Allied Market Research recently published a report, titled, “Intraocular Lens Market by Type [Monofocal Intraocular Lens and Premium Intraocular Lens (Toric Intraocular Lens, Multifocal Intraocular Lens, and Accommodating Intraocular Lens)], Material [Polymethylmethacrylate (PMMA), Silicone and Hydrophobic Acrylic], and End User (Hospitals, Ambulatory Surgical Centers, Ophthalmology Clinics, and Eye Research Institutes) – Global Opportunity Analysis and Industry Forecast, 2014-2022”. Report states that the global intraocular lens market accounted for $3.31 billion in 2015 and is projected to reach $4.97 billion by 2022, registering a CAGR of 5.9% during the period from 2016 to 2022.
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Rise in prevalence of cataract, increase in adoption of premium intraocular lens, surge in government initiatives, and increase in geriatric population that suffers from ocular conditions are the major drivers of the global intraocular lens market. However, post-operative complications and lack of coverage of premium lens hamper the market growth. On the contrary, availability of advanced technologies and untapped potential in emerging nations are expected to create lucrative opportunities in the near future.
Global intraocular lens market is divided into type, material, end user, and region. On the basis of type, the market is bifurcated into monofocal intraocular lens and premium intraocular lens. The monofocal intraocular lens segment is projected to garner the largest market share during the forecast period, owing to its advantages such as low and better reimbursement scenario.
On the basis of material, the market is divided into polymethylmethacrylate (PMMA), silicone, and hydrophobic acrylic. The silicone segment held the largest share in 2015, contributing more than half of the total market share. However, the hydrophobic acrylic segment is estimated to exhibit the highest growth rate of 7.1% during the forecast period.
Based on end user, the market is segmented into hospitals, ambulatory surgical centers, ophthalmology clinics, and eye research institutes. The ambulatory surgery centers segment generated the highest revenue in 2015, contributing about half of the total market, and is projected to register the highest CAGR of 6.7% during the forecast period.
On the basis of geography, the market is divided into North America, Europe, Asia-Pacific, and Latin America, Middle East and Africa (LAMEA). The Asia-Pacific is estimated to manifest the fastest CAGR of 7.0% during the study period, owing to improvement in healthcare infrastructures and increase in expenditures in developing markets including such as India and China to cater to the unmet medical needs. Moreover, the rapid technological advancements to develop cost-effective devices have boosted market growth.
The major market players are profiled in the report, including Alcon, Inc. (division of Novartis AG), Valeant, Rayner, Lenstec, Inc., STAAR Surgical, Johnson & Johnson, Carl Zeiss Meditec AG, EyeKon Medical, Inc., HumanOptics AG, and HOYA GROUP.
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