Intraocular Lens Market to Grow at a High CAGR by 2026embed
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.
Intraocular Lens Market Projected to witness a Single Digit CAGR during 2018 - 2026 Intraocular Lens Market, by Flexibility (Folded and Rigid), by Product Type (Premium Intraocular Lens (Multifocal Intraocular lens, Accommodating Intraocular lens and Toric Intraocular lens), Monofocal Intraocular Lens, Preloaded Intraocular Lens, Others), By Material (Polymethylmethacrylate, Silicone, Hydrophilic, Hydrophobic Acrylic), By End User (Hospitals, Ambulatory Surgery Centers, Eye Research Institutes and Ophthalmology Clinics), and By Geography - Global Forecast to 2025 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. The Global Intraocular Lens Market was valued at US$ 3.8 billion in 2017 and is expected to witness a CAGR of 7.5% over the forecast period (2017 – 2025). 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. Market Dynamics 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. Ask For Sample Copy Of This Business Research Report : https://www.coherentmarketinsights.com/insight/request-sample/690 Increasing numbers of cataract surgeries, coupled with growing demand for multi-distance vision lens and significant increase in awareness programs for cataract patients by various government and private organizations are expected to augment growth of the intraocular lens market over the forecast period. Moreover, adoption of advanced technologies in cataract surgery and entry of various market players offering technologically advanced intraocular lens with affordable costs are further expected to drive growth of intraocular lens market. Competitive Analysis Major players operating in market include 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. Detailed 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 •Global Intraocular Lens Market, By Material: •Polymethylmethacrylate (PMMA) •Silicone •Hydrophillic •Hydrophobic Acrylic Increasing number of Cataract Surgeries is expected to Drive Growth of the Intraocular Lens Market 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. About Coherent Market Insights: Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity. Contact Us: Mr. Shah Coherent Market Insights 1001 4th Ave, #3200 Seattle, WA 98154 Tel: +1–206–701–6702 Email: [email protected]