ID: MRFR/HC/5797-HCR | February 2021 | Region: Global | 160 pages
Intraocular lens market is projected to grow significantly over the forecast period. It is estimated that the market is expected to register a CAGR of 5.43% during the forecast period of 2018–2023 with an estimated market value of 3.54 billion in 2017. Intraocular lens is the type of lens that is implanted inside the eye replacing the eye’s natural lens. These are used for the correction of several eye defects such as astigmatism, presbyopia, near-sightedness (myopia), among others. These lenses are also used for vision correction surgeries, such as refractive lens exchange.
The rising prevalence of eye diseases, and high rate of adoption of premium intraocular lens technology is expected to drive the growth of the market extensively. Also, increase in the geriatric population and the rise in diabetic population is estimated to drive the growth of the intraocular lens market. According to the data published in 2015 by the Centers for Disease Control and Prevention (CDC), Diabetic retinopathy (DR) is the leading cause of blindness among working-aged adults in the US. Also, according to the same source, an approximately 8,99,000 Americans are affected by vision-threatening retinopathy.
Factors such as post-operative complications, high cost of intraocular lens, and lack of skilled medical professionals are restraining the growth of market. Also, lack of reimbursement policies for premium lens in many developing and underdeveloped regions is anticipated to hinder the growth of the intraocular market.
Moreover, major companies in the market are involved in new product launches to strengthen their position in the market. For instance, in September 2018, Alcon Inc., a division of Novartis introduced multifocal and multifocal toric ultraviolet intraocular lens with the ultraSert pre-loaded delivery system. The company aims to expand its portfolio of ophthalmic products, thus strengthening its position in the market.
Intraocular Lens Market Segmentation
The global intraocular lens market has been segmented into type, material and end user. The market, based on type, has been segmented into monofocal intraocular lens, multifocal intraocular lens, accommodating intraocular lens, phakic intraocular lens, and others.
The market, by material, has been segmented into hydrophobic acrylic, hydrophilic acrylic, polymethylmeth-acrylate (PMMA), and others.
The market, by end user has been segmented into hospitals, ophthalmic clinics, ambulatory surgical centers, and others.
The market has been segmented, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The intraocular lens market in the Americas has further been segmented into North America and Latin America, with the North American market divided into the US and Canada. The European market has been segmented into Western Europe and Eastern Europe. Western Europe has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The intraocular lens market in the Middle East & Africa has been segmented into the Middle East and Africa.
Regional Market Summary
Global Intraocular Lens Market Share (%), by Region, 2017
Source: World Health Organization (WHO), Centers For Disease Control and Prevention (CDC)
Geographically, the Americas is expected to dominate the global intraocular lens market due to the rise in the government initiatives in the region, and the rise in the prevalence of eye diseases favouring the implantation of intraocular lens. For instance, according to the data published in 2015 by the Centers for Disease Control and Prevention (CDC), approximately 20.5 million Americans aged 40 years and older have cataract in one or both eyes. Europe is expected to hold the second largest position in the global intraocular lens market. The market growth in this region owes to the presence of a well-established healthcare system. Asia-Pacific is estimated to be the fastest growing region in the market due to the improved healthcare infrastructure and the rise in awareness among the patients about the advantages of intraocular lens. On the other hand, the Middle East & Africa has the least share of the market due to the less healthcare expenditure.
Global Intraocular Lens Market, by Type
Global Intraocular Lens Market, by Material
Global Intraocular Lens Market, by End User
Global Intraocular Lens Market, by Region
Global Intraocular Lens Market, by Key Players
Frequently Asked Questions (FAQ) :
The global intraocular lens market had reached a valuation of USD 3,54 BN in 2017.
The global intraocular lens market is projected to grow at approximately 5.43% CAGR during forecast period (2018-2023).
High rate of adoption of premium intraocular lens technology.
North America holds the largest share in the global intraocular lens market followed by Europe and Asia Pacific, respectively.
Bausch + Lomb, Alcon, Inc., Eyekon Medical, Inc., Johnson & Johnson Vision Care, Inc., Carl Zeiss Meditec, HOYA Corporation, Rayner Intraocular Lenses Limited, STAAR Surgical Company, PhysIOL, Humanoptics AG, Ophtec BV, Lenstec, Inc., Aurolab, Oculentis GmbH, and Nidek Co., Ltd., are some of the major players operating in the Intraocular Lens market.
This table of content is tentative and subject to change as the research progresses.
Please Note: Financial details of company cannot be provided if the information of the company is not available in public domain and or reliable source.