Intraocular Lens Market
In 2018, the global intraocular lens was valued at USD 3,825.6 and is expected to witness a CAGR of 4.89% over the 2018-2024 period hereafter the forecast period . Implantable medical devices used for vision correction are intraocular lenses IOLs . The main drivers of the intraocular lens industry are increasing ophthalmic problems, increasing cataract instances in the diabetic population, and increasing adoption of sophisticated premium IOLs. Several types of ophthalmic problems affect a large section of people over the age of 60 years, which are chronic and require eye corrections. Because of such scenarios, IOL growth has increased with demand, providing physicians with more precise solutions and varied options for a specific disease. In addition, reimbursement measures for vital ophthalmic surgery and a definite regulatory structure are boosting market growth.
The United States recorded 7.7 million cases of diabetes retinopathy and 24 million cases of cataracts, according to the National Eye Institute, and is expected to reach 11.3 million and 38 million by 2030, respectively. Moreover, the American Association of Ophthalmology states that a cataract is reported to be the major cause of visual impairment around the world, and geriatric eye problems are emerging as the primary factors in developing countries. Therefore, such a rise in the worldwide ophthalmic conditions is expected to drive IOL market growth over the forecast period.
In addition to the adoption rate, there are few challenges associated with intraocular lenses, such as intraocular lens-related confusions and errors IOL are found to be among the most common postoperative adverse events, as well as the most errors associated with incorrect IOL implantation, which restricts its use. Furthermore, the reimbursement for IOL implants is less and not commonly known. In the United States, cataract surgery costs about USD 3,600 to USD 6,600, with no insurance coverage. Thus, rising IOL costs and poor reimbursement coverage over the forecast period are expected to hamper market growth.
In order to improve vision, various types of intraocular lenses are available on the market. As per the reports scope, the global market for intraocular lenses is segmented by product monofocal, accommodative, multifocal, and toric intraocular lens , end user hospitals, outpatient centers, and other centers , and major geographic locations.
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Key Market Trends: –
Accommodative IOL is the Segment Under Product, which is Anticipated to Grow Fastest During the Forecast Period:
Compared with monofocal IOLs, accommodative intraocular lenses are well known to accommodate post-surgical changes. Patients with macular degeneration prefer these as they support the eye muscles by focusing on intermediate and distant objects. These lenses are commonly used in presbyopia and astigmatism therapy. Furthermore, for many, the monofocal intraocular lens is the first choice as it can provide the best image quality after surgery and therefore has the largest market share of around 30 percent.
Asia-Pacific is Accounted to Provide the Fastest Growth to the Intraocular Lens Market over the Forecast Period:
The Asia Pacific is expected to show the fastest revenue growth. The fastest growth in the Asia-Pacific region is expected from China and India. Some of the key driving forces in emerging countries for the intraocular lens market are government initiatives to include eye care in social security systems, an increase in geriatric population, an increase in cataract cases, and a projected increase in diabetic population.
Diabetic patients are vulnerable to macular degeneration, retinopathy for diabetes, and cataract. This is why the increase in the diabetic population leads to an increased need for IOLs. India had a diabetic population of 50.8 million, whereas, according to the International Diabetes Federation, the Eastern and Western Pacific regions accounted for 59 million and 77 million diabetic patients.
The medical tourism industry and the massive pool of patients are other factors that contribute significantly to this market growth. It is also expected that increasing government and non-governmental organizations initiatives to provide affordable eye care in the Asia-Pacific region will boost market growth.
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Companies focus at reasonable cost on surgical advances for ophthalmic disorders. In order to expand revenue share and diversify the product portfolio, major intraocular lens manufacturers invest in mergers and acquisitions. As a result, companies growing focus on emerging countries and gradual shift to new technologies offer significant growth opportunities for market players.
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