Aging Population, Increasing Prevalence of Cataract & Rising Adoption of Premium IOLs Drive Growth in the Global Intraocular Lenses Market
The
global Intraocular Lenses market is projected to reach US$5.7 billion by 2024,
driven by aging population, rising prevalence of cataract and other vision
impairment problems specifically in developing economies of the world. The
rising adoption of advanced and high cost premium IOLs is also expect to propel
growth.
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). A small artificial
device, IOL is implanted into the eye as a replacement for natural lens of the
eye following cataract or other vision correction surgeries. The use of IOLs is
advantageous for both surgeons and patients. While individuals benefit from the
enhanced refractive stability and improved vision offered by IOLs, surgeons
using IOLs benefit from the lack of intraoperative complications and the
relative ease of implantation.
Growth in the global market for intraocular .lenses
(IOLs) is determined by the number of cataract and refractive surgeries being
performed each year. The increasing prevalence of cataract across the world and
growing government efforts to raise awareness about cataract and its treatment
as part of efforts to prevent blindness
in developing economies, and the development and launch of advanced and
affordable IOLs by several leading market participants are some of the major
factors fueling growth in the IOLs market. Increasing occurrence of vision
problems among the elderly population, rising diabetes prevalence, and
excessive exposure UV light are also necessitating vision correction surgeries
involving the use of IOLs. The high susceptibility of aging population to
cataract and other ocular disorders with advancing age is also enhancing demand
for IOLs. One of the major factors influencing the IOL market is the
intensifying efforts of government as well as non-government agencies in
spreading awareness about cataract and related vision problems such as
blindness.
The constant decline in the costs of cataract surgeries
and rising awareness about healthcare in general and vision care in particular
present a favorable outlook for the market. Diabetic population at high risk of
developing conditions such as cataract and glaucoma is also driving demand for
IOLs. With the cataract surgery space witnessing significant advancements
leading to better effectiveness and enhanced safety, the number of people
opting for surgical treatment of ocular conditions such as cataract continues
to grow. Technological advancements in the cataract surgery space including micro-incision
cataract surgery (MICS) and femtosecond lasers are expected to positively
impact the global IOL market. Novel IOLs are being launched with consistently
high quality of vision, while trifocal IOLs have been launched for patients
with astigmatism, undergoing cataract surgery. These coupled with EDOF
(Extended Depth of Focus) IOLs are enabling small incisions to be used for
cataract surgeries, thus reducing the risk of corneal edema and endothelial
decompensation.
As stated by the new market research report on Intraocular
Lenses, the United States represents the largest regional market,
worldwide. The rising number of cataract cases and increase in other types of
ophthalmic problems in the country is contributing to the growth of IOLs
market. Further, growing diabetic population and their greater susceptibility
to ocular diseases such as glaucoma, diabetic retinopathy, and cataract also
presents favorable outlook for the market. Aging population at risk of being
affected by various ophthalmic issues, increasing healthcare spending, high
disposable incomes of people and rising per capita spending on healthcare also
augur well for the IOL market. The U.S. benefits from the increasing adoption
of premium IOLs, which are priced higher than standard IOLs. Asia-Pacific is
forecast to register the fastest CAGR of 7% over the analysis period. The large
pool of patients suffering from various ophthalmic issues specifically
cataract, growing awareness about the advantages of various vision correction
surgeries, improving healthcare infrastructure facilities, and availability of
government funding are driving growth in the region’s IOL market. With eye care
becoming part of public healthcare programs of regional governments, there is
tremendous potential for the IOLs market.
Major players in the market include Alcon Inc., Bausch +
Lomb Inc., Carl Zeiss Meditec AG, Aaren Scientific Inc., 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 - Market Analysis, Trends, and Forecasts ”
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 value 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 report analyzes the
Intraocular Lenses market by the segments – Standard IOLs and Premium IOLs. In
addition, the report analyzes the US, Japanese and European markets in unit
terms by the Segments – Standard IOLs, and Premium IOLs.
Global Industry Analysts, Inc. 6150 Hellyer Ave., San
Jose CA 95138, USA, All Rights Reserved.
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