Intraocular Lens Market Analysis Forecast Report 2024
Posted by Arzan Bhesania on July 18th, 2019
An intraocular lens (IOL) is a lens implanted in the eye for cataracts or myopia treatment. The most common type of IOL is the pseudophakic IOL and is implanted during cataract surgery after the cloudy eye's natural lens (colloquially called a cataract) has been deleted. This provides the same light focusing function as the natural crystalline lens. The other type of IOL is a phakic intraocular lens (PIOL), which is a lens which is placed over the existing natural lens and is used in refractive surgery to change the eye's optical power as a treatment for myopia, or nearsightedness. Intraocular Lens Market Size is worth USD xx million in 2019 and anticipated to grow at a CAGR of xx.xx%, to reach USD xx million by 2024. The global Intraocular Lens market is developing at a rapid pace.
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Report segmented as:
Monofocal Intraocular Lens
Premium Intraocular Lens
Market Drivers and Restraints:
Increase in a geriatric population vulnerable to ocular conditions, growing prevalence of cataract, and increase in initiatives taken by the government to eliminate avoidable blindness are the major factors driving the market. However, unfavorable reimbursement policies and complications such as refractive errors are expected to be a significant constraint. According to the World Health Organization, cataract is a primary concern globally, which is currently the leading cause of blindness. Increase in prevalence of cataract has increased the call for intraocular lens around the world. As per the Vision Council, around 76.2% of adults in the U.S. underwent vision correction surgery in 2015, and approximately 22.1% of the adults expressed that they need vision correction. These factors accord with the growth of the market.
Geographically, the Global Intraocular Lens market is segmented into North America, Latin America Europe, Asia-Pacific, and the Middle East and Africa. North America is expected to have the largest market share due to the increasing number of patients undergoing cataract surgery. The Asia Pacific is expected to witness significant growth. Government enterprises and awareness programs to get rid of avoidable blindness are together likely to propel the demand for an intraocular lens in the Asia-Pacific region. For instance, in 2011, Lions Clubs International Foundation (LCIF) in partnership with Peoples Republic of China initiated a new phase of their campaign in China known as SightFirst China Action (SFCA), which aims at preventing blindness. Since its formation in 1997, the foundation invested more than .8 million for more than 5 million cataract surgeries and upgradation of 300 eye care institutions and above. Besides, the Chinese government funded more than 0 million to support their campaign
Important Market Players:
The major companies operating in the intraocular lens market are Alcon, Inc. (a division of Novartis AG), Johnson & Johnson, Valeant, Carl Zeiss Meditec AG, Rayner, EyeKon Medical, Inc., Lenstec, Inc., HumanOptics AG, STAAR Surgical, and HOYA GROUP. The other market players working in the market include PhysIOL s.a., Calhoun Vision Center, and Oculentis GmBH.
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The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
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About the AuthorArzan Bhesania
Joined: June 18th, 2019
Articles Posted: 39
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