Published: Mar, 2018
As per the latest novel report released by Transparency Market Research on global intraocular lens market, the intraocular lens market is a consolidated market with the top three players accounting for approximately 71 percent share of the global market. Alcon (Novartis AG), Abbott Medical Optics, and Bausch & Lomb, Inc. are the top three players in the market. Alcon accounted for a 30 percent share of the global intraocular lens market in the year 2016. This dominance is due to a diverse product portfolio of the company along with an increase in their geographical penetration and a strong product pipeline. Other players in the market include Staar Surgical Company, Hoya Surgical Optics, PhysIOL, Carl Zeiss Meditec AG, Oculentis GmBH, and Rayner Intraocular Lenses Limited. In order to sustain in this cut-throat competitive market, various companies are focusing on innovation and technological advancements.
As per the available projections according to the report, the global intraocular lens market was valued at US$ 3553.4 Mn in 2017 and is slated to reach a valuation of US$ 5069.5 Mn in 2024 end, displaying a CAGR of 5.2% during the period of assessment 2017-2024.
Global Intraocular Lens Market: Market Dynamics
The rising prevalence and incidence of ophthalmic and ocular conditions all around the world, from which millions of people are suffering is the main factor driving the growth of the global intraocular lens market. Also, a rising geriatric population is the other growth factor fuelling the global intraocular lens market as aged people are increasingly opting for procedures such as LASIK and cataract surgeries. Besides this, the rising technological advancements in the field of intraocular lenses is also boosting the growth of this market.
Intraocular lenses are categorized into standard IOL and premium IOL, depending upon the various functions being performed by the products, pricing, and other factors. Premium IOL consist of intraocular lenses such as accommodative IOL, aspheric IOL and toric IOL. Such type of lenses are as result of constant product innovation and technological advancements in the intraocular lens segment. Premium IOLs are priced higher than standard IOLs. However, adoption of premium IOLs is constantly increasing owing to factors such as better visual performance, reduced rates of astigmatism, and greater spectacle independence. Increasing awareness about premium IOLs combined with favorable recommendations from healthcare providers, and better acceptance from patients across the world are expected to drive the global intraocular lens market during the assessment period.
Increasing Risk of Cataract Amongst Diabetic Population Boosting Global Intraocular Lens Market
Prevalence of diabetes is increasing globally at a steep rate, with diabetes type 2 being the primary reason for this alarming increase. Increasing geriatric population and rising number of diabetic patients have led to high number of age-related cataract and other eye disorders such as macular degeneration and glaucoma. According to the International Diabetes Federation (IDF), an estimated 337 million people across the world were suffering from diabetes and Asia Pacific accounted for the largest number of diabetic patients. According to the American Journal of Ophthalmology and numerous other studies, diabetes can affect most ocular tissues and is one the major reasons for age-related cataract. Hence, the diabetic population has a high risk of cataract, and increasing diabetic population is expected to drive the global intraocular lens market.
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