Global Intraocular Lens (IOL) Market: By Product Type (Monofocal IOL, Multifocal IOL, Toric IOL, and Accommodative IOL), By Material (Polymethylmethacrylate (PMMA), Silicone, and Hydrophobic Acrylate), By Distribution Channel (Hospitals, Ambulatory Surgery Centers, and Ophthalmology Centers), and Geography – Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2013-2017 and Forecast 2018-2024
Global intraocular lens (IOL) market was valued at US$ XX Mn in 2017 and expected to grow at 5.5% Compound Annual Growth Rate (CAGR) from 2018 to 2024
Market Outline: Intraocular Lens (IOL) Market
Intraocular lens (IOL) are the medical devices that are implanted inside the eye during cataract surgery. They are artificial tiny lens used to replace the eye’s natural lens. The intraocular lens (IOL) are also used for a type of vision correction surgery, called as refractive lens exchange. Earlier, if the cataracts are removed in the surgery the patient had to wear very thick glasses since there was no device implanted in order to replace the focusing power of the eye. The lens refracts the light rays that enter the eye, helping to see. If the patient has cataract, the lens becomes cloudy. The cataract surgery helps in the removal of the cloudy lens replacing it with clear intraocular lens (IOL) to improve the vision.
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Market Dynamics: Intraocular Lens (IOL) Market
Increase in the prevalence of cataract and vision disorders are driving the growth of the intraocular lens (IOL) market. The developing technology is adding aid for the development of novel surgical options such as micro incision surgery and femtosecond lasers which is also playing a major role in the growth of intraocular lens (IOL) market. The adoption of the modern surgical treatments and increasing diabetic population along with rise in conditions such as cataract and glaucoma is boosting the intraocular lens (IOL) market. However, the higher cost involved in the the surgical procedures is likely to hinder the market. The complications such as refractive defects post-surgery are also hampering the intraocular lens (IOL) market.
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Market Scope: Intraocular Lens (IOL) Market
Intraocular lens (IOL) market is segmented based on the product type, material, and distribution channel
Based on the product type, the market is segmented into the following:
- Monofocal IOL
- Multifocal IOL
- Toric IOL
- Accommodative IOL
Based on the material, the market is segmented into the following:
- Polymethylmethacrylate (PMMA)
- Silicone
- Hydrophobic acrylate
Based on the distribution channel, the market is segmented into the following:
- Hospitals
- Ambulatory Surgery Centers
- Ophthalmology Centers
Regional Analysis: Intraocular Lens (IOL) Market
Geographically, global intraocular lens (IOL) market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America intraocular lens (IOL) market growth driven by increase in the prevalence of cataract, vision issues and rising diabetic patient population with ocular issues. According to the World Health Organization, the cataract is the leading cause for blindness. There are around 76.2% adults in U.S who underwent vision correction surgery in 2015, as per the Vision Council. The growth in this region is expected to be significant over the forecast period. Followed by North America are the regions of Europe and Asia Pacific. The government initiatives and the support from the non-profitable organizations in spreading awareness about the advanced surgical procedures is anticipated to propel the demand for the intraocular lens (IOL).
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Competition Assessment: Intraocular Lens (IOL) Market
Some of the players in the global intraocular lens (IOL) market include:
- HOYA Corporation (Japan)
- Alcon, Inc. (US)
- Rayner Intraocular Lenses Limited (UK)
- Carl Zeiss Meditec (Germany)
- Alcon, Inc. (US)
- NIDEK CO., LTD. (Japan)
- Hanita Lenses R.C.A Ltd. (Israel)
- Omni Lens Pvt Ltd. (India)
- Swiss Advanced Vision (Switzerland)
- Oculentis GmbH (Germany)
- Aurolab (India)
- Omni Lens Pvt Ltd. (India)
Notable Market Developments: Intraocular Lens (IOL) Market
- In September 2017, Swiss Advanced Vision (SAV-IOL SA) announced the launch of LUCIDIS and EDEN, two new intraocular lenses (IOLs) for the cataract surgery, both using the Instant Focus EDOF patented technology.
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