Intraocular Lens Market to Register Substantial Expansion by 2022

December 06 18:02 2019
Intraocular Lens Market to Register Substantial Expansion by 2022

The growing focus of companies on emerging countries and gradual shift towards newer technologies are offering significant growth opportunities for players in intraocular lens market.
Asian Pacific is expected to grow at the highest CAGR during the forecast period.

The global intraocular lens market was USD 3.5 billion in 2017, and it is contemplated to reach USD 4.6 billion by 2022, at a CAGR of 5.4%. The surge in the geriatric population & corresponding eye disorders, upswing cases of eye diseases & diabetes all over the world, aiding technology in intraocular lenses, and increasing government initiative to control and treat blindness caused by cataracts, are some key factors to drive the growth of intraocular lens market.

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Premium intraocular lens segment is expected to grow at the highest rate during the forecast period of 2017-2022

An intraocular lens is available in different types such as traditional/monofocal IOLs, and phakic IOLs. In 2017, the traditional or monofocal IOLs segment led the global intraocular lens market, while, as per the expected forecast period, the premium IOLs segment will grow at the highest CAGR within the same. The premium intraocular lens segment is known for its extravagant qualities such as visual enhancement, reduction in astigmatism, and protection from UV rays. Thus, the market of this segment will grow by the surge in its adoption among the target audience.

Apart from the key factors which will be playing a vital role in the market surge of premium intraocular lens segment, it has been scrutinized that the end-users are keener towards high definition visualization. Thus, IOL implantation is the most appropriate way to get rid of myopia or cataracts.

Ambulatory surgery centers (ASC) segment is expected to grow at the highest CAGR during the forecast period of 2017-2022

Based on the end-user, the intraocular lens market is segmented into hospitals, clinics, and ambulatory surgery centers. In 2017, hospitals and clinics together were holding the largest share in the market, whereas now it is ensured that the demand for ambulatory surgery centers (ASC) will grow at the highest CAGR during the forecast period. It has been proven that ASCs provide more benefits to the end-users as compared to the hospitals. ASCs run on the concept of outpatient procedures thus reducing the occurrence of overnight stay post-surgery which makes it cost-effective, efficient, and convenient. Due to the enlisted factors, ambulatory surgery centers (ASC) industry will increase at a significant pace in the upcoming years.

Asian Pacific is expected to grow at the highest CAGR during the forecast period of 2017-2022

The intraocular lens market is fragmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. During the forecast period, Asian Pacific is contemplated to observe the fastest growth due to the large population affected by cataract and refractive errors in countries like China and India. This will vigorously help in improving the healthcare industry, growth in per capita income, increase in medical tourism, the surge in government initiatives to control and cure visual disabilities, and abundant focus on increasing the presence of market players in the region.

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Globally, the key intraocular lens market players include Alcon, Inc. (US), Johnson & Johnson Vision Care, Inc. (US), Bausch + Lomb (US), Novartis AG (Switzerland),  Valeant Pharmaceuticals International (Canada), Carl Zeiss Meditec (Germany), STAAR Surgical Company (US), HOYA Corporation (Japan), Rayner Intraocular Lenses Limited (UK), Ophtec BV (Netherlands), PhysIOL (Belgium), Swiss Advanced Vision (SAV IOL) (Switzerland), NIDEK CO., LTD. (Japan), Oculentis GmbH (Germany), Aurolab (India), Care Group (India), Omni Lens Pvt Ltd. (India), Fred Hollows Intraocular Laboratory (Eritrea), and Hanita Lenses R.C.A Ltd. (Israel).

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