Intraocular Lens Market Growth Boosted by Cataract Surgeries
Intraocular lens (IOLs) are medical devices implanted inside the eye to replace natural lens when it is removed during cataract surgery. Intraocular lens area also used during few vision correction surgery. Depending on patient’s visual need and lifestyle; wide variety of intraocular lens are present in the market, including aspheric IOLs, toric IOLs, multifocal IOLs, monofocal IOLs, accommodating IOLs, preloaded IOLs, and among others. Moreover, depending on need during cataract surgery and in order to get recommended results; surgeons can mix two different multifocal lens or two different types of intraocular lenses. Increasing government initiatives and awareness programs for cataract patient with aim to eliminate blindness, coupled with growing prevalence of cataract surgeries and introduction of new affordable intraocular lens by various key players are expected to drive growth of the intraocular lens market over the forecast period. Furthermore, significant increase in aging population, high prevalence of diabetes, exposure to ultraviolet sunlight, and family history are the factors contributing to the growth of the global market. For instance, according to American Diabetes Association (ADA) in 2015, around 30.3 million Americans or 9.4% of the population had diabetes, which are likely to develop glaucoma and cataract.
Key Players Profiled in the Intraocular Lens Market Report are as follows: STAAR Surgical Company, HOYA Corporation, Lenstec, Inc., Ophtec BV, Johnson & Johnson, Alcon, Bausch & Lomb Incorporated, Carl Zeiss Meditec AG, Rayner Intraocular Lenses Limited, and HumanOptics AG.
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Diabetes, prolonged exposure to sunlight, consumption of tobacco and alcohol are the major factors causing cataract and rising number of cataract patients increasing the demand for cataract surgeries. In addition to this, rising diabetes patients has led to increase in number of cataract surgery, as diabetes is a major cause of blindness. According to World Health Organization (WHO), around 422 million people were suffering from diabetes in 2014. Moreover, according to WHO in 2017, an estimated 253 million people were suffering from vision impairment, out of which around 36 million population was blind and 217 million had moderate to severe vision impairment. The cataract is a major cause of blindness in America, as it is related to the aging process. According to WHO in 2017, occurrence of cataract globally is 46%, which supports the growth of intraocular lens market.
The increasing government initiatives and awareness campaign to spread the awareness among cataract patients and the increasing prevalence of diabetes may shift the patient towards the cataract surgery, in turn boosting growth of the intraocular lens market during the forecast period. For instance, according to the International Diabetes Foundation (IDF) 2017 statistics, the number of people with diabetes aged between 20 to 79 years are increasing, globally. Among which, Africa (156%) is accounted to register the highest diabetic population, followed by Middle East (110%), South East Asia (84%), Latin and Central America(62%), North America (35%), Europe (16%) and Western Pacific (15%). Moreover, cataract is major cause of blindness, which is projected to fuel growth of the intraocular lens market over the forecast period.
For instance, according to National Federation of the Blind, 2014 data findings, an estimated around 10 million people in the U.S. are blind or visually impaired. According to European Blind Union, in 2016, over 30 million people are partially sighted or blind in Europe and an average of 1 in 30 Europeans experience sight loss. According to World Health Organization (WHO) 2010 fact sheet, cataract accounted for around 50% of blindness in China. Furthermore, according to National Center for Biotechnology Information (NCBI), 2010 data findings, an estimated 11.2 million people above age 40 years suffered from glaucoma in India.
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Intraocular Lens Market Segmentation:
- Global Intraocular Lens Market, By Flexibility:
- Folded
- Rigid
- Global Intraocular Lens Market, By Product Type:
- Premium Intraocular Lens
- Multifocal Intraocular lens
- Accommodating Intraocular lens
- Toric Intraocular lens
- Monofocal Intraocular Lens
- Preloaded Intraocular Lens
- Others
- Premium Intraocular Lens
- Global Intraocular Lens Market, By Material:
- Polymethylmethacrylate (PMMA)
- Silicone
- Hydrophillic
- Hydrophobic Acrylic
- Global Intraocular Lens Market, By End User:
- Hospitals
- Ambulatory Surgery Centers
- Eye Research Institutes
- Ophthalmology Clinics
The report answers questions such as:
• What is the market size and forecast of the Intraocular Lens market?
• What are the inhibiting factors and impact of COVID-19 shaping the Intraocular Lens market during the forecast period?
• Which are the products/segments/applications/areas to invest in over the forecast period in the Intraocular Lens market?
• What is the competitive strategic window for opportunities in the Intraocular Lens market?
• What are the technology trends and regulatory frameworks in the Intraocular Lens market?
• What are the modes and strategic moves considered suitable for entering the Intraocular Lens market?
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