The global intraocular lens market is consolidated and led by the following five companies: Biosensors International, Abbott Laboratories, Biotronik, Boston Scientific, Inc., and Terumo Europe NV. These five companies accounted for a whopping 80.5% of the market in 2016. According to a latest report by Transparency Market Research (TMR), the coming years will see players showing a heightened interest in conducting clinical trials os as to examine the difference between intraocular lenses and other products, determining their superiority over other products. Companies are also expected to show an increased focus on developing improved products by investing in research and development.
According to the TMR report, the global intraocular lens market will rise from US$3.2 bn in 2015 to be worth US$5.0 bn by the end of 2024, exhibiting a healthy CAGR of 5.2% between 2016 and 2024. On the basis of end users, the market is expected to be led by hospitals and this segment is likely to be worth US$1.7 bn by 2024, states a TMR analyst. The high number of cataract procedures carried out by patients in hospitals is driving the segment towards growth. Moreover, the consistent improvement in the healthcare infrastructure in emerging nations will also make hospitals a key segment in the coming years.
Asia Pacific to Emerge as Lucrative Market Driven by Rising Prevalence of Diabetes Induced Cataract
By region, it is North America that will hold maximum shares in the market during the forecast period. Also, North America will expand at the high CAGR of 38.1% from 2016 to 2024. The main reason behind this massive growth shown by the region is attributed to the growing number of cataract procedures being carried out. The use of advanced products and techniques as well as the high demand for premium intraocular lenses in the region will boost the growth of the market. Asia Pacific is also anticipated to show remarkable growth and expand at a high CAGR on account of rising prevalence of diabetes, which is in turn leading to an increased incidence of cataracts. The rapid growth of refractive surgery market in China and India will also cause Asia Pacific intraocular lens market to grow in the coming years. “Government initiatives for the treatment of cataract and prevention of blindness will also boost the growth of the market in Asia Pacific,” says TMR.
Growing Prevalence of Cataract to Ensure Continued Demand for Intraocular Lenses
The growing prevalence of ocular and ophthalmic conditions worldwide is a major driver for the global intraocular lens market. Cataract is expected to be the highest occurring condition resulting in visual impairment, a fact supported by American Association of Ophthalmology (AAO). This will drive the market in the coming years. The growing geriatric population and their susceptibility towards various eye related disorders and ocular conditions are propelling the demand for intraocular lenses. Further, the heightened awareness among the elderly population about visual impairment will ensure the continued growth of this market. Market players, with their efforts have developed technologically advanced premium IOLs and this will drive sales in the years to come. The increase in the number of diabetic patients falling prey to cataracts, glaucoma, and macular degeneration is propelling the demand for these lenses and boosting the growth of the market.
Lack of Favorable Reimbursement Policies to Dissuade Patients from Implanting Intraocular Lenses
The growth of the global intraocular lenses market is hampered by the high cost of cataract surgery and then the additional cost of intraocular lenses. The cost of medications and pre and post operative drops will also become an issue with the cost sensitive population residing in developing nations. A lack of favorable reimbursement policies in emerging economies will also dissuade patient population from implanting intraocular lenses.
This review this based Transparency Market Research’s report, titled “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 2016 - 2024.”
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
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