Global Intraocular Lens Market: Overview
Cataract is an eye disease characterized by cloudiness / opaqueness of the natural lens of the eye, which leads to diminished vision, and if not treated leads to permanent loss of vision. Intraocular Lens is a type of lens implanted in the eye, for the treatment of cataract. Cataract is considered as one of the most common eye disease, and World Health Organization estimates that cataract is responsible for an estimated 50% of causes of blindness, in the world. Cataracts are of different types depending upon the cause, such as secondary cataracts, traumatic cataract, congenital cataract, and radiation cataract. Various types of intraocular lenses are available for treatment of cataract such as monofocal IOL, multifocal IOL, toric, accommodative IOL, and other IOL’s such as light filtering IOL’s, Phakic, aspheric IOL’s among others.
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The market overview section of the report comprises qualitative analysis of the overall intraocular lens market considering the factors determining the market dynamics such as drivers, restraints and opportunities, along with Porter’s five force analysis and market attractiveness analysis. In addition, such as market opportunity analysis for the product type, and end users, and key industry developments has also been provided. Key industry developments include the major events occurred in past decade and are expected to occur during the forecast period which are likely to affect the market dynamics.
Hospitals to Lead Global Market as Cataract Procedures Continue to be on the Rise
On the basis of end users, the global intraocular market is segmented into hospitals, ambulatory surgery centers, ophthalmology clinics, and eye research institutes. The hospitals are expected to account for the highest share in the global market by the end of 2024. By the end of 2024, the hospital segment is expected to reach a valuation of US$1.7 bn. This end-user segment will receive a boost from growing number of cataract procedures performed at hospitals and improving healthcare infrastructure in emerging economies. Of all the regions, North America is expected to dominate global market as it is poised to expand at a CAGR of 38.1% between 2016 and 2024.
High Prevalence of Ophthalmic Conditions Augment Demand for Intraocular Lens
The global intraocular lens market has been witnessing a spike in recent years due to the high prevalence of ophthalmic and ocular conditions across the globe. The American Association of Ophthalmology (AAO) states that cataract will continue to be the most popular condition responsible for visual impairment in the coming years. The increasing pool of geriatrics, who are susceptible to ocular conditions will also be responsible for the growth of the global intraocular lens market. The increasing awareness amongst the aged about issues associated with impaired vision is also expected to drive the global market in the coming years.
The increasing adoption of premium IOL’s has also fueled the growth of this market in recent years. The phenomenal technological advancements and consistent innovation in premium IOL intraocular lenses have made a significant contribution to the rising sales of intraocular lenses market. Increasing number of users are opting for premium IOLs despite their higher pricing as they offer improved visual performance, ensure reduced rates of astigmatism, and better spectacle independence. The growing number of diabetics who are susceptible to cataracts, macular degeneration, and glaucoma are also anticipated to boost the progress of the overall market. Lastly, the outstanding innovations in the IOL products and procedures will also be responsible for the soaring progress of the global market in the coming few years.
High Cost of Treatment and Poor Reimbursement Policies Hamper Market Growth
On the other hand, the high cost associated with cataract surgery and the additional cost of intraocular lenses are expected to hamper the growth of the global market in the near future. Furthermore, the cost of pre and post-operative drops, medications, and tablets is also expected to raise the overall cost of the procedure, which is dissuading several patients. The market is also likely to be hampered by the lack of reimbursement policies pertaining to implantation of intraocular lenses.
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