An intraocular lens is an implant that is made inside the eye of the patient which is a type of synthetic and artificial lens. This intraocular lens replaces the natural lens of the eye and aids in the process of focusing power. The natural lens of the eye may be surgically removed due to cataract. When the natural lens of the eye is removed, it loses the ability to focus on any object. In order to restore vision and bring back the ability of focusing power, the intraocular lens is inserted in the eye. There is an increasing demand for intraocular lenses and this is mainly because of increasing prevalence and incidence of cataracts and other age related eye disorders. Other factor responsible for a steady growth of the global intraocular lens market is the increasing risk of cataracts among diabetic population. Besides, there are increasing technological advancements in the premium intraocular lens segment, boosting the growth of this market.
Increasing incidences of ophthalmic and ocular conditions and a rising geriatric population fuelling the global intraocular lens market growth
The incidence and prevalence of ophthalmic and ocular conditions across the world are increasing at alarming levels, affecting millions of people. As per the data provided by National Eye Institute, 7.7 million Americans are suffering from diabetic retinopathy presently, a number which is estimated to swell up to 11.3 million by 2030. On similar lines, presently, 24 million Americans are suffering from cataract, and this figure is likely to reach 38.7 million in 2030. As per the American Association of Ophthalmology (AAO), cataract is one of the major causes of visual impairment and blindness globally, whereas age related eye disorders are becoming a major problem in the developed countries. Such increasing incidences of ophthalmic and ocular conditions is likely to a major factor boosting the growth of the intraocular lens market during the period of assessment.
The global geriatric population is increasing at a steady rate. The factors contributing to the rise in the geriatric population are decreasing fertility rates, increased life expectancy due to improved access to better healthcare facilities across the world and a rising 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. Due to such factors, the number of vision correction procedures being performed such as LASIK, cataract surgeries and other procedures driven by a rising number of age related eye disorders is increasing. Hence, the increasing number of aging population and a rising number of vision correction procedures are responsible for the steady growth of the global intraocular lens market.
Types of Intraocular lenses
Monofocal intraocular lens aid in the restoration of vision for only one area of focus. Such type of lenses are used generally to re-establish distance vision. However, even after an implant of monofocal intraocular lens, the patient may still need glasses or bifocals even post-surgery. Multifocal intraocular lenses are used to restore high-quality vision at a number of distances. With the aid of such type of lens, the vision of the patient can be restored for distance, for proximity and everything in between. Multifocal intraocular lenses are superior to monofocal lenses as they are able to provide great quality vision to patients for every situation, not just for distance vision. Another type of intraocular lenses are toric intraocular lenses, which can cure both astigmatism and nearsightedness as well as farsightedness.
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.
- Global Intraocular Lens Market, by Product Type
- Monofocal IOL
- Multifocal IOL
- Toric IOL
- Accommodative IOL
- Global Intraocular Lens Market, by End Users
- Ophthalmology Clinics
- Ambulatory Surgery Centers
- Eye Research Institutes
- Global Intraocular Lens Market, by Geography
- North America
- Latin America
- Middle East & Africa