Intraocular Lens Market Overview
Global Intraocular Lens Market was valued at $3,306 million in 2015 and is expected to garner $4,973 million by 2022, registering a CAGR of 5.9% during the forecast period. Intraocular lens is an artificial lens, which is implanted in the eye to replace the natural lens during cataract surgery. Growth in geriatric population susceptible to ocular conditions, rise in prevalence of cataract, and increase in initiatives taken by government to eliminate avoidable blindness are expected to drive the growth of the global intraocular lens market. Moreover, rise in adoption of premium lens owing to its benefits such as enhanced visual performance and reduced astigmatism supplements the growth of the market. However, unfavorable reimbursement scenario for premium lens and postoperative complications such as refractive errors are expected to impede the market growth.
According to the World Health Organization, cataract is a major concern globally, which is currently the leading cause of blindness. Increase in prevalence of cataract has increased the demand for intraocular lens globally. As per the Vision Council, around 76.2% adults in the U.S. underwent vision correction surgery in 2015, and approximately 22.1% of the adults expressed that they need vision correction. These factors contribute to the growth of the market.
Government initiatives and awareness programs to eliminate avoidable blindness are together expected to propel the demand for intraocular lens in the Asia-Pacific region. For instance, in 2011, Lions Clubs International Foundation (LCIF) in partnership with Peoples Republic of China initiated a new phase of their campaign in China known as SightFirst China Action (SFCA), which aims at preventing blindness. Since its formation in 1997, the foundation invested more than $30.8 million for more than 5 million cataract surgeries and upgradation of 300 eye care institutions and above. In addition, the Chinese government funded more than $200 million to support their campaign.
South Africa Intraocular Lens Market, 2014-2022 ($Million)
Intraocular lenses were first approved by FDA in 1980s, and since then, these lenses are in cataract surgery. Now-a-days, a wide variety of lenses are available; among these, the most commonly used are pseudophakic intraocular lens, which are implanted when a person undergoes cataract surgery.
The key companies operating in the intraocular lens market are Alcon, Inc. (division of Novartis AG), Johnson & Johnson, Valeant, Carl Zeiss Meditec AG, Rayner, EyeKon Medical, Inc., Lenstec, Inc., HumanOptics AG, STAAR Surgical, and HOYA GROUP. The other players operating in the market include PhysIOL s.a., Calhoun Vision Center, and Oculentis GmBH.
Intraocular Lens Market Key Benefits:
- The study provides an in-depth analysis of the global intraocular lens market, with current trends and future estimations to elucidate the imminent investment pockets.
- Quantitative analysis from 2014 to 2022 is expected to enable the stakeholders to capitalize on prevailing market opportunities.
- The report provides data for 2014 and year-on-year forecasts from 2016 to 2022.
- Comprehensive analysis of all geographical regions is provided to determine the prevailing opportunities.
- Extensive analysis is conducted by closely following key product positioning and monitoring the top contenders within the market framework.
Intraocular Lens Market Key Segments:
- Monofocal Intraocular Lens
- Premium Intraocular Lens
- Toric Intraocular Lens
- Multifocal Intraocular Lens
- Accommodating Intraocular Lens
- Blue Light Filtering Intraocular Lens
- Phakic Intraocular Lens
- Aspheric Intraocular Lens
- Polymethylmethacrylate (PMMA)
- Hydrophobic Acrylic
By End User
- Ambulatory Surgery Centers
- Ophthalmology Clinics
- Eye Research Institutes
- North America
- Rest of Europe
- South Korea
- New Zealand
- Rest of Asia-Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA