rapid pace during the forecast period
- Hydrophobic intraocular lenses have undergone significant evolution and constant innovations through various generations of products, technologies used for manufacturing, and materials used for the composition of the lenses. The initial generation intraocular lenses were associated with numerous disadvantages, which were studied and rectified in a process of constant upgrade of products.
- Procedures of hydrophobic intraocular lens implantations have also undergone innovations, where the new techniques and instruments allow ophthalmologists to place the lens with a minimal incision to the eye and less time requirements, resulting in patient convenience and better healing with less post-operative complications.
- These advances and innovations in the hydrophobic intraocular lens products and procedures along with increasing awareness and acceptance of hydrophobic intraocular lens are expected to drive the global hydrophobic intraocular lens market
Hospitals segment and Ophthalmology Clinics segment to Lead Global Hydrophobic Intraocular Lens Market
- Both hospitals and ophthalmology clinics segments are anticipated to capture nearly half of the revenue share and remain as highly lucrative end-user segments of the global hydrophobic intraocular lens market during the forecast period. Increase in incidence of cataract and other age-related eye disorders, ease of access to hospitals, and better health care facilities provided by hospitals, especially in emerging economies, are factors driving the hospitals segment. Moreover, ophthalmologists around the world are setting up independent ophthalmology clinics to offer personalized care to patients which promotes the growth of the ophthalmology clinics segment.
Key Manufacturers Operating in Global Hydrophobic Intraocular Lens Market
Manufacturers in the global hydrophobic intraocular lens market are increasingly investing in the research & development of new and innovative techniques to manufacture hydrophobic intraocular lens. These players also focus on offering highly-efficient and reliable products to provide better protection against breakage and fragility.
The global hydrophobic intraocular lens market is highly fragmented, with the presence of a large number of regional players. A high competition has been observed among the hydrophobic intraocular lens market players due to competitive pricing for the sales and marketing of products. Market players focus on strategic partnerships, collaborations, mergers, acquisitions, and product launches to increase market share.
Moreover, strong competition in the global hydrophobic intraocular lens market is prompting companies to expand in regions with high growth potential, while maintaining their current share in the global hydrophobic intraocular lens market. In such a market scenario of the global hydrophobic intraocular lens market, Carl Zeiss Meditec AG focuses on its core business to stay ahead of its competitors. The company strives to expand its business in countries in Latin America, Africa, and the Middle East.
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Leading companies operating in the global market are:
- Abbott Medical Optics Inc. (Johnson & Johnson Vision)
- Carl Zeiss Meditec AG
- Bausch & Lomb Incorporated
- Novartis AG
- Rayner Intraocular Lenses Limited
- Hoya Surgical Optics
- STAAR SURGICAL
- Ophtec BV
Global Hydrophobic Intraocular Lens Market: Scope
Global Hydrophobic Intraocular Lens Market, by Product Type
- Standard Hydrophobic Intraocular Lens
- Premium Hydrophobic Intraocular Lens
Global Hydrophobic Intraocular Lens Market, by End-user
- Ophthalmology Clinics
- Ambulatory Surgery Centers
- Eye Research Institutes
Global Hydrophobic Intraocular Lens Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.