North America dominates the global market for intraocular lens due to large number of aging population and availability of reimbursements. Asia is expected to show high growth rates in the next five years in the global intraocular lens market. China and India are expected to be the fastest growing intraocular lens markets in Asia-Pacific region. Some of the key driving forces for intraocular lens market in emerging countries are large pool of patients and rising government funding.
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Cataract is the clouding of the eye lens. Cataract is the leading cause of blindness worldwide. Intraocular lens is a synthetic artificial lens placed to replace natural lens. Intraocular lenses are used for the surgical treatment of cataract. According to the World Health Organization (WHO), in 2010, approximately 20 million cataract surgeries were performed and are expected to reach approximately 32 million by 2020. Several types of intraocular lenses implants are available to improve vision. Monofocal intraocular lenses are best choice for limited budget. Whereas, premium intraocular lenses are specifically designed to reduce patients need for glasses. Tronic intraocular lenses, multifocal intraocular lenses and accommodating intraocular lenses are some of the premium intraocular lenses.
In recent times there is increased use of intraocular lens due to increasing prevalence of cataract in aging population. Rise in adoption of premium intraocular lens such as accommodating intraocular lens and multifocal intraocular lens and increasing government initiatives are some of the key factors driving the growth for global intraocular lens market. In addition, increasing healthcare awareness is also fuelling the growth of global intraocular lens market. However, high cost related with surgical procedure and post-operative complications such as refractive errors are some of the major factors restraining the growth for global intraocular lens market.
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Availability of advance technologies such as micro-incision cataract surgery and femtosecond lasers would develop opportunities for global intraocular lens market. The trend for global intraocular lens market is multi-distance vision capabilities. Some of the major companies operating in the global intraocular lens market are Alcon, Inc., Abbott Medical Optics, Inc., Bausch & Lomb Incorporated, Carl Zeiss Meditec AG, Rayner Intraocular Lenses Limited, Eyekon Medical, Lenstec, HumanOptics AG, STAAR Surgical Company and Hoya Corporation.
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