Reportocean.com “Intraocular Lens Market” report has been added to its Research Database.
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 (ASC), Ophthalmology Clinics, and Eye Research Institutes): Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2022
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The report covers the forecast and analysis of the intraocular lens market on the global as well as regional level
The report incorporates the positive and the negative factors that are affecting the growth of the market
The market opportunities are discussed in detail in the report
The key target audience for the market has been determined in the report
The revenue generated by the major industry players has been analyzed in the report
Top-down and bottom-up approaches have been used to calculate the market numbers
The intraocular market has been analyzed using the Porters Five Forces Analysis
The intraocular lens market is segmented on the basis of type, application, material, end-user which in turn is bifurcated on a regional level as well
The present and the future trends were taken into consideration while evaluating the complete segments
The report deals with the in-depth quantitative and qualitative analyses of the intraocular lens market
The report includes detailed company profiles of the prominent market players
Intraocular lenses are artificial lenses that are used to replace the eyes natural lens which is removed during the cataract surgery. The most common type of IOL is the pseudophakic IOL. These are implanted during cataract surgery after the cloudy eyes natural lens (colloquially called a cataract) is removed. The pseudophakic IOL provides the same light focusing function as the natural crystalline lens. The intraocular lens provides natural and a better vision, with an improved correction which help the patients to see without glasses more frequently than the vision before surgery.
The global intraocular lens market was valued at around USD 3,200 million in the year 2016 and it is expected to reach approximately USD 4,500 million by 2022. The global intraocular lens market is expected to grow at a CAGR of over 5% between 2017 and 2022.
Drivers and Restraints
Cataract is the most common cause of distorted vision for people above the age of 50. According to WHO, there are 180 million estimated people living with blindness. Around 50% of the blind population is suffering from cataract and can be cured with surgeries. The widespread occurrence of cataract surgeries has led to the growth of the intraocular lens market.
As cataract is seen in major of the geriatric population with some exceptions, the growing geriatric population also serves as a driver for the global intraocular lenses market.
Some noteworthy campaigns and initiatives are taken by WHO such as VISION 2020 — the right to sight: A Global Initiative for the Elimination of Avoidable Blindness contributes to the growth of the market. The increasing initiatives taken by the government at a comprehensive level is expected to boost the global intraocular lens market.
The monofocal IOLs dominated the type segment of the intraocular lens market during 2016. The monofocal IOLs products are used more as it can be used for near focus, for mid-distance focus, and for distance focus. Thus, this segment will continue to grow in the coming years as the individuals with cataract in both the eyes highly prefer monofocal IOLs over other products. The monofocal IOLs was the leading segment in the year 2016 and it accounted for over 59.1% market share of total revenue.
In the application segment, cataract surgery dominated the intraocular market. Intraocular lens market is majorly driven by the increased prevalence of cataract. Cataract surgery accounted for over 56.1% share of the overall market in 2016. Cataract surgery is the most preferred surgical procedure in developing as well as developed countries. Growing geriatric population susceptible to ocular conditions and the high presence of unmet medical needs especially in emerging and underdeveloped economies is expected to boost the market growth.
In the material segment, hydrophobic acrylic is expected to hold a major share in the market growth. This material group is used commonly as the polymers of acrylate are foldable under room temperature. The materials have very low water content, a high refractive index, and usually a high memory, which also makes the material suitable for the haptics of a monobloc open-loop IOL.
Ambulatory surgery centers and ophthalmology clinics are expected to witness the fastest growth over the years to come. This growth is mainly due to escalating popularity of outpatient settings for cataract surgery, ease of access to ophthalmology clinics, and an increasing number of cataract surgeries performed in the ambulatory surgery centers.
By geography, North America dominated the intraocular lens market with over 46% market share of total revenue generated in 2016. According to the Vision Council, around 76.2% adults in the U.S. underwent vision correction surgery in 2015, and nearly 22.1% of the adults expressed that they need vision correction.
Some of the key players of intraocular lens market are Alcon (Novartis AG), Aurolab, Bausch Lomb Incorporated, Carl Zeiss Meditec AG, EyeKon Medical, Inc, HOYA Surgical Optics, HumanOptics, Johnson Johnson Vision Care, Inc., Lenstec, Inc., MORCHER GmbH., Oculentis, Omni Lens, Ophtec BV, PowerVision, Inc., Rayner Intraocular Lenses Limited, SAV-IOL SA, STAAR Surgical among others.
The prominent market players maintain the competitive edge in the global market by making investments in the mergers and acquisitions and by increasing their product portfolio; for instance, ZEISS strengthened its sales and services in Russia, Ukraine, CIS Countries, and Georgia by acquiring a majority stake in Optec Group.
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