Intraocular Lens Market: Technological Advancements to Lead to Impressive Progress

31-Aug-2018 | Zion Market Research

With the presence of a large pool of participants, the global intraocular lens market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Rockwell Automation, Alcon, Bausch & Lomb Inc., Aurolab, Carl Zeiss Meditec AG, HOYA Surgical Optics, and EyeKon Medical Inc. are some of the key vendors of intraocular lens across the world. These players across intraocular lens market are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the intraocular lens market study.

Citing an instance, in July 2018, LensGen, a California-based manufacturer of intraocular lens used for treating cataracts & presbyopia, declared to allocate funds worth US$ 11 million through its Series A funding program for intraocular lens production. Analysts are of the view that the strategic move will boost the growth of the business space over the coming years.

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This review is based on a report by Zion Market Research, titled “Intraocular Lens Market, by Type (Monofocal IOLs and Premium IOLs); By Application (Cataract Surgery, Refractive Lens Exchange Surgery, and Trauma Surgery); By Material (Polymethylmethacrylate (PMMA), Silicon, Hydrophobic Acrylic, and Hydrogel); By End-User (Hospitals, Ambulatory Surgical Centers (ASCs), Ophthalmology Clinics, and Eye Research Institutes): Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2022.”- Report at http://www.zionmarketresearch.com/report/intraocular-lens-market

As estimated in this report, the global intraocular lens market stood at US$ 3.20 billion in 2016. Witnessing a tremendous rise during the period from 2017 to 2022, the revenue in the intraocular lens market is expected to reach US$ 4.50 billion by the end of the forecast period. The main types available in intraocular lens market are Premium IOLs and monofocal IOLs. Among them, the demand for monofocal IOLs is relatively higher and the trend is anticipated to remain so over the next few years, notes the research report.

Global Intraocular Lens Market

Increasing Incidence of Cataract Supports Intraocular Lens Market Growth

“The significant rise in the prevalence of cataract is the main factor that has been boosting the growth of the worldwide intraocular lens market,” says the author of this study. Apart from this, the increasing incidence rate of diabetes in people across the world is making them highly prone to cataracts, which is resulting in a high demand for corrective treatments and medical aids, reflecting positively on intraocular lens market. The continual surge in the global geriatric population, which is the most susceptible age group to contract cataract, will also considerably support the growth of the intraocular lens market. In addition, technological advancements and the rising awareness among consumers about the product are expected to propel the intraocular lens market.

The high cost associated with the surgical process, however, may obstruct the growth trajectory of the intraocular lens market in the near future. Nevertheless, the augmenting capacity to spend on healthcare of consumers and the increasing support by various governments, in terms of reimbursement policies and subsidies on treatment  propel intraocular lens market  progression in the years to come, thereby normalizing the impact of hindrances on the intraocular lens market growth, reports the study.

Rise In Healthcare Expenditure To Boost North America’s Regional Dominance

Regionally, North America has been leading the worldwide intraocular lens market and is anticipated to continue on the dominant position in the years to come, states the market study. The high level of awareness among consumers and the continuously increasing per capita expenditure on healthcare is the main factor behind the dominance of the North America intraocular lens market. The high number of market players being headquartered in North America is another significant factor that is supporting this regional market. For the record, in 2016, North America led the global intraocular lens market with a share of more than 46%.

The global intraocular lens market is segmented as follows:

By Type

  • Monofocal IOLs
  • Premium IOLs
    • Multifocal IOLs
    • Accommodative IOLs
    • Toric IOLs
    • Aspheric IOLs
    • Others (Phakic Intraocular Lens (PIOL), Pseudophakic IOL, etc.)

By Application

  • Cataract Surgery
  • Refractive Lens Exchange Surgery
  • Trauma Surgery

By Material

  • Polymethylmethacrylate (PMMA)
  • Silicon
  • Hydrophobic Acrylic
  • Hydrogel

By End User

  • Hospitals
  • Ambulatory Surgical Centers (ASCs)
  • Ophthalmology Clinics
  • Eye Research Institutes

By Region

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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