The global Intraocular Lens Market size was accounted at USD 3,159.3 million in 2018 and it is expected to reach around USD 5,318.8 million by 2026 while exhibiting a stunning CAGR of 6.8% between 2019 and 2026. This information is published by Fortune Business Insights in its report, titled “Intraocular Lens Market Size, Share & COVID-19 Impact Analysis, By Component, By Application, By End-User, and Regional Forecast, 2019-2026.”
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Industry Development:
December 2019: Johnson & Johnson Vision announced the U.S. launch of Tecnis Toric II, an intraocular lens for the correction of astigmatism in cataract patients.
August 2019: Alcon announced the launch of AcrySof IQ PanOptix Trifocal Intraocular Lens in the U.S. The product is designed to deliver near and distance vision without the requirement of glasses.
Growth of the global IOL market is majorly driven by rise in prevalence of cataract surgery, rise in adoption of advanced premium intraocular lens, and development of new intraocular lens by large number of key players. According to the International Diabetes Federation, in 2021, approximately 537 million adults were living with diabetes. The total number of people living with diabetes is projected to rise to 643 million by 2045. Thus, rise in burden of diabetes is one of the reasons causing vision impairment, which is anticipated to foster the growth of the intraocular lens market.
The Report Lists the Key Players in this Market:
- Alcon
- Johnson & Johnson Services, Inc.
- Bausch & Lomb Incorporated
- HOYA Corporation
- STAAR SURGICAL
- Rayner Intraocular Lenses Limited
- Oculentis
- Hanita Lenses
- SIFI S.p.A
- Biotech
- Other key market players
For more information in the analysis of this report, visit: https://www.fortunebusinessinsights.com/industry-reports/intraocular-lens-market-101220
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.
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.
Lastly, Asia Pacific is projected to experience high growth backed by strong government support and a rising number of cataract surgery. Apart from that, increasing prevalence of cataract and diabetes would propel the market in this region. The National Programme for Control of Blindness and Visual Impairment (NPCB&VI) declared that from the period of 2016 to 2017, over 6.4 million surgeries were performed in India. In emerging countries, such as Japan, China, and India, the occurrence of a high volume of cataract operations would fuel intraocular lens market growth.
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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
- Global Intraocular Lens (IOL) Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Monofocal Intraocular Lens
- Premium Intraocular Lens
- Multifocal Intraocular Lens
- Toric Intraocular Lens
- Others
- Stimulation Devices
- Market Analysis, Insights and Forecast – By Material
- Polymethylmethacrylate (PMMA)
- Foldable
- Hydrophobic Acrylic
- Hydrophilic Acrylic
- Silicone & Collamer
- Market Analysis, Insights and Forecast – By End User
- Hospitals & Ambulatory Surgery Centers
- Specialty Clinics
- Academic & Research Institutes
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
TOC Continued…..
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