NEWS: Intraocular Lens Market — Global Industry Analysis and Forecast 2020 to 2027
Intraocular Lens Market: Summary
The Global Intraocular Lens Market is projected to reach a value of USD 5.61 billion by 2027 at a CAGR of 5.3%.
An intraocular lens implant is referred to as the synthetic lens implanted in the eye for treating refractive errors. It is mainly used for treating refractive errors or vision correction and eye disorders such as cataract, glaucoma, diabetic retinopathy, amblyopia, and others. The growth of the global intraocular lens market is driven by the growing prevalence of eye disorders, rise in the elderly population with diabetes, which are more prone the eye diseases requiring intraocular lens implant. On the flip side, the relatively higher price of the premium IOLs is hampering the market growth.
Intraocular Lens Market: Market Dynamics
- Increasing Prevalence of Eye Disorders
- Visual impairment has emerged as a global health concern creating an adverse effect on the physical and mental health
- According to the American Academy of Ophthalmology (AAO), indicated that around 50 million of the American population will be affected by vision-impairing cataracts by 2050 from 25 million in 2019.
- In 2020, the Statistics on Eye Disease in America revealed that 1 billion of the total global population suffers from visual impairment owing to unaddressed refractive error (123.7 million), cataract (65.2 million), glaucoma (6.9 million), corneal opacities (4.2 million), diabetic retinopathy (3 million), and trachoma (2 million) and unaddressed presbyopia (826 million)
- A remarkable increase in cataract patients across the globe resulting in vision loss if not treated. Hence, a hike in cataract surgeries to prevent vision impairment along with higher availability of the various intraocular lenses (IOLs) such as toric, monofocal, extended depth of focus IOLs to treat the disease more efficiently, is fueling the market growth
- The rise in the Elderly Population
- The aged population across the world is significantly growing those are more susceptible to the aged related eye-disorders.
- According to the World Health Organization, the global aged population (over 60 age) would rise to 22%, i.e. nearly double from 12% in 2015.
- Diabetes is one of the chronic conditions that impacts the lives of older adults and also escalates the overall public health burden, resulting in diabetic retinopathy and other diseases.
- The Centers of Disease Control and Prevention study revealed that in 2016–2017 the 32% of the total US diabetic population over aged 45 suffers from cataract, among which 9.2% had vision loss.
- Owing to the rapidly rising aged population coupled with increased prevalence of diabetes in them is expected to drive the demand for intraocular lens market to treat eye-diseases
- Favorable Government Support
- Higher Cost of Intraocular Lens Implant Compared to Contact Lens Correction
- Complications Related To Intraocular Lenses
- Increasing use of Artificial Intelligence (AI) in the IOLs
- With growing advancement, newer technologies are getting adopted and incorporated into manufacturing of novel IOLs
- Usage of AI for appropriate power selection from the data of the patients available to predict the refractive needs a much more efficient way.
- AI can be used for calculating the power of IOL, delivering higher access to high-quality data, its storage, and analysis in rapid and relatively inexpensive
- An increasing challenge faced by the key IOLs manufacturers to improve the refractive result of the surgery by offering accurate methods for calculating the precise lens power.
- Thus, the adoption of advanced technology such as AI acts as a ray of hope for the IOL manufacturers towards increasing the accuracy of the lens power and maximizing the surgical outcomes
Intraocular Lens Market: Key Segments
- The Intraocular Lens market is majorly segmented into type, form, material, and end-user.
- On the basis of type, the market is bifurcated into pseudophakic IOL and phakic IOL. Among these, the phakic IOLs accounts for over 70% of the total market share of IOLs type in 2019
- Based on product, the market is bifurcated into monofocal IOL, toric IOL, accommodating IOL, multifocal IOL, and extended depth of focus IOL
- Based on form, the market is sub-segmented into rigid and foldable. Among these, the foldable IOL has dominated the segment owing to advantages such as flexibility requiring a smaller incision and rapid recovery
- Based on material, the market has been segmented into polymethylmethacrylate (PMMA), silicone, hydrophobic acrylic, and others
- Based on end-user, the market has been segmented into hospital, ophthalmology clinic, ambulatory surgical center, and eye research institutes
Intraocular Lens Market: Key Regions
On the basis of region, the market is divided into the Americas, Europe, Asia Pacific, Latin America, Middle East & Africa. The Americas lead the global intraocular lens market by accounting for a 48.95% market share in 2019 owing to the increased prevalence of eye disorders especially among the aged population. Also, the presence of major manufacturers such as Johnson and Johnson Services Inc., Bausch & Lomb Incorporated, and STAAR SURGICAL among others is driving the growth of this market in the Americas. The Asia-Pacific is expected to grow at the highest CAGR of 6.04% due to presence of huge patient population for eye related diseases in China, Japan and India. Favorable initiatives by Asian countries to minimize the vision impairment is driving the demand for IOLs in Asia-Pacific.
Intraocular Lens Market: Report Scope
The report on the Intraocular Lens market covers a deep dive analysis of historic, recent, and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered, and the entire supply chain dynamics are covered through the below segmentation.
Report FeaturesSpecificsHistorical/Estimated/Forecasted Market Size Years2019–2027Historical Year2018Base Year2019Forecasted Period2020–2027 (2020 estimated year, forecast up to 2027)Measured UnitsValue (USD Million)Segments IncludedType, Form, Material, and End-userRegional CoverageAmericas, Europe, Asia-Pacific, and Middle East & Africa
Key Companies Covered
- Alcon (Company Overview, Financial Overview, Product Synopsis, Key Developments, SWOT Analysis, & Key Strategy)
- Bausch & Lomb Incorporated
- Carl Zeiss Meditec AG
- HOYA SURGICAL OPTICS
- Johnson & Johnson Services, Inc.
- Ophtec BV
- Rayner Intraocular Lenses Limited
- STAAR SURGICAL
- Other Key Companies
Intraocular Lens Market: Report Segmentation
For the scope of the report, In-depth segmentation is offered by Forencis Research
Intraocular Lens Market, by Type
- Pseudophakic IOLs
- Phakic IOLs
Intraocular Lens Market, by Product
- Monofocal IOLS
- Spheric Monofocal IOLS
- Aspheric Monofocal IOLS
- Toric IOLs
- Accommodating IOLs
- Multifocal IOLs
- Extended Depth of Focus IOLs
Intraocular Lens Market, by Form
Intraocular Lens Market, by Material
- Polymethylmethacrylate (PMMA)
- Hydrophobic Acrylic
Intraocular Lens Market, by End-user
- Ophthalmology Clinic
- Ambulatory Surgical Center
- Eye Research Institutes
Intraocular Lens Market, by Region
- North America
- Latin America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- The Middle East and Africa
- Middle East
Key Questions Answered By The Report
- What are the prominent developments affecting the market worldwide and its growth?
- What will be the impact of the developments in the market on the industry and on the market players in the future?
- What are the evolving variations of the market globally?
- What are the evolving functions of the market globally?
- What are the prominent aspects that will affect market growth globally during the study period?
- Who are the key players operating in the market across the globe?
- How are the key players leveraging in the present market scenario worldwide?
- Intraocular Lens Market Providers
- Intraocular Lens Market Solution and Services Suppliers, Distributors and Dealers
- End-Users of Intraocular Lens Market
- Government Bodies and Intellectual Institutions
- Associations and Industrial Organizations
- Research & Consulting Service Providers
- Research & Development Organizations
- Investment Banks & Private Equity Firms
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE INTRAOCULAR LENS MARKET STUDY