Intraocular Lens (IOLs) Market size is projected to experience significant growth from 2018 to 2024. Rising number of cataract surgeries worldwide will stimulate intraocular lenses (IOLs) market growth in forthcoming years. Cataract is common cause of vision loss across the globe. According to the International Agency for the Prevention of Blindness (IAPB), in 2017, about 4,414 citizens underwent cataract surgery in Zambia and its demand is estimated to increase significantly in recent years. In addition, increasing awareness factor and initiatives undertaken by various communities to educate as well as acknowledge benefits of vision correction surgery will augment business growth.
Accelerating geriatric population around the world, prone to various eye disorders will accelerate intraocular lens business growth. Eye disorders such as glaucoma, cataract, age-related macular degeneration (AMD), retinal detachment and other disorders are commonly found in elderly population. For instance, age-related AMD is the leading reason of vision loss in American population aged above 65 years. Thus, escalating elderly population should drive the demand for IOLs over the upcoming period.
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However, dearth of skilled professionals for performing ophthalmological surgery as well as proper insurance coverage in developing nations can impair intraocular lens industry growth during the coming years.
Monofocal lens segment will grow at significant CAGR over the forecast period. Monofocal lens are the most commonly used intraocular lens with fixed focal length. Achievement of optimal results contribute to high customer preference. Benefits such as combination of monofocal lens with laser vision correction surgery will positively impact segmental growth during the forthcoming years.
Acrylic material segment will witness lucrative growth owing to its advantages including its foldable nature at normal temperature. High refractive index, low water content and greater memory further contributes to the benefits offered by material type. Aforementioned advantages will remarkably drive the demand for acrylic IOLs in foreseeable future.
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Clinics end-use segment will show momentous growth due to improving healthcare infrastructure across emerging economies. Availability of wide range of treatment options for vision correction in ophthalmological clinics should accelerate demand for IOLs in clinics. In addition, availability of reimbursement policies in developed nations such as U.S. and Canada will impel segmental growth during the forecast period.
U.S. intraocular lens (IOLs) market is forecasted to grow substantially over the projected period. Increasing incidence of ophthalmological disorders across the country coupled with aging population should positively impact IOLs business growth. Additionally, growing patient pool suffering from diabetes that may potentially lead to glaucoma and other vision disorders will highly contribute to greater product demand. Favorable Medicare scenario for patients will further propel U.S. intraocular lens (IOLs) industry growth in coming years.
Some of the major industry players of global intraocular lens (IOLs) market include Alcon, Bausch + Lomb, Carl Zeiss Meditec, Johnson & Johnson and Staar Surgical Company. Firms are focusing on strategic alliances such as acquisitions along with novel product launch to increase their business revenue size and market presence. For instance, in October 2015, Bausch + Lomb acquired Synergetics USA Inc. This strategy will expand company’s retinal surgery product portfolio.
Intraocular Lens (IOLS) Market By Type, 2013-2024 (USD Million)
- Monofocal Lens
- Multifocal Lens
- Accomodating Lens
- Toric Lens
Intraocular Lens (IOLS) Market By Material, 2013-2024 (USD Million)
- Polymethyl Methacrylate (PMMA)
Intraocular Lens (IOLs) Market By End-use, 2013-2024 (USD Million)
- Ambulatory Surgical Centers
- Bausch + Lomb
- Carl Zeiss Meditec
- Eyekon Medical
- Hoya Corporation
- Johnson & Johnson
- Rayner Intraocular Lenses
- SAV IOL
- Staar Surgical Company