The global intraocular lens market is expected to be on course to achieve considerable growth in the coming years of the forecast period. Intraocular lens is a kind of an artificial lens that is implanted in the eye of a patient as a replacement for their natural lens. In recent years, due to growing geriatric population, there has been substantial growth opportunities for the development of the global market.
Global Intraocular Lens Market – Notable Developments
The global market for intraocular lens has a fragmented competitive landscape. The companies in the market are trying to develop more effective products that will cater to the growing demand from the consumers. The companies are also getting help from government, NGOs, and healthcare authorities in order to spread awareness about the benefits of ocular lenses.
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- In 2011, Lions Club International Foundation in association with People’s Republic of China announced the launch of a new phase of their healthcare campaign in China called as SightFirst China Action that aims at cutting down the rates of blindness.
Some of the key companies in the market are
- Johnson & Johnson
- Carl Zeiss Meditech AG
- EyeKon Medical Inc.
- Human Optics AG
Global Intraocular Lens Market – Drivers and Restraints
There are variety of factors that are influencing the overall development of the global intraocular lens market. One of the major driving factors for the market development has been the growth in geriatric population across key regions such as Japan, North America, and some parts of Europe. Increasing geriatric population majorly corresponds to ailments such as cataract, sore eye, and myopia among others. Moreover, growing geriatric ocular issues is also a key factor that has been driving the growth of the global market.
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Another important driving factor for the growth of the global market for intraocular lens is the increasing prevalence of diabetes. Diabetes is among the leading causes to lead to eye sight and ocular problems. Thus, rising diabetic prevalence is expected to create lucrative business opportunities for the development of the global market.
There are however, some factors that might prevent the global intraocular lens market reaching its full potential. One of the key restraining factors for the market growth is lack of favorable reimbursement policies for use of premium intraocular lens. Moreover, there have been some cases which showed postoperative complications. This too might lead to slowing down of the global market.
Global Intraocular Lens Market – Geographical Outlook
The global market for intraocular lens has five key regions that divide it in terms of geography. These regions are North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Of these, currently, the global market is expected to be led by the regional segment of Asia Pacific. The market is expected to show highest growth rate in terms of revenue. India and China in particular are projected to witness tremendous development in the next few years. Some of the key factors in the development of the regional growth are integration of eye care in the social security systems, a recent rise in the number of geriatric population, increasing estimations and cases of diabetic patients, and growing cases of cataract.
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There are some other factors that are also helping the growth of the regional market. Growth in terms of medical tourism and increasing patient pool has massively helped in the development of intraocular lens market.
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