Intraocular Lens Market
Intraocular Lens Market (Product - Monofocal IOL, Multifocal IOL, Toric IOL, and Accommodative IOL; End Users - Hospitals, Ophthalmology Clinics, Ambulatory Surgery Centers, and Eye Research Institutes) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2024
Press Release :
Manufacturers of intraocular lens find steady revenue streams in the eye care industry. A wide range of this lens have undergone design advances to meet the demand for patients undergoing cataract surgeries. Multifocal intraocular lenses find popular use in improving post-surgical vision outcomes. New product developments in the intraocular lens market gather momentum from technological advances in surgical instruments and techniques in cataract surgeries. The choice of implant materials occupy a key role in postoperative refractive outcomes. In this light, a wide range of intraocular lens technologies have been seeing the light of the day for eye care specialists, surgeons, and patient population. Examples are monofocal aspheric and yellow aspheric intraocular lens.
The surge in total number of patients undergoing cataract surgeries has multiplied by more than thrice in a decade, a key factor that has acted in the favor of industry players in the intraocular lens market. On the other hand, the choice of the lens that will best suit the purpose of the patient depends on several factors, key being the lifestyle-related need of vision and the expectations from the cataract surgery. In all of this, patient counselling play a key role. Surgeons must be cautious with meibomian gland dysfunction and patients suffering from dry eye problems. Top players are striving hard to come out with intraocular lens that can best resemble with the shape as well as optical functionality of human's natural lens, which is a large unmet need in the market. In the times of Covid-19, the market has seen a decline in demand due to the lockdowns and vulnerabilities associated with the elderly. The cohort of the patient population has postponed the surgery. In addition, economic considerations has also hit the consumer demand. In the last few months, the scenario has changed. In addition, implant manufacturing is expected to pick up significant pace, imparting momentum to the generation of avenues in the market.
Global Intraocular Lens Market: Snapshot
The global intraocular lens market is likely to witness high growth opportunities birthing with the rise in prevalence of cataract all across the world. An intraocular lens replaces the natural lens for better focusing power. The normal lens is extracted out by surgery. Rise in diabetic population. Diabetic patients are more prone to fall for cataract, thus as a result leads to loss or poor vision. This has significantly helped the market to grow. Other factor which is helping the market growth subordinately is the eye related issue due various age. There are rapid technological advancement which is catapulting the market to a tremendous growth.
According to analysts from Transparency Market Research, the global intraocular lens market is likely to rise at a healthy CAGR of 5.20% during the assessed period 2017-2024. Recently the market was valued at US$3553.4 mn and is predicted to hit US$5069.5 mn by the end of the forecast period.
High Cost of Intraocular Lens Likely To Drop the Market Growth Rate
On the basis of type, the global intraocular market is classified into Monofocal IOL, Toric IOL, Multifocal IOL, Accommodative IOL, and others. Monofocal IOL helps in restoration of vision. This aids by focusing on only one area. These types of lenses are mostly used for restoring distance vision. These are most common among the older population as with the growing age, the muscles in the eyes become weak and unable to focus. However, it has been noticed even with monfocal IOL, patients may need to use glasses or bifocals. Mutlifocal intraocular lenses are used in restoring high quality vision at any distance. This is superior to monofocal IOL as unlike monofical IOL, multifocal IOL can be used for restoring quality vision for long distance and close proximity. Butt however, monofical IOL held the highest share in the market.
On the basis of end users, the global intraocular lens market can be segregated into hospitals, ambulatory surgery centers, eye research institutes, and ophthalmology clinics. Amongst the pack, the hospital segment accounted for the largest share due to the presence of hospital both in remote as well as urban area. Various governmental and non-governmental organizations are working hand in hand in order to spread the awareness regarding the treatment available for eyes. They are also spreading the symptoms that might help an individual to understand the problem and seek for early treatment.
However it has been noticed that high cost of intraocular lens along with strict regulations in fetching approval does not abode well in the growth of the market. These are likely to deter the growth of the market during the assessed period.
High Level of Awareness Along With Presence of Major Players Aids North America to Lead
On the basis of geography, the market is spread across Middle East & Africa, Asia-Pacific, Latin America, Europe, and North America. Amongst the pack, North America dominated the market and is likely to retain the position due to high level of awareness among general people, and rise in per capita expenditure on healthcare. Apart from these, presence of major players in the regions pushes the region to flourish well. When it comes to technology the rate at which North America espouses it is exceedingly high, thus helping to bolster the market.
Major players in the market are Bausch & Lomb, Inc, Alcon, Johnson & Johnson Vision Care, Abbott Medical Optics, and Hoya Corporation.
Global Intraocular Lens Market: Overview
Cataract is an eye disease characterized by cloudiness / opaqueness of the natural lens of the eye, which leads to diminished vision, and if not treated leads to permanent loss of vision. Intraocular lens is a type of lens implanted in the eye, for the treatment of cataract. Cataract is considered as one of the most common eye disease, and World Health Organization estimates that cataract is responsible for an estimated 50% of causes of blindness, in the world. Cataracts are of different types depending upon the cause, such as secondary cataracts, traumatic cataract, congenital cataract, and radiation cataract. Various types of intraocular lenses are available for treatment of cataract such as monofocal IOL, multifocal IOL, toric, accommodative IOL, and other IOL’s such as light filtering IOL’s, Phakic, aspheric IOL’s among others.
The market overview section of the report comprises qualitative analysis of the overall intraocular lens market considering the factors determining the market dynamics such as drivers, restraints and opportunities, along with Porter’s five force analysis and market attractiveness analysis. In addition, such as market opportunity analysis for the product type, and end users, and key industry developments has also been provided. Key industry developments include the major events occurred in past decade and are expected to occur during the forecast period which are likely to affect the market dynamics.
Global Intraocular Lens Market: Segmentation
The global intraocular lens market has been segmented on the basis of product type, and end users. On the basis of product type, the global intraocular lens market is categorized as monofocal IOL, multifocal IOL, toric IOL, accommodative IOL, and other IOL’s. Furthermore, on the basis of end users, the global intraocular lens market has been classified as hospitals, ophthalmology clinics, ambulatory surgery centers, and eye research institutes. The market for these product types, and end users has been extensively analyzed on the basis of factors such as usage pattern, sales revenue, geographic presence and technological developments. The market size and forecast in terms of revenue (USD million) for each of these segments have been provided for the period 2014 to 2024, considering 2016 as the base year. The report also provides the compounded annual growth rate (CAGR) for each segment for the forecast period 2017 to 2024.
Global Intraocular Lens Market: Regional Outlook
Geographically, the intraocular lens market has been classified into five segments namely, North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The market size and forecast for each region has been provided for the period 2014 to 2024, in terms of product types, and end users, along with the CAGR (%) for the forecast period 2017 to 2024.
The report also provides a section on the competitive landscape, wherein the market share analysis of leading players in the global intraocular lens market, in terms of percentage share in 2016 (estimated) has been discussed. A list of recommendations has also been included for new entrants as well as existing market players to help them establish a strong presence in the market and increase their market share. The report concludes with the profiles of major players in the global intraocular lens market. The major market players are evaluated on various parameters such as company overview, financial overview, product portfolio, business strategies and recent developments.