Intraocular lenses are surgically implanted to replace the cloudiness or opaqueness of the natural lens of the eye that is created by cataract, an eye disease. A large section of the population suffers from cataract, especially those falling in the old age bracket. If not treated in time, this progressive eye disease can lead to poor vision and ultimately result in loss of vision. Age-related eye diseases such as macular degeneration, glaucoma, and diabetic retinopathy are supplementing the market growth. In addition, growing awareness regarding the issues associated with impaired vision among the aged will further boost the demand for intraocular lenses. However, expensive cataract surgery and extra cost of intraocular lenses will limit the market from developing further.
As per the report by Transparency Market Research, the global intraocular lens market will reach a valuation of US$5.0 bn by the end of 2024 from its initial value of US$3.2 bn in 2015, progressing at a steady CAGR of 5.2% during the forecast period.
Hoya Surgical Optics, Bausch & Lomb, Inc. (Valeant), Carl Zeiss Meditec AG, Staar Surgical, Oculentis GmBH, Alcon (Novartis AG), Abbott Medical Optics, and PhysIO are the leading players that will stand to benefit from the growth of the market.
What has aided the progress of the premium intraocular lens product segment?
The global intraocular lens market is segmented on the basis of product into accommodative IOL, toric IOL, monofocal IOL, multifocal IOL, and other IOLs. The monofocal IOL segment is leading the market due to the availability of cost-effective intraocular lenses, adequate reimbursement policies for the monofocal IOL segment, and lower post-operative complications associated with the use of these lenses.
However, during the forecast period, the premium IOL segment, which comprises toric IOL, multifocal IOL, and accommodative IOLs, is expected to register a strong CAGR. The growth of this segment can be attributed to the consistent innovation and remarkable technological advancements in premium IOL intraocular lenses. In spite of high prices, consumers prefer premium IOL due to better visual performance, reduced rates of astigmatism, and independence from spectacles.
In addition, large patient pool of diabetics who are vulnerable to macular degeneration, cataracts, and glaucoma will supplement the demand for premium IOL. This market segment is expected to progress further due to outstanding innovations in the premium IOL products and procedures during the forecast period.
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In a recent development, FDA-approved Tecnis Symfony intraocular lenses, which are manufactured by Abbot, have been successful in providing cataract patients with an extended depth-of-focus. Trials were conducted on cataract patients through the U.S.-based eye clinic Jones Eye Clinic, and the results were submitted to the FDA. The Tecnis Symfony intraocular lens enhances visual acuity at close, intermediate, and far ranges, and instances of wearing glasses or contact lenses after cataract surgery are reduced.
Which region shows maximum potential for growth in the intraocular lens market?
The global intraocular lens market is geographically segmented into Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. North America held a large market share in 2015 and is expected to grow during the forecast period due to factors such as increased adoption of technologically advanced products and techniques, escalating prevalence of cataract, and rising demand by patients for premium IOLs.
Asia Pacific is a promising market for intraocular lenses. This region is forecast to grow at a rapid pace during the said period owing to increasing prevalence of diabetes, rapidly rising incidences of cataract, increasing demand for multifocal and toric intraocular lenses, and high risk of cataracts in diabetic patients. In addition, countries such as China and India have enormous demand for refractive surgery and encouraging government policies for the treatment of cataract and controlling preventable blindness. These factors are further boosting the market growth in the region.