Global Intraocular Lens Market: Overview
Intraocular lens is implanted in the eye for treating cataract, an eye disease that is characterized by cloudiness or opaqueness of the natural lens of the eye. Cataract is progressive in nature, which eventually leads to poor vision and can lead to loss of vision if it is not treated in time. The high prevalence of cataract and other vision issues have triggered a significant demand for intraocular lens. In light of these factors, the global intraocular lens market is estimated to be valued at US$5.0 bn by the end of 2024 from US$3.2 bn in 2015. Between the forecast period of 2016 and 2024, the global market is expected to expand at a CAGR of 5.2%.
A new intraocular lens is surgically implanted to replace the natural cloudy lens of the eye to restore normalcy in the vision of the patient suffering from cataract. The various types of intraocular lenses offer treatment for cataract along with for refractive that are a result of age or ailments such as diabetes. The high prevalence of cataract, especially amongst those above 40 years along with other age-related eye diseases such as glaucoma, macular degeneration, and diabetic retinopathy is expected to fuel the growth of the global market.
Monofocal IOL to Dominate Global Market due to its Low Cost
The global intraocular lens market is segmented on the basis of product into monofocal IOL, multifocal IOL, toric IOL, accommodative IOL, and other IOL’s. Among the product segment, the monofocal IOL segment accounted for the largest share of the global intraocular lens market in 2015, owing to factors such as low cost of the intraocular lens, adequate reimbursement policies for the monofocal IOL segment, and reduced post-operative complications associated with the use of these lenses. However, the premium IOL segment which included the multifocal IOL, toric IOL, and accommodative IOL’s is expected to grow at a high CAGR during the forecast period, due to distinct advantages of the multifocal, toric, and accommodative IOL’s such as treating astigmatism and vision correction along with cataract treatment, growing demand from patients for toric and multifocal IOL, along with fast-growing presbyopia market.
The end users segment included hospitals, ophthalmology clinics, ambulatory surgery centers, and eye research institutes. Among the end users, hospitals accounted for the largest share of the global intraocular lens market in 2015, however, ambulatory surgery centers, and ophthalmology clinics are expected to register higher CAGR during 2016-2024, owing to growing popularity of outpatient settings for less time-consuming cataract surgery, ease of access to ophthalmology clinics, and increasing number of cataract surgeries performed in the ambulatory surgery centers.
North America Shows Steady Growth as Cataract Cases Continue to Remain on the Rise
Geographically, the intraocular lens market has been segmented as North America, Europe, Asia Pacific and Latin America and Middle East & Africa. North America accounted for the largest share of the global intraocular lens market in 2015, owing to increasing incidences of cataracts, higher adoption of technologically advanced products and techniques, increasing demand by patients for premium IOL segment in this region. Europe accounted for the second largest share of the market in 2105, however Asia Pacific is expected to grow at a high CAGR during the forecast period of 2016-2024, due to rapidly increasing incidences of cataract, increasing prevalence of diabetes, high risk of cataracts in diabetic patients, along with fast-growing refractive surgery market especially in countries such as China, and India, with an increasing demand for multifocal and toric intraocular lenses, and increasing government initiatives towards the treatment of cataract and controlling the preventable blindness.
Major players having presence in the global intraocular lens market include Abbott Medical Optics, Alcon (Novartis AG), Hoya Surgical Optics, Carl Zeiss Meditec AG, Bausch & Lomb, Inc. (Valeant), Staar Surgical, Oculentis GmBH, and PhysIOL, among others
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 2015 as the base year. The report also provides the compounded annual growth rate (CAGR) for each segment for the forecast period 2016 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 2016 to 2024.
Key Players Mentioned this is Report are:
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 such as Abbott Medical Optics, Alcon (Novartis AG), Bausch & Lomb, Inc., Calhoun Vision, Inc., Carl Zeiss Meditec AG, Staar Surgical Company, Hoya Surgical Optics, Rayner Intraocular Lenses Limited, and PhysIOL, among others. 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 is segmented as follows:
- 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