BANGALORE, India, Sept. 15, 2021 /PRNewswire/ -- The Intraocular Lens (IOL) Market is Segmented by Type (Non-foldable lenses, Foldable Intraocular Lens), by Application (Public hospitals, Private hospitals). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in Valuates Reports under Vision Care Category.
In 2020, the global Intraocular Lens (IOL) market size was USD 3820 Million and it is expected to reach USD 5411.3 Million by the end of 2027, with a CAGR of 5.1% during the forecast period 2021-2027.
The major factor driving the growth of the intraocular lens market are:
The rapid growth of the geriatric population and associated eye disorders, rising prevalence of eye diseases and diabetes in the global population, technological advancements in intraocular lenses, and increasing government initiatives to control and treat blindness caused by cataracts are all factors driving the Intraocular Lens market.
The market's growth is aided by an increase in the usage of premium lenses, which provide benefits such as improved visual performance and reduced astigmatism.
TRENDS INFLUENCING THE GROWTH OF THE INTRAOCULAR LENS MARKET
The increasing number of cataract surgery along with the rise in the geriatric population is expected to drive the growth of the Intraocular Lens market. Intraocular lenses (IOLs) are medical implants that are placed inside the eye to replace the natural lens when cataract surgery removes it. IOLs are also utilized in refractive lens exchange surgery, which is a type of vision correction surgery.
The cataract is a major concern worldwide, according to the World Health Organization, and is currently the primary cause of blindness. The global need for intraocular lenses has increased as the prevalence of cataracts has increased. According to the Vision Council, 76.2 percent of adults in the United States had vision correction surgery in 2015, and 22.1 percent of respondents stated that they needed vision correction. These elements contribute to the Intraocular Lens market's expansion.
Government initiatives to eliminate cataract are expected to further boost the intraocular lens market. For example, vision 2020 is one such global initiative launched by the International Agency for the Prevention of Blindness (IAPB), with the aim to eliminate the main causes of avoidable blindness from the world. Similarly, In 2011, the Lions Clubs International Foundation (LCIF), in collaboration with the People's Republic of China, launched a new phase of their SightFirst China Action (SFCA) campaign in China, with the goal of preventing blindness. Since its inception in 1997, the foundation has invested more than $30.8 Million in more than 5 Million cataract procedures and the upgrade of more than 300 eye care facilities. Furthermore, the Chinese government contributed almost $200 Million to their campaign.
However, unfavorable reimbursement scenarios for premium lens and postoperative complications such as refractive errors are expected to impede the market growth.
North America and Europe are the two largest markets, accounting for around 80% of the global market. The most common form is the foldable intraocular lens, which accounts for around 95% of the market. The most common uses are public and private hospitals.
Based on type, the Foldable intraocular lens has the highest percentage of sales by type, with more than 94% in 2019.
According to the application, the consumption ratio of private hospitals is the highest, reaching 67.28% in 2019.
Companies are focusing on surgical advancements for ophthalmic disorders at reasonable costs. Major manufacturers of intraocular lenses are investing in mergers and acquisitions, in order to expand revenue share and diversify product portfolios. Thus, the growing focus of companies in emerging countries and the gradual shift toward new technologies are offering significant growth opportunities for the players in the market.
The major players in the global Intraocular Lens (IOL) market include ALCON, AMO(Abbott), Bausch + Lomb, etc. The top 3 players occupy about 65% shares of the global market.
Valuates offers in-depth market insights into various industries. Our extensive report repository is constantly updated to meet your changing industry analysis needs.
Our team of market analysts can help you select the best report covering your industry. We understand your niche region-specific requirements and that's why we offer customization of reports. With our customization in place, you can request for any particular information from a report that meets your market analysis needs.
To achieve a consistent view of the market, data is gathered from various primary and secondary sources, at each step, data triangulation methodologies are applied to reduce deviance and find a consistent view of the market. Each sample we share contains detail research methodology employed to generate the report, Please also reach to our sales team to get the complete list of our data sources