Intraocular Lens (IOL) Market is anticipated to grow at a CAGR of~6.2% from 2020 to 2030.
Market Industry Reports (MIR) has published a new report titled “Intraocular Lens (IOL) Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” According to the report, the global intraocular lens market is accounted for over US$ 3.6 billion in 2019. It is anticipated to grow at a CAGR of~6.2% from 2020 to 2030.
Cataract surgery is among the most commonly performed operations worldwide. It develops as people age and eye lenses become cloudy. The growth of the intraocular lens market can be primarily attributed to rising geriatric populations suffering from age-related cataract and other eye associated disorders.. According to the 2019 Investment Catalyst Report, in 2018, around 400,000 patients underwent cataract surgery in the UK and this number is expected to rise to 583,500 by 2035. Moreover, the rising prevalence of diabetes and other eye-related disorders worldwide is further contributing to the market growth. According to the touchPANEL report, in 2019, there were around 2.0 Billion cases of presbyopia across the globe, which will rise to an estimated 2.0 Billion by 2024. Presbyopia correcting IOLs is one of the most active areas for ongoing research &development in refractive cataract surgery.
Companies are increasingly striving to develop technologically advanced IOL for correcting a wide range of eye disorders. For instance, in March 2020, Alcon launched AcrySof IQ Vivity under its existing IOL portfolio for providing an additional option to cataract patients for presbyopia treatment. It is the first-of-its-kind IOL that is commercially available in select European markets, with additional countries to follow throughout 2020. Similarly, in September 2020, Johnson & Johnson Vision introduced two new developments -TECNIS Synergy Toric II IOL with TECNIS Simplicity Delivery System and CATALYS System cOS 6.0 Software for the treatment of cataract patients with astigmatism in Europe. Moreover, increasing government & organizational initiatives are further contributing to the market growth. For instance, The Fred Hollows Foundation set out its2019 - 2023 strategy for increasing cataract surgical coverage and effective cataract surgical coverage to about 80% and 60% respectively across several countries to strengthening health systems by ensuring millions of people access to comprehensive eye care services including life-changing cataract surgeries.
However, the high variation in co-payment rules by countries and lack of service & coverage details for premium lenses or other emerging technologies are increasing concerns over the adoption of IOLs.
Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, 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 in detail along with the table of contents:https://www.marketindustryreports.com/intraocular-lens-iol-market/408
Asia Pacific is expected to grow with the fastest CAGR during the forecast period owing to several factors such as the growing geriatric population, rising healthcare expenditure, and rapid adoption of IOL approaches, among others. Moreover, companies are strategically expanding their reach in this region. For instance, in April 2019, SIFI and Zydus Cadila entered into a marketing alliance to launch innovative IOLs in India. The company’s innovative IOLs have been approved by the Indian Central Drugs Standards Control Organization (Directorate General of Health Services) and the Ministry of Health & Family Welfare (Medical Device and Diagnostic Division).
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.
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