Intraocular Lens Market Latest Key Development and Market Dynamics
Intraocular Lens (IOL) implantation enables restoration of normal vision and significantly reduces problems associated with cataract spectacles and contact lenses. Surgical techniques for extracting the human lens continued over time by means of incision size. In later days, invention of implantable, tolerable and technically feasible IOL was revolutionized in cataract surgery. In case of IOL material, Rigid or Polymethylmethacrylate (PMMA) was preferred intraocular lens material for a long time due to its lightness, clarity and stability, which were un-foldable lenses. Advancement in IOL material, PMMA are eventually replaced by silicone lens, hydrophilic and hydrophobic acrylic lenses. Moreover, continuous development in new intraocular lens (IOL) material and design has offered more options such as hydrogel, soft acrylic and silicone IOL. However, ease of use, availability, cost, and surgeon preference are also important factors, which influence IOL selection. Currently, key players in the intraocular lens market offers various types IOLs to improve the vision, which includes monofocal lens, multifocal lens, toric lens, accommodating lens, and trifocal lens.
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Increasing numbers of cataract surgeries, coupled with growing demand for multi-distance vision lens and significant increase in awareness programs for cataract patients by various government and private organizations are expected to augment growth of the intraocular lens market over the forecast period. Moreover, adoption of advanced technologies in cataract surgery and entry of various market players offering technologically advanced intraocular lens with affordable costs are further expected to drive growth of intraocular lens market.
The global intraocular lens market was valued at US$ 3.8 billion in 2017 and is expected to witness a CAGR of 7.5% over the forecast period (2017 – 2025).
Increasing number of Cataract Surgeries is expected to Drive Growth of the Intraocular Lens Market
Diabetes, prolonged exposure to sunlight, consumption of tobacco and alcohol are the major factors causing cataract and rising number of cataract patients increasing the demand for cataract surgeries. In addition to this, rising diabetes patients has led to increase in number of cataract surgery, as diabetes is a major cause of blindness. According to World Health Organization (WHO), around 422 million people were suffering from diabetes in 2014.
Increasing Governmental Initiatives and Awareness Programs for Cataract Patients is Driving Growth of the Intraocular Lens Market
Governmental and non-governmental organization are working together to spread awareness regarding cataract and associated conditions such as blindness. For instance, according to WHO in 2017, an estimated 253 million people had vision impairment worldwide, which creates the need for government to take initiatives and conduct awareness program for cataract patients. WHO and Task Force of International NGO have jointly prepared and launched a common agenda for global action called ‘The Vision 2020- the right to sight’ in 1999 with aim to eliminate blindness worldwide by 2020. This organization works jointly to mitigate implications of blindness in developmental, economic, social and quality of life terms, which is expected to augment the growth of intraocular lens market in near future.
Competitive Landscape
Major players operating in market include STAAR Surgical Company, HOYA Corporation, Lenstec, Inc., Ophtec BV, Johnson & Johnson, Alcon, Bausch & Lomb Incorporated, Carl Zeiss Meditec AG, Rayner Intraocular Lenses Limited, and HumanOptics AG.
Detailed Segmentation:
Global Intraocular Lens Market, By Flexibility:
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Folded
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Rigid
Global Intraocular Lens Market, By Product Type:
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Premium Intraocular Lens
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Multifocal Intraocular lens
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Accommodating Intraocular lens
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Toric Intraocular lens
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Monofocal Intraocular Lens
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Preloaded Intraocular Lens
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Others
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