Updates 2020: Increasing Technological Advancements is Expected to Boost the Growth of the Global Intraocular Lens Market During the Forecast Period
Global Intraocular Lens Market: Key Highlights
- The Global Intraocular Lens Market is estimated to reach USD 6.08 billion by 2027 at a CAGR of 5.6% during the review period
- The global intraocular lens market is segmented by type, product, form, material and end-user
- Based on the form, the market is sub segmented into rigid and flexible. Flexible segment accounted for the major market share owing to advantages associated with them
- On the basis of region, the market is segmented into Americas, Europe, Asia Pacific, and Middle East & Africa
- North America dominated the global intraocular lens market owing to presence of major manufacturers, ongoing technological advancement, increase prevalence of the eye disorder and among others
Global Intraocular Lens Market: Key Market Dynamics
- Intraocular Lens implants are used to treat various eye disorders. Growing prevalence of this eye diseases is driving the demand for intraocular lens
- Rise in the elderly population more susceptible to the vision loss due to aged related eye diseases and diabetes, is another factor fueling the demand for intraocular lens
- Favorable initiatives and awareness undertaken by the government of various nations to cure eye diseases and prevent blindness is boosting the market growth further
- Higher cost of intraocular lens implant compared to contact lens correction with inadequate reimbursement hampers the market growth adversely
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Global Intraocular Lens Market: Regional Overview
- The region Americas is bifurcated into North America and Latin America. North America is further classified into US and Canada
- In 2019, the Americas region accounted for highest market share and dominated the global intraocular lens market
- The growth of the market in the region is mainly attributed to the increasing diabetes prevalence in the region contributing immensely increasing incidence of the diabetic retinopathy
- According to the National Eye Institute, around 14.6 million of the Americans are projected to suffer from diabetic retinopathy by 2050
- Increasing healthcare expenditure, higher demand for full time ophthalmologists with rapidly rising demand for efficient cataract treatment is further influencing the growth of the market
- Studies dedicated on the optometry in America projected that the number of the ophthalmologists in US is projected to increase by 2.1% by 2025 from 2015.
- Asia Pacific
- Asia Pacific region is segmented into five major countries including China, Japan, India, Australia, and South Korea
- Asia Pacific region has emerged as the key contributing region and is projected to grow with the fastest CAGR in the forecast period
- Owing to highly populated countries, increasing elderly population, coupled with higher incidence of the diabetes in the region has created more demand for eye disease treatment, which pushes the market growth
- Favorable support by the government of India through introduction of Rashtriya Swasthya Bima Yojana, a decade ago to reduce out-of-pocket expenditure for treating cataract. In India, cataract is one of the prominent eye diseases accounting for more than 60% of the vision loss in India, as per Department of Health Research, Ministry of Health and Family Welfare.
Global Intraocular Lens Market: Key Players
Some of the key players operating in the market Alcon, Bausch & Lomb Incorporated, Carl Zeiss Meditec AG, EyeKon, HOYA SURGICAL OPTICS, IOLS, Johnson & Johnson Services, Inc., Ophtec BV, PhysIOL, Rayner Intraocular Lenses Limited and STAAR SURGICAL and among others.
Global Intraocular Lens Market: Key Developments
- On August 2019, Alcon announced the Food and Drug Administration (FDA) approval and launched the AcrySof®IQ PanOptix®Trifocal Intraocular Lens (IOL) for the U.S. patients undergoing cataract surgery.
- On December 2019, Johnson & Johnson announced the Food and Drug Administration (FDA) approval of the TECNIS Toric II 1-Piece Intraocular Lens (IOL) for the US market. The TECNIS Toric II 1-Piece Intraocular Lens (IOL) provides more surface texture and friction on the IOL haptics
- On September 2019, the PhysIOL, a part of BVI, introduced FineVision Triumf EDOF trifocal presbyopia correcting intraocular lens for cataract surgery.
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