Intraocular Lens (IOL) Market By Type (Monofocal IOLs and Premium IOLs), Material (Polymethylmethacrylate (PMMA) and Hydrophobic Acrylic), End User (Hospitals, Specialty Clinics, and Ambulatory Surgery Centers)- Global Analysis & Forecast 2020-2030
Report ID : 408 | Published Date : Oct 2020 | Pages : 160 | Region : Global | Report Code : HC-219
Intraocular Lens Market Overview and Introduction
Intraocular lenses (IOLs), referred to as permanent artificial lenses, are utilized to replace the eye’s natural lens for restoring near and distant vision. Traditionally, intraocular lenses were made from polymethylmethacrylate (PMMA), an inert plastic, which is now replaced by more flexible synthetic materials such as acrylic and silicone (hydrogel). These lenses are foldable with a smaller incision in the lens capsule. Based on the specific requirements, there are several types of IOLs such as monofocal, multifocal, accommodative, and toric lens. Intraocular lenses (IOLs) are implanted for the treatment of cataracts or myopia. Owing to the advent of technological advancements in ophthalmology, companies are increasingly launching new & advanced products for improving visual quality and decreasing associated surgical complications.
The growth of the intraocular lens market can be primarily attributed to the increasing prevalence of cataracts. According to the WHO, in 2020, the prevalence of cataracts is estimated to reach as high as 40 million. The other factors contributing to the market growth include the rising prevalence of other eye diseases, growing incidence of diabetes, increasing government initiatives, and technological advancements, among others. However, the lack of proper coverage for premium IOLs is likely to affect the growth of the intraocular lens market to a certain extent.
The global intraocular lens market can be segmented by type, material, end user, and region.
Intraocular Lens Market By Type
Based on the type, the market can be segmented into monofocal IOLs and premium IOLs. The premium IOLs segment is expected to witness the highest CAGR during the forecast period owing to their increasing adoption as they are capable of addressing presbyopia and astigmatism. Moreover, companies are launching new & advanced premium IOLs for the treatment of eye disorders. For instance, in May 2020, Bausch + Lomb announced the launch of its first Extended Depth of Focus IOL, LuxSmart in Europe. It has an innovative premium optic design and the PRO technology that reduces dysphotopsia, a common phenomenon that can occur in some premium IOLs.
Intraocular Lens Market By Material
Based on the material, the intraocular lens market can be segmented into polymethylmethacrylate (PMMA), hydrophobic acrylic, and others. The hydrophobic acrylic segment is expected to grow at the fastest CAGR during the forecast period. Hydrophobic acrylic intraocular lenses are increasingly gaining popularity owing to ease of manufacturing, good mechanical stability, and high biocompatibility, among others.
Intraocular Lens Market By End User
Based on the end user, the intraocular lens market can be segmented into hospitals, specialty clinics, and ambulatory surgery centers. In 2019, hospitals accounted for the largest market share owing to increasing cases of eye disorders being treated at hospitals. Other factors contributing to the growth of the hospital segment include government funding, rising healthcare expenditure, capacity to handle large patient volumes, presence of skilled & trained staff, access to state-of-the-art equipment, and improved reimbursement policies, among others.
Intraocular Lens Market By Region
The global intraocular lensm market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2019, North America dominated the intraocular lens market followed by Europe, and Asia Pacific. The rising incidences of cataract are primarily contributing to the growth of the intraocular lens market in this region. Cataracts are among the leading causes of vision loss in the U.S. According to the U.S. Department of Health & Human Services, an estimated 20.5 million (17.2%) Americans in the age group, 40 years and above have cataracts in one or both eyes, and by 2020, the total number of people who have cataracts is estimated to increase to 30.1 million. Other factors contributing to the market growth in this region include the growing number of individuals suffering from other eye disorders, the increasing prevalence of diabetes, and the presence of key players, among others.
Intraocular LensProminent Players
Some of the prominent players in the global intraocular lens market are Alcon, Bausch & Lomb Pvt Ltd., Carl Zeiss Meditec, Johnson & Johnson, HOYA Corporation, STAAR SURGICAL, Rayner Intraocular Lenses Limited, Ophtec BV, PhysIOL, and EyeKon, among others.