Global Intraocular Lens Market was valued at $3,306 million in 2015 and is expected to garner $4,973 million by 2022, registering a CAGR of 5.9% during the forecast period. Intraocular lens is an artificial lens, which is implanted in the eye to replace the natural lens during cataract surgery. Growth in geriatric population susceptible to ocular conditions, rise in prevalence of cataract, and increase in initiatives taken by government to eliminate avoidable blindness are expected to drive the growth of the global intraocular lens market. Moreover, rise in adoption of premium lens owing to its benefits such as enhanced visual performance and reduced astigmatism supplements the growth of the market. However, unfavorable reimbursement scenario for premium lens and postoperative complications such as refractive errors are expected to impede the market growth.
The Major Companies Profiled in the Report
The key companies operating in the intraocular lens market are Alcon, Inc. (division of Novartis AG), Johnson & Johnson, Valeant, Carl Zeiss Meditec AG, Rayner, EyeKon Medical, Inc., Lenstec, Inc., HumanOptics AG, STAAR Surgical, and HOYA GROUP. The other players operating in the market include PhysIOL s.a., Calhoun Vision Center, and Oculentis GmBH.
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According to the World Health Organization, cataract is a major concern globally, which is currently the leading cause of blindness. Increase in prevalence of cataract has increased the demand for intraocular lens globally. As per the Vision Council, around 76.2% adults in the U.S. underwent vision correction surgery in 2015, and approximately 22.1% of the adults expressed that they need vision correction. These factors contribute to the growth of the market.
Government initiatives and awareness programs to eliminate avoidable blindness are together expected to propel the demand for intraocular lens in the Asia-Pacific region. For instance, in 2011, Lions Clubs International Foundation (LCIF) in partnership with Peoples Republic of China initiated a new phase of their campaign in China known as SightFirst China Action (SFCA), which aims at preventing blindness. Since its formation in 1997, the foundation invested more than $30.8 million for more than 5 million cataract surgeries and upgradation of 300 eye care institutions and above. In addition, the Chinese government funded more than $200 million to support their campaign.
Intraocular lenses were first approved by FDA in 1980s, and since then, these lenses are in cataract surgery. Now-a-days, a wide variety of lenses are available; among these, the most commonly used are pseudophakic intraocular lens, which are implanted when a person undergoes cataract surgery.
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Key Findings of Intraocular Lens Market
- Premium lens segment is expected to grow at a significant CAGR of 8.6%, owing to various benefits such as improved visual performance.
- Ambulatory surgery center segment is projected to grow at a CAGR of 7.1% during the forecast period.
- In terms of volume, the U.S. accounted for more than one-fourth share of the global intraocular lens market.
- France and Germany collectively contributed for more than one-third of the European intraocular lens market in 2015.
- Japan is the major shareholder, accounting for almost one-third of the Asia-Pacific intraocular lens market in 2015.
Silicone generated the maximum revenue, accounting for more than half of the global intraocular lens market in 2015. However, hydrophobic acrylic segment is estimated to exhibit the highest growth rate of 7.1% during the forecast period.
Ambulatory surgery centers generated the highest revenue, accounting for nearly half of the global market, and is estimated to grow at the highest CAGR of 6.7%.
Asia-Pacific is projected to grow at the highest CAGR of 7.0% during the forecast period owing to improvement in healthcare infrastructures and rise in expenditures in emerging markets (such as India and China) to cater to the unmet medical needs. Technological advancements to develop cost-effective devices offer lucrative opportunities for the market growth.
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