Intraocular lens (IOL) is inserted in the eyes of the patients suffering from myopia or cataracts. The lenses are inserted inside the eye, after removal of cataract crystalline. After the cataract surgery intraocular lens replaces the focusing power of natural lens. The pseudophakic intraocular lens (PIOL) switches with original crystalline lens to deliver the light focusing function which was originally undertaken by crystalline lens. Another type of IOL named phakicis is placed over the existing natural lens. This type of lens is used in refractive surgery to increase the optical power of an eye as a treatment for myopia or nearsightedness. IOL consists of minor plastic lens with plastic struts named haptics. Cataract or myopia vision can be restored by three methods. The first method is use of glasses to restore vision. The second method is to wear a contact lens to correct myopia or cataract vision. Third method describes placement of permanent intraocular lens inside the eye.
The global market for intraocular lens can be segmented as follows:
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By product types
Geriatric population is at high risk of suffering from myopia or cataract. Thus, with rapid increase in geriatric population the global market for intraocular lens is also expected to grow. In addition, technological advancements in intraocular lens market also further accentuate the market growth. Moreover, rising adoption of premium intraocular lens such as multifocal IOLs, toric IOLs and accommodating IOLs are further accentuating the global market for intraocular lenses during the forecast period. However, high cost associated with surgical procedures for the placement of intraocular lens inside the eye might restrict the global market of intraocular lens. In addition, post operative refractive error might be a crucial concern that can pose serious threat for the demand of intraocular lens market.
North America dominates the global intraocular lens market owing to large number of cataract surgeries performed every year. For instance, Society of Cataract and Refractive Surgery (ASCRS) estimated that around 3 million cataract surgeries are performed in the U.S. every year. In addition, government initiatives and favorable reimbursement scenario also drives the growth of intraocular lens market in North American region. Moreover, technological advancements in intraocular lens surgical procedure also further accentuates the global market for intraocular lens during the study period. Europe represents the second position in the global market of intraocular lens due to the presence of large geriatric population in European region. In addition, initiatives taken by government for the benefit of people to perform cataract surgery also propel the growth of intraocular lens market in this region. Asia-Pacific and RoW represents the third and fourth position in the global market for intraocular lens due to lack of proper healthcare facilities (refractive surgery) in few remote areas of Asian (India, Bangladesh, Pakistan) and African countries (Egypt, Libya, Sudan). Moreover, high cost of performing cataract surgery is a barrier for intraocular lens market growth in the developing and underdeveloped countries in the world especially in Asian and African continent.
Various key players contributing the global market share of intraocular lens market includes Abbott Medical Optics, Carl Zeiss, Bausch & Lomb, Eyekon Medical, Lenstec, Humanoptics, Novartis AG, Morcher GmbH, Ophtec BV, Oculentis BV, Ophtec USA, PowerVision, Physio SA, Rayner Intraocular Lenses, Staar Surgical Company, Santen Pharmaceutical and Wavelight AG among others.
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