The global intraocular lens market is likely to witness high growth opportunities birthing with the rise in prevalence of cataract all across the world. Intraocular lenses (IOLs) are medical devices that are implanted inside the eye to replace the eye’s natural lens when it is removed during cataract surgery.
IOLs also are used for a type of vision correction surgery called refractive lens exchange. Growth in geriatric population susceptible to ocular conditions, rise in prevalence of cataract, and increase in initiatives taken by government to eliminate avoidable blindness are expected to drive the growth of the global intraocular lens market.
Global Intraocular Lens Market was valued at $3,306 million in 2018 and is expected to garner $4,973 million by 2023, registering a CAGR of 5.9% during the forecast period.
The global intraocular market is classified into Monofocal IOL, Toric IOL, Multifocal IOL, Accommodative IOL, and others. Monofocal IOL helps in restoration of vision.
The global intraocular lens market is expected to grow in the forecast period due to growing number of vision correction procedures, advances and innovations in intraocular lens products and cataract procedures and increasing prevalence of cataract. Intraocular Lens research report also provides granular analysis of the market share, segmentation, revenue forecasts and geographic regions of the market.
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Top Key Players
Abbott Medical Optics Inc., Adoptics AG, AkkoLens International BV, Alcon, Inc., Anew Optics, Inc., Bausch & Lomb Inc., Calhoun Vision, Inc., Clarvista Medical, Inc., Elenza, Inc., Eye4Vision Ophthalmics International and EyeKon Medical Inc. amongst others.
North America dominated the IOL market in 2018 due to large number of aging population and availability of reimbursements. Rising rates of the cataract and other ophthalmic issue are impelling the development of the region.
The report provides both, qualitative and quantitative research of the market, as well as strategic insights along with developments that are being adopted by the key contenders. The report also offers extensive research on the key players in this market and detailed insights on the competitiveness of these players.
However it has been noticed that high cost of intraocular lens along with strict regulations in fetching approval does not abode well in the growth of the market. These are likely to deter the growth of the market during the assessed period.
The report acknowledges that in these growing and promptly enhancing market circumstances, the most recent advertising and marketing details are very important to determine the performance in the forecast period and make essential choices for profitability and growth of the Intraocular Lens Market.
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Diabetic patients are susceptible to macular degeneration, diabetic retinopathy, and cataract. Hence the increase in the diabetic population results in the rising need for IOLs.
On the basis of geography, the market is spread across Middle East & Africa, Asia-Pacific, Latin America, Europe, and North America. Amongst the pack, North America dominated the market and is likely to retain the position due to high level of awareness among general people, and rise in per capita expenditure on healthcare.
Apart from these, presence of major players in the regions pushes the region to flourish well. When it comes to technology the rate at which North America espouses it is exceedingly high, thus helping to bolster the market.
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