The Global Market for Intraocular Lenses (IOLs) is Projected to Reach US$4.7 Billion by 2020

Rising Prevalence of Cataract to Stimulate Demand for Intraocular Lenses, According to a New Report by Global Industry Analysts, Inc.

GIA announces the release of a comprehensive global report on Intraocular Lenses. The global market for Intraocular Lenses (IOLs) is projected to reach US$4.7 billion by 2020, driven by the rising prevalence of cataract among the aging population and strong adoption of premium IOLs.

Formation of cataracts is a part of the natural aging process and is therefore on the rise among the rapidly aging world population. Key factors driving growth in the market include growing awareness over the benefits of early intervention, and easy access to new technologies. Despite initial lethargy in adoption by surgeons, intraocular lens (IOL) implants are considered the standard treatment of care for cataract. Among the various types of ocular diseases, cataract is the most common cause of blindness, followed by glaucoma, AMD and DR. Cataract surgeries using IOLs are currently one of the most common and safest surgical procedures carried out worldwide. The IOL market is also benefiting from the development of premium intraocular lenses, adoption of which is driven by factors such as superior visual outcomes, and long term safety, efficacy, and rotational stability. While improved access to superior medical technologies drives growth in developing countries, the continued shift towards premium IOLs including toric, accommodative and multifocal IOLs, is fuelling demand in developed countries. Premium IOLs are forecast to witness strong growth aided by their effectiveness and ability to offer patients superior spectacle-free vision post cataract procedure.

The market for IOLs is characterized by incremental improvements in lens design and materials, and patient outcomes. Established monofocal technology continues to dominate the market, supported by superior patient outcomes and reimbursement benefits. New-generation presbyopia-correcting multifocal and accommodative lens are also witnessing strong growth. Rapid developments have also assisted in reducing size of the lens enabling their use in microincision surgeries, which are growing in popularity, encouraged by benefits such as reduced post-operative trauma and faster patient recovery. From monofocal lenses to aspheric accommodative IOLs, and from the use of hard, non-foldable materials to the present day’s flexible acrylic materials, there have been significant innovations in IOLs to enhance visual outcomes.

As stated by the new market research report on Intraocular Lenses, the United States represents the largest market worldwide. Growth in the country mainly comes from the aging population, higher penetration of premium IOLs, favorable reimbursements for cataract procedures using standard IOLs, and the relatively greater expenditure on healthcare. Asia-Pacific is forecast to emerge as the fastest growing market with a CAGR of 8.3% over the analysis period.

Key players covered in the report include Abbott Medical Optics Inc., Alcon Inc., Bausch & Lomb Inc., Carl Zeiss Meditec AG, Hoya Corporation, OPHTEC BV, Rayner Intraocular Lenses Limited, STAAR Surgical Company, and The HumanOptics AG, among others

The research report titled “Intraocular Lenses: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, company profiles, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections in US$ and units (volume analytics for US, Japan and Europe only) for all major geographic markets including the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Latin America (Brazil and Rest of Latin America), and Rest of World. Product segments analyzed include Standard Intraocular Lenses and Premium Intraocular Lenses.

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