Intraocular Lens Market Overview, Dynamics, Supply & Demand, Analysis & Forecast by 2023

Intraocular Lens Market Overview, Dynamics, Supply & Demand, Analysis & Forecast by 2023



Market Highlights

It is estimated that the global intraocular lens market is expected to register a CAGR of ~ 5.43% during the forecast period of 2018–2023 with an estimated market value of USD 3.54 billion in 2017. Intraocular lens is implanted inside the eye substituting the eye’s natural lens. These lenses are very effective in nature and are used for the correction of numerous eye defects such as astigmatism, presbyopia, near-sightedness (myopia), and among others.

The rising prevalence of eye diseases, and high rate of adoption of premium intraocular lens technology is expected to drive the growth of the market extensively. Also, increase in the geriatric population and the rise in diabetic population is estimated to drive the growth of the intraocular lens market. According to the data published in 2015 by the Centers for Disease Control and Prevention (CDC), Refractive errors are the most frequent eye problems in the US. Also, according to the report published in 2016 by National Eye Institute, proper refractive eye correction could improve vision among 11 million Americans aged 12 years and older.

Factors such as post-operative complications, high cost of intraocular lens, and lack of skilled medical professionals are restraining the growth of market. Also, lack of reimbursement policies for premium lens in many developing and underdeveloped regions is anticipated to hinder the growth of the intraocular market.

The global intraocular lens market is currently dominated by many market players. The key players in the market are involved in strategic collaborations and new product launches to brace its market position. For instance, in December 2018, Bausch + Lomb, a wholly owned subsidiary of Bausch Health Companies Inc., received 510(k) clearance from the US Food and Drug Administration (FDA) for Bausch + Lomb ULTRA Multifocal for Astigmatic correction. Thus, the company broadened its product portfolio to hold its position in the market.

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Regional Analysis

The market in the Americas is expected to dominate the global intraocular lens market during the forecast period owing to the rising healthcare expenditure. In addition, proactive government initiatives to spread awareness about the benefits of intraocular lens among the masses have supplemented the market growth. Europe is expected to hold the second largest position in the global intraocular lens market. The market growth in this region is attributed to the existence of a well-established healthcare system and increase in insurance coverage. Asia-Pacific is estimated to be the fastest growing region in the market due to the improving healthcare infrastructure. The market in the Middle East & Africa is likely to account for the smallest share of the global intraocular lens market.

Segmentation

The global intraocular lens market has been segmented into type, material and end user. The market, based on type, has been segmented into monofocal intraocular lens, multifocal intraocular lens, accommodating intraocular lens, phakic intraocular lens, and others.

The market, by material, has been segmented into hydrophobic acrylic, hydrophilic acrylic, polymethylmeth-acrylate (PMMA), and others.

The market, by end user has been segmented into hospitals, ophthalmic clinics, ambulatory surgical centers, and others.

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Key Players

Some of the key players in the global intraocular lens market are Alcon, Inc., Bausch + Lomb, Eyekon Medical, Inc., Carl Zeiss Meditec, Johnson & Johnson Vision Care, Inc., HOYA Corporation, STAAR Surgical Company, Rayner Intraocular Lenses Limited, PhysIOL, Ophtec BV, Humanoptics AG, Lenstec, Inc., Oculentis GmbH, Aurolab, and Nidek Co., Ltd.