As per a new study by Transparency Market Research (TMR), the global intraocular lens market demonstrates a highly competitive and fragmented structure, owing to the presence of a number of established vendors of intraocular lens across the world. The leading players in this market are Oculentis GmBH, Abbott Medical Optics, Hoya Surgical Optics, Alcon (Novartis AG), Carl Zeiss Meditec AG, Staar Surgical, Bausch & Lomb, Inc. (Valeant), and PhysIOL. To sustain in this competitive environment, these participants are focusing on innovation and technological advancements, states the research study.
Global Intraocular Lens Market to Rise at 5.0% CAGR between 2016 and 2024
As per the research report, the worldwide market for intraocular lens stood at US$3.2 bn in 2015. It is anticipated to proliferate at a CAGR of 5.0% during the period from 2016 to 2024. The valuation of this market is likely to touch US$5.0 bn by the end of the period of the forecast. “The augmenting uptake of premium IOL’s has been driving the growth of the worldwide market for intraocular lens,” says the author of this study. The technological advancements in this field have also been providing a constant level innovation in premium IOL intraocular lenses, driving up the sales further.
The increasing number of users, opting for premium IOLs in spite of their high cost, since they offer enhanced visual performance, better spectacle independence, and ensure decreased rates of astigmatism, is likely to boost this market in the near future. However, the high cost incurred in cataract surgeries, together with the additional expenses of intraocular lenses, may create a negative impact on patients, thereby impeding its growth to some extent, states the research report.
Demand for Monofocal IOL to Remain High
Monofocal IOL, toric IOL, multifocal IOL, and accommodative IOL have surfaced as the most prominent product segment in the worldwide intraocular lens market. Among these, the monofocal IOL segment is leading the market and the scenario is expected to continue like this over the forthcoming years. Based on the end user, the global market for intraocular lens is led by hospitals, currently. With a revenue contibution reaching US$1.7 bn by the end of 2024, this segment is likely to remain on the top over the next few years.
In terms of the region, North America surfaced as the leading regional market for intraocular lens in 2016 with a significant revenue share in the global market. With the rising incidence of cataracts and the increased uptake of technologically advanced products and techniques, this regional market is anticipated to remain on the top during the period of the forecast, reports the market study.
The review is based on a report by Transparency Market Research, 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.”
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