Increasing Technological Advancements Is Expected To Boost The Growth Of The Global Intraocular Lens Market During The Forecast Period

Intraocular Lens Market - Global Industry Analysis and Forecast 2020 to 2027

Global Intraocular Lens Market: Key Highlights

  • The global intraocular lens market is segmented by type, product, form, material, and end-user
  • Based on the form, the market is sub-segmented into rigid and foldable. The foldable segment accounted for the 91.54% market share owing to advantages associated with them
  • On the basis of region, the market is segmented into Americas, Europe, Asia Pacific, and Middle East & Africa
  • Americas dominated the global intraocular lens market owing to the presence of major manufacturers, ongoing technological advancement, increasing prevalence of the eye disorder and among others

Global Intraocular Lens Market: Key Market Dynamics

  • Intraocular Lens implants are used to treat various eye disorders. The growing prevalence of this eye diseases is driving the demand for intraocular lens
  • The rise in the elderly population more susceptible to vision loss due to age-related eye diseases and diabetes is another factor fueling the demand for intraocular lens
  • Favorable initiatives and awareness undertaken by the government of various nations to cure eye diseases and prevent blindness is boosting the market growth further
  • The higher cost of premium intraocular lens implant with complications related to intraocular lenses hampers the market growth adversely

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Global Intraocular Lens Market: Regional Overview

  • Americas:
    • The region Americas is bifurcated into North America and Latin America. North America is further classified into the US and Canada
    • In 2019, the Americas region accounted for the highest market share and dominated the global intraocular lens market
    • The growth of the market in the region is mainly attributed to the increasing diabetes prevalence in the region contributing immensely increasing incidence of the diabetic retinopathy
    • According to the National Eye Institute, around 14.6 million Americans are projected to suffer from diabetic retinopathy by 2050
    • Increasing healthcare expenditure with rapidly rising demand for efficient cataract treatment is further influencing the growth of the market
  • Asia Pacific
  • Asia Pacific region is segmented into five major countries including China, Japan, India, Australia, and South Korea  
  • Asia Pacific region has emerged as the key contributing region and is projected to grow with the fastest CAGR of 6% in the forecast period
  • Owing to highly populated countries, increasing elderly population, coupled with a higher incidence of diabetes in the region has created more demand for eye disease treatment, which pushes the market growth 
  • Favorable support by the government of India through the introduction of Rashtriya Swasthya Bima Yojana, a decade ago to reduce out-of-pocket expenditure for treating cataract. In India, cataract is one of the prominent eye diseases accounting for more than 60% of the vision loss in India, as per Department of Health Research, Ministry of Health and Family Welfare.

Global Intraocular Lens Market: Key Players

Some of the key players operating in the market Alcon, Bausch & Lomb Incorporated, Carl Zeiss Meditec AG, EyeKon, HOYA SURGICAL OPTICS, IOLS, Johnson & Johnson Services, Inc., Ophtec BV, PhysIOL, Rayner Intraocular Lenses Limited, and STAAR SURGICAL and among others.

Global Intraocular Lens Market: Key Developments

  • On August 2019, Alcon announced the Food and Drug Administration (FDA) approval and launched the AcrySof®IQ PanOptix®Trifocal Intraocular Lens (IOL) for the US patients undergoing cataract surgery.
  • On December 2019, Johnson & Johnson announced the Food and Drug Administration (FDA) approval of the TECNIS Toric II 1-Piece Intraocular Lens (IOL) for the US market. The TECNIS Toric II 1-Piece Intraocular Lens (IOL) provides more surface texture and friction on the IOL haptics 
  • On September 2019, the PhysIOL, a part of BVI, introduced FineVision Triumf EDOF trifocal presbyopia-correcting intraocular lens for cataract surgery. 

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Rep Id : HC 040

Published : 2020-10-20