According to a research report published by Grand View Research, Inc.; the global Intraocular Lens (IOL) market is expected to reach a valuation of USD 5.54 billion by 2025. Factors such as rising cases of cataract and blindness are projected to fuel the market growth over the forecast period (from 2018 to 2025). Increasing target population base that is prone to developing ocular conditions, such as glaucoma, is also likely to propel the market expansion in the coming years. In addition, increased healthcare spending along with growing number of ophthalmologists are also supporting the market development.
Rising cases of diabetic retinopathy are also likely to boost the market demand in the near future. On the other hand, post-surgical complications may restrain the IOL demand. Moreover, high costs associated with post-treatments are also likely to hinder the market growth. However, the availability of highly developed surgical options for cataract treatment such as advanced micro-incision surgery and femtosecond lasers is likely to boost the market growth. In addition, demand for premium IOL, due to their advantages including multifocal aperture, enhanced visualization, and greater precision, would further augment the market development.
Full research report on Intraocular Lens (IOL) market analysis:
Worldwide intraocular lens market is segmented on the basis of product, end-use, and region. Based on product, the market is split into monofocal IOL, multifocal IOL, toric IOL, and accommodative IOL. The multifocal IOL segment emerged as the largest segment. These lenses offer multifocal apertures and help solve issues like presbyopia and astigmatism. The toric IOLs are anticipated to replace the traditional incision procedures to correct vision impairments caused due to astigmatism. Based on end-use, the market is categorized into hospitals, ophthalmic clinics, ambulatory care centers, and eye research institutes.
Hospitals segment accounted for the largest market share in the past due to availability of technologically advanced facilities for retinal scans and diagnosis of corneal disorders. The ambulatory surgery centers segment is expected to witness a rapid growth over the forecast period due to miniaturization of surgical devices. In addition, increasing CSR activities will also lead to the development of new hospital outpatient facilities, mainly for remote areas. Geographically, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa (MEA).
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In 2016, North America held the largest market share and is expected to remain the dominant regional market even during the forecast period. Rising cases of cataract and other ophthalmic disorders would propel the IOL demand thereby augmenting the region’s growth. Furthermore, positive regulatory and reimbursement policies for cataract treatments are also contributing toward the market expansion in this region. Asia Pacific is also likely to experience a substantial growth over the next few years. This growth can be attributed to the increasing demand for cataract and other retinal procedures due to the presence of target population base and high prevalence of diabetes.
In addition, flourishing healthcare tourism industry is also likely to contribute toward the market growth in emerging countries including China and India. Moreover, joint efforts of private and government organizations to develop eye care facilities and will also drive the market demand in the region. Government support for developing and commercializing affordable treatment options would also play a major role in the development of Intraocular Lens (IOL) market in the region. Leading companies operating in the market include Rayner; Lenstec, Inc.; EyeKon Medical, Inc.; Valeant Pharmaceuticals International, Inc.; Alcon, Inc.; and Johnson & Johnson
Popular strategies among these market pioneers include product portfolio expansion, R&D, and M&A and activities. Most of these companies emphasize on the development of cost-effective surgical procedures for ophthalmic disorders. For instance, Alcon Inc. recently launched AcrySof IQ PanOptix Toric astigmatism- and presbyopia-correcting IOLs. It is intended for patients suffering from pre-existing corneal astigmatism undergoing cataract surgery. It is designed for primary implantation in the posterior chamber’s capsular bag of the human eyes for visual correction of aphakia and pre-existing corneal astigmatism secondary to removal of a cataractous lens.
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