Global Intraocular Lens Market: Overview
Intraocular lens is implanted in the eye for treating cataract, an eye disease that is characterized by cloudiness or opaqueness of the natural lens of the eye. Cataract is progressive in nature, which eventually leads to poor vision and can lead to loss of vision if it is not treated in time. The high prevalence of cataract and other vision issues have triggered a significant demand for intraocular lens. In light of these factors, the global intraocular lens market is estimated to be valued at US$5.0 bn by the end of 2024 from US$3.2 bn in 2015. Between the forecast period of 2016 and 2024, the global market is expected to expand at a CAGR of 5.2%.
A new intraocular lens is surgically implanted to replace the natural cloudy lens of the eye to restore normalcy in the vision of the patient suffering from cataract. The various types of intraocular lenses offer treatment for cataract along with for refractive that are a result of age or ailments such as diabetes. The high prevalence of cataract, especially amongst those above 40 years along with other age-related eye diseases such as glaucoma, macular degeneration, and diabetic retinopathy is expected to fuel the growth of the global market.
Monofocal IOL to Dominate Global Market due to its Low Cost
The global intraocular lens market is segmented on the basis of product into monofocal IOL, multifocal IOL, toric IOL, accommodative IOL, and other IOL’s. Among the product segment, the monofocal IOL segment accounted for the largest share of the global intraocular lens market in 2015, owing to factors such as low cost of the intraocular lens, adequate reimbursement policies for the monofocal IOL segment, and reduced post-operative complications associated with the use of these lenses. However, the premium IOL segment which included the multifocal IOL, toric IOL, and accommodative IOL’s is expected to grow at a high CAGR during the forecast period, due to distinct advantages of the multifocal, toric, and accommodative IOL’s such as treating astigmatism and vision correction along with cataract treatment, growing demand from patients for toric and multifocal IOL, along with fast-growing presbyopia market.
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The end users segment included hospitals, ophthalmology clinics, ambulatory surgery centers, and eye research institutes. Among the end users, hospitals accounted for the largest share of the global intraocular lens market in 2015, however, ambulatory surgery centers, and ophthalmology clinics are expected to register higher CAGR during 2016-2024, owing to growing popularity of outpatient settings for less time-consuming cataract surgery, ease of access to ophthalmology clinics, and increasing number of cataract surgeries performed in the ambulatory surgery centers.
North America Shows Steady Growth as Cataract Cases Continue to Remain on the Rise
Geographically, the intraocular lens market has been segmented as North America, Europe, Asia Pacific and Latin America and Middle East & Africa. North America accounted for the largest share of the global intraocular lens market in 2015, owing to increasing incidences of cataracts, higher adoption of technologically advanced products and techniques, increasing demand by patients for premium IOL segment in this region. Europe accounted for the second largest share of the market in 2105, however Asia Pacific is expected to grow at a high CAGR during the forecast period of 2016-2024, due to rapidly increasing incidences of cataract, increasing prevalence of diabetes, high risk of cataracts in diabetic patients, along with fast-growing refractive surgery market especially in countries such as China, and India, with an increasing demand for multifocal and toric intraocular lenses, and increasing government initiatives towards the treatment of cataract and controlling the preventable blindness.
Major players having presence in the global intraocular lens market include Abbott Medical Optics, Alcon (Novartis AG), Hoya Surgical Optics, Carl Zeiss Meditec AG, Bausch & Lomb, Inc. (Valeant), Staar Surgical, Oculentis GmBH, and PhysIOL, among others
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