StemCell Therapy

Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Intraocular Lens market.

Trusted Business Insights presents an updated and Latest Study on Intraocular Lens Market 2019-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market.The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Intraocular Lens market during the forecast period (2019-2029).It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.

Get Sample Copy of this Report @ Intraocular Lens (IOL) Market Size, Share & Industry Analysis, By Type (Monofocal Intraocular Lens and Premium Intraocular Lens (Multifocal Intraocular Lens, Toric Intraocular Lens, and Others)), By Material (Polymethylmethacrylate (PMMA) and Foldable (Hydrophobic Acrylic, and Silicone & Collamer)), By End User (Hospitals & Ambulatory Surgery Centres, and Academic & Research Institutes) and Regional Forecast, 2020-2029 (Includes COVID-19 Business Impact)

The global Intraocular Lens (IOL) market size was USD 3,159.3 million in 2018 and is projected to reach USD 5,318.8 million by 2026, exhibiting a CAGR of 6.8% during the forecast period.

We have updated Intraocular Lens Market with respect to COVID-19 Impact.Inquire before buying

Cataract is one of the leading causes of blindness. Cataract removal is estimated to be the most common ophthalmic surgery across the globe. The intraocular lens is an artificial lens that is implanted in the eye during cataract procedures. Owing to strong government support and favorable reimbursement, more and more patients are undergoing cataract surgery. This has surged the adoption of an intraocular cataract lens. Initiatives to decrease the prevalence of cataract and an increasing number of NGOs providing free eye examinations and surgery are positively impacting the market.

The huge demand for the intraocular cataract lens has triggered the manufacturers to conduct research and development activities to provide advanced lenses that would help the patients with both near and distant vision. Many players are now focused on providing the trifocal, toric lens, and aspheric lenses that eliminate the need for wearing spectacles. For example, in December 2019, Johnson & Johnson Vision announced the U.S. launch of Tecnis Toric II, an intraocular cataract lens for correction of astigmatism in cataract patients. Furthermore, with the introduction of femtosecond laser-assisted cataract surgery, the demand for IOL is projected to increase by many folds.

MARKET DRIVERS

Increasing Number of Cataract Surgeries to Surge Demand for IOLCataract surgery is one of the most common ophthalmic procedures across the world. The rising prevalence of cataract and blindness associated with cataract has resulted in increasing the volume of cataract surgeries that are performed around the world. According to Eurostat, 4.5 million cataract procedures were performed in the European Union (EU) member states in 2016. This rising number of cataract procedures is anticipated to drive the IOL market revenue during the forecast period.

Furthermore, the rising prevalence of blindness and cataract is also one of the major reasons contributing to the expansion of the market. According to WHO, cataract is responsible for 47% of the world blindness and this is expected to favor the IOL market growth during the forecast period.

Launch of Several Government Initiatives for Cataract Elimination to Boost Market

The rising prevalence of cataract possesses an economic and health burden in many countries. This has resulted in the launch of various initiatives by the government for the elimination of cataracts. Vision 2020 is one such global initiative launched by the International Agency for the Prevention of Blindness (IAPB), with the aim to eliminate the main causes of avoidable blindness from the world. In addition, there is active participation by the government to achieve the target of Vision 2020 through reimbursement, eye checkup camps, and others. This is anticipated to accelerate the intraocular lens market growth in the forthcoming years.

SEGMENTATION

By Type Analysis

Monofocal Intraocular Lens Segment to Dominate Backed by Cost-effective NatureOn the basis of type, the market can be segmented into monofocal intraocular lens and premium intraocular lens. The premium intraocular lens segment is further classified into a multifocal intraocular lens, toric intraocular lens, and others. Monofocal intraocular lens segment is anticipated to dominate the IOL market share throughout the forecast period. Low pricing of monofocal lens compared to premium ones and favorable government reimbursement policies are the major factors attributable to the dominant share of monofocal IOLs.

On the other hand, premium IOLs have less penetration than monofocal IOLs. Also, many government-aided insurance policies do not cover the cost of premium IOLs and hence, the patient has to pay from their own pockets. Moreover, the advantages of the premium lenses over monofocal and the increasing preference for toric lenses are anticipated to drive the premium intraocular lens segment.

By Material Analysis

Foldable Segment to Witness a Remarkable Growth Owing to High Demand for Hydrophobic AcrylicBased on material, the market can be segmented into polymethylmethacrylate (PMMA) and foldable. The foldable segment is further divided into hydrophobic acrylic, hydrophilic acrylic, and silicone & collamer. The foldable segment is estimated to acquire a major portion of the market, primarily owing to its high refractive index and low water content, which is propelling its preference. Moreover, as intraocular cataract lenses are made from foldable material, they can be inserted through small incisions and are more widely used in cataract surgery. This intraocular lens market trend is anticipated to favor the growth of the foldable segment during the forecast period.Polymethylmethacrylate (PMMA) was the first material used for making the intraocular lens. Intraocular cataract lenses made from PMMA are significantly used in Europe and the rest of the world. This, coupled with the rising prevalence of cataract, is likely to favor the expansion of the polymethylmethacrylate (PMMA) segment during the forecast period.

By End User Analysis

Availability of Free Cataract Surgery to Drive the Growth of Hospitals & ASCs SegmentOn the basis of the end user, the market is segmented into hospitals & ambulatory surgery centers (ASCs), specialty clinics, and academic and research institutes. In terms of revenue, hospitals & ambulatory surgery centers segment accounted for the maximum portion of the market in 2018. An increase in the number of government hospitals and NGOs providing free of cost cataract surgeries, favorable health reimbursement, and increasing demand for daycare surgeries in hospitals are some of the major IOL market trends that are responsible for the growth of the segment.An increasing number of ophthalmic surgeons, a rising number of standalone eye clinics, and a significant increase in the number of cataract surgery in outpatient settings are expected to augment the expansion of the specialty clinics segment. Unite for Sight is an organization that provides financial and human resources to eye clinics around the globe. The increasing presence of such organizations to support eye clinics is also expected to boost the growth of this segment. The academic and research institutes segment is likely to propel owing to the active government efforts to train the ophthalmologists and an increasing number of doctors opting for fellowship programs to learn about the latest medical technologies.

REGIONAL ANALYSIS

North America generated a revenue of USD 892.9 million in 2018 and is projected to dominate the market throughout the forecast period. Technological advancement, such as custom cataract lens & Extended Depth of Focus (EDoF), and new product launches are the main reasons for the dominant North America IOL market share. According to the America Academy of Ophthalmology, 50 million people are projected to have a cataract in the U.S. by 2050. This is expected to favor the demand for an intraocular cataract lens in the U.S. during the forecast period.North America Intraocular Lens (IOL) Market Size, 2018

In Europe, the IOL market is anticipated to expand, owing to the increasing number of cataract surgery, rising adoption of femtosecond lasers for cataract surgery, and increased preference for toric lenses. According to Eurostat, in Germany, Italy, and Spain, the number of cataract surgeries performed per 1,000 populations in 2016 were 10, 9, and 7 respectively. This, coupled with the presence of various manufacturers in Europe, is expected to contribute to the growing demand for an intraocular cataract lens.

In Asia Pacific, the market is estimated to flourish owing to the rising prevalence of diabetes and cataract. Furthermore, increasing the volume of cataract surgery and strong government support are projected to boost the market for intraocular cataract lens. According to the National Programme for Control of Blindness and Visual Impairment (NPCB&VI), over 6.4 million surgeries were performed in India during 2016-2017. Such a high volume of cataract operations in India, China, and Japan are expected to augment the IOL market size in Asia Pacific. Increasing governmental efforts to improve the cataract surgical rate (CSR), rising number of ophthalmologists and rapid adoption of teleophthalmology are estimated to expand the intraocular lens market share in Latin America and the Middle East and Africa.

INDUSTRY KEY PLAYERS

Alcon and Johnson & Johnson Services, Inc. to Emerge as Leading PlayersIn terms of intraocular lens market revenue, Alcon and Johnson & Johnson Services, Inc. accounted for a leading position. Alcon had the highest IOL market share owing to the high demand and preference for AcrySof IOL. Increased efforts of the company to increase the penetration of premium lenses is the major reason for driving the growth of the company. The market shares of Johnson and Johnson Services, Inc. had increased drastically owing to the acquisition of Abbott Medical Optics in February 2017. Apart from this, increasing sales of the companys IOLs is anticipated to strengthen its position.

List Of Key Companies Profiled:

REPORT COVERAGE

Cataract is regarded as the leading cause of blindness in the world. Many programs are initiated to decrease the burden of cataract. This has resulted in increasing the number of cataract procedures and which, in turn, has surged the demand for an intraocular cataract lens. Furthermore, technological advancements, such as trifocal IOLs, accommodating IOLs, and others are expected to boost the adoption of IOL in the coming years. The report provides qualitative and quantitative insights on the global intraocular lens market trends and detailed analysis of market size & growth rate for all possible segments in the market.

An Infographic Representation of Intraocular Lens Market

View Full Infographic

To get information on various segments, share your queries with us

The report provides a detailed analysis of the market and focuses on key aspects such as leading companies, competitive landscape, and product types. Besides, the report offers insights into the market trends and highlights key industry developments, such as mergers, acquisitions, and partnerships. In addition to the aforementioned factors, the report encompasses several key insights, such as the number of cataract surgery for key countries, prevalence of cataract for key countries, regulatory scenario for key countries, reimbursement scenario for key countries, new product launches, an overview of government cataract initiatives, etc.

Report Scope & Segmentation

Segmentation

By Type

By Material

By End User

By Geography

INDUSTRY DEVELOPMENT:

December 2019: Johnson & Johnson Vision announced the U.S. launch of Tecnis Toric II, an intraocular lens for the correction of astigmatism in cataract patients.

August 2019: Alcon announced the launch of AcrySof IQ PanOptix Trifocal Intraocular Lens in the U.S. The product is designed to deliver near and distance vision without the requirement of glasses.

February 2017: Johnson & Johnson Vision completed the acquisition of Abbott Medical Optics, which strengthened the companys position in the ophthalmic devices market.

Looking for more? Check out our repository for all available reports on Intraocular Lens in related sectors.

Quick Read Table of Contents of this Report @ Intraocular Lens (IOL) Market Size, Share & Industry Analysis, By Type (Monofocal Intraocular Lens and Premium Intraocular Lens (Multifocal Intraocular Lens, Toric Intraocular Lens, and Others)), By Material (Polymethylmethacrylate (PMMA) and Foldable (Hydrophobic Acrylic, and Silicone & Collamer)), By End User (Hospitals & Ambulatory Surgery Centres, and Academic & Research Institutes) and Regional Forecast, 2020-2029 (Includes COVID-19 Business Impact)

Trusted Business InsightsShelly ArnoldMedia & Marketing ExecutiveEmail Me For Any ClarificationsConnect on LinkedInClick to follow Trusted Business Insights LinkedIn for Market Data and Updates.US: +1 646 568 9797UK: +44 330 808 0580

Read the original post:
Global Intraocular Lens (IOL) market size was USD 3159.3 million in 2018 and is projected to reach USD 5318.8 million by 2026, exhibiting a CAGR of...

This entry was posted on August 26, 2020 at 3:52 pm and is filed under Blindness. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed. |