The Global Intraocular Lenses Market is Projected to Reach US$5.8 Billion by 2024
Rising Cataract Prevalence
and Increasing Adoption of Premium IOLs to Drive Growth in the Global
Intraocular Lenses Market, According to a New Report by Global Industry Analysts,
Inc.
GIA
launches comprehensive analysis of industry segments, trends, growth drivers,
market share, size and demand forecasts on the global Intraocular Lenses market.
The global Intraocular
Lenses market is projected to reach US$5.8 billion by 2024, driven by the rapidly
rising prevalence of cataract due to an aging global population, and the rising
adoption of premium IOLs.
Ophthalmic
and ocular disorders including cataract have emerged as a major burden on the
economy and healthcare systems of countries across the world, bringing forth
the need for developing effective treatment approaches to prevent avoidable
blindness. One treatment method that is growing in popularity involves the use
of intraocular lens (IOLs), an implantable device that finds use as a
replacement to the eye’s natural lens during cataract surgeries. Rising
popularity of these implantable devices has elevated them to an unassailable
position in the cataract surgery market. As an effective substitute for clouded
natural lenses, IOLs are widely used in cataract and refractive surgeries.
Growth
in the global IOL market is traditionally driven by the growing number of
cataract and refractive surgeries performed every year. With cataract
recognized as a major health concern and a leading cause of blindness in the
world, the number of individuals undergoing vision correction surgery continues
to grow, thus aiding growth of intraocular lenses market. The world’s rapidly
aging population and increasing incidence of cataract and other ocular
disorders with advancing age are enhancing demand for IOLs implantations. The
market is also being fueled by the rapidly growing demand for minimally
invasive surgeries being used for cataract surgery, as these surgeries promise
better visual results and lower risk associated with the treatments. Also
driving growth in IOL procedures are the efforts of several governments across
the globe for creating awareness to prevent avoidable blindness. Driven by the
emergence and availability of sophisticated technologies such as femtosecond lasers and micro-incision cataract
surgery, the market for IOLs is expected to remain buoyant through the
forthcoming years. The growing preference for multi-distance vision capability
and foldable lenses will continue to gain traction through the coming years,
thereby driving demand for lenses such as accommodating and multifocal IOLs,
aspheric optics, and phakic IOLs, among others.
Global
demand for intraocular lenses is witnessing growth led by the advent of
innovative variants of IOLs and the rising adoption of high-end intraocular
lens such as multifocal intraocular lens, accommodating IOLs, and toric IOLs. Multifocal lenses have
emerged as a major advancement to offer a spectacle-free, multiple distance
vision, while accommodating lenses are witnessing significant advancements to
restore superior vision using natural accommodative effects in the eye. IOLs
are also making a significant mark in the use of correcting refractive errors
through Phakic IOLs. Though the established monofocal technology continues to
dominate the market, thanks to higher predictability in outcomes and
reimbursement benefits associated with them, the new age presbyopia-correcting
multifocal and accommodative lens are gaining share in the market. Increase in
the number of multifocal optic designs, growing range of available multifocal
and accommodative toric IOLs, increased variety of toric optics and advent of
new types of accommodative IOLs promising wider vision range are some of the
enhancements being seen in the IOL market.
As
stated by the new market research report on Intraocular Lenses, the United States represents
the largest market, worldwide. Rise in cataract incidence, relatively greater
expenditure on healthcare, rising demand for premium IOLs from patients, and
steady increase in adoption of advanced technology-based products and
procedures are driving growth in the country. Asia-Pacific is forecast to
register the fastest CAGR of 7.1% over the analysis period, driven by the aging
population and the rising incidence of cataract. Rising awareness levels about
preventable blindness and cataract especially in China and India also bode well
for the market.
Major
players in the market include Alcon Inc., Bausch & Lomb Inc., Carl Zeiss
Meditec AG, EyeKon Medical Inc., Hoya Corporation, Johnson & Johnson Vision
Care Inc., Lenstec, Inc., OcuLentis, OPHTEC BV, PhysIOL s.a., 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, mergers, acquisitions and other strategic industry
activities of global companies. The report provides market estimates and
projections, in dollar terms, for all major geographic markets such as the US,
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. The market is analyzed by the
segments – Standard Intraocular Lenses and Premium Intraocular Lenses. In
volume terms, the Intraocular Lenses market is analyzed for the US, Japan and
European markets.
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