The global intraocular lens market size is projected to reach USD 5,318.8 million by 2026, thereby exhibiting a CAGR of 6.8% during the forecast period. However, the market was worth USD 3,159.3 million in 2018. This information is published in a recent report by Fortune Business Insights™, titled, “Intraocular Lens (IOL) Market Size, Share & Industry Analysis, By Type [Monofocal Intraocular Lens and Premium Intraocular Lens (Multifocal Intraocular Lens, Toric Intraocular Lens, and Others)], By Material [Polymethylmethacrylate (PMMA) and Foldable (Hydrophobic Acrylic, Hydrophilic Acrylic, and Silicone & Collamer)], By End User (Hospitals & Ambulatory Surgery Centers, Specialty Clinics, and Academic & Research Institutes) and Regional Forecast, 2019-2026.” The report further states that the market is set to gain impetus from the rising number of NGOs offering free cataract surgeries and eye examinations.
Highlights of the Report:
- In-depth information about the intraocular lens market trends, growth drivers, hindrances, opportunities, and challenges.
- Segmentation of the market in terms of type, material, end user, and geography.
- Extensive analysis of the competitive landscape, such as new product launches, contracts, agreements, joint ventures, mergers, and acquisitions.
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Leading Players operating in the Intraocular Lens Market are:
Key players are involved in mergers and acquisition to strengthen their market position. Owing to increasing competition frequent innovations are taking place in the market. Some of the companies operating the industry are:
- Omni Lens
- PhysIOL
- Rayner Intraocular Lenses Limited
- STAAR SURGICAL
- HOYA Corporation
- Johnson & Johnson, Inc.
- Bausch & Lomb Incorporated
- Novartis AG
- Human Optics AG
- ZEISS Medical Technology
- The Fred Hollows Intraocular lens laboratory
North America to Dominate: Increasing Technological Advancements Will Favor Growth
The market is geographically segregated into Asia Pacific, Europe, the Middle East and Africa, North America, and Latin America. Out of these, North America had generated USD 892.9 million IOL market value in 2018. It is set to retain its dominant position throughout the forecast period. It is likely to occur because of the increasing number of new product launches as well as the ongoing technological advancements, such as the Extended Depth of Focus (EDoF) and custom cataract lens.
Europe is expected to expand at a fast pace owing to the growing preference for toric lenses, rising adoption of femtosecond lasers for cataract surgery, and an increasing number of cataract surgery. Besides, various industry giants are present in this region. It would also contribute to the market growth.
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Key Segmentation:
By Type
- Traditional/Monofocal Intraocular Lens
- Premium Intraocular Lens
By Material
- Polymethylmethacrylate Intraocular Lens
- Hydrophobic Acrylic Intraocular Lens
- Hydrophilic Acrylic Intraocular Lens
By End User
- Clinics
- Hospitals
- Ambulatory Surgery Centers
By Geography
- North America (USA (New York, Georgia, Illinois) and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
Monofocal IOL Segment to Lead Stoked by Favorable Government Reimbursement Policies
By type, the market is grouped into premium intraocular lens and monofocal intraocular lens. Amongst these, the monofocal intraocular lens is expected to lead by gaining the maximum IOL market share in the coming years. This growth is attributable to the rising number of favorable government reimbursement policies as well as cost-effective nature.
The premium intraocular lens segment, on the other hand, consists of sub-segments, namely, toric intraocular lens, multifocal intraocular lens, and others. This segment has less penetration as compared to monofocal IOLs. This mainly occurs as multiple government-aided insurance policies do not cover the cost of premium intraocular lens. Thus, the patient has to pay for the same from their expenses. However, this segment is anticipated to showcase growth during the forecast period owing to the rising preference for toric lenses and their possession of numerous benefits.
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Cataract – For Key Countries/Regions
- Number of Cataract Surgery – For Key Countries/Regions
- Overview of Government Cataract Initiatives
- Regulatory Scenario – For Key Countries/Regions
- Reimbursement Scenario – For Key Countries/Regions
- New Product Launches
- Key industry Developments – Mergers, Acquisitions and Partnerships
TOC Continued…
Reasons to Purchase this Report:
- Comprehensive analysis of the Intraocular Lens Market growth drivers, obstacles, opportunities, and other related challenges.
- Tracks the developments, such as new product launches, agreements, mergers and acquisitions, geographical expansions, and joint ventures.
- Identifies market restraints and boosters.
- Identifies all the possible segments present in the market to aid organizations in strategic business planning.
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