The intraocular lens is devices inserted to substitute natural eye lens. The global intraocular lens market is growing at a significant rate, due to the mounting occurrence of eye diseases such as cataracts, and age-related macular degeneration, and technological innovation in intraocular lenses. Different types such as a traditional/monofocal intraocular lens, phakic intraocular lens, and premium intraocular lens contributed to the intraocular lens market size. The market has witnessed a high demand for a traditional/monofocal intraocular lens in the coming years due to greater acceptance of monofocal intraocular lens, such as an aspheric intraocular lens.
Insight by Type
On the basis of the type, the market is subdivided into the traditional/monofocal intraocular lens, phakic intraocular lens, and premium intraocular lens. Of all types, traditional/monofocal intraocular lens segment accounted the largest share in the market, due to greater acceptance of monofocal intraocular lens, such as an aspheric intraocular lens, and less expensive.
The traditional/monofocal intraocular lens market is further subdivided into the aspheric monofocal intraocular lens and spheric monofocal intraocular lens. Among all traditional/monofocal intraocular lens, the aspheric monofocal intraocular lens accounted foremost share in the market. Moreover, the premium intraocular lens is further subdivided into the multifocal intraocular lens, extended depth-Of-focus (EDoF) intraocular lens, and accommodating intraocular lens.
Insight by Material
On the basis of material the market is subdivided into the foldable intraocular lens, and PMMA intraocular lens. Of all the materials, the foldable intraocular lens accounted foremost share and is expected to grow at fastest rate in the intraocular lens market due to its benefits such as need smaller incisions for insertion and decreases the threat of post-operative mistakes in the eye.
The foldable intraocular lens is further subdivided into the hydrophobic acrylic intraocular lens, hydrophilic acrylic intraocular lens, and other foldable intraocular lenses.
Insight by End User
The different end users of the market are hospitals & clinics, and ambulatory surgery centers. Among all end users, the hospitals & clinics accounted for the larger share in the intraocular lens market due to a large pool of patients treated at the hospital, and mounting occurrence of eye disorders. In addition, the ambulatory surgery centers are expected to grow at the fastest rate in the market.
The mounting occurrence of eye diseases such as cataracts, diabetic retinopathy and age-related macular degeneration, technological innovation in intraocular lenses, and government alertness initiatives to manage and control blindness are the primary growth drivers for intraocular lens market.
Expanding geriatric population, the escalating number of blindness cases, the upsurge in healthcare spending, and mounting occurrence of lifestyle associated diseases such as diabetes and obesity are also facilitating the growth for the intraocular lens market.
Unfavorable reimbursement scenario and a dearth of Ophthalmologists are the major challenges for the growth of intraocular lens market.
Globally, the manufacturing companies trying to enter the intraocular lens market are required to maintain stringent regulatory standards. Moreover, the high level of capital requirement also poses a major barrier to the entry of new players. This offers an edge to the established players in the industry competition.
Geographically, North America is the largest intraocular lens market as in the region the occurrence of eye diseases such as cataract and age-related macular degeneration is increasing. In addition, expanding the geriatric population, technological innovation in the intraocular lens and mounting occurrence of lifestyle associated diseases such as diabetes and obesity are also up surging growth of the North American intraocular lens market.
Asia-Pacific is observed to witness the fastest growth in the market, due to expanding the geriatric population. In addition, large population base, the mounting occurrence of eye disorders, and escalating occurrence of lifestyle associated disorders such as obesity and diabetes are also creating a positive impact on the intraocular lens market growth in the region.
Key players in the intraocular lens market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. In October 2017, Novartis AG, introduced Clareon, the intraocular lens, at the European Society of Cataract & Refractive Surgeons (ESCRS) congress. Valeant Pharmaceuticals International, Inc., Novartis AG, STAAR Surgical Company, Johnson & Johnson, Rayner Intraocular Lenses, OPHTEC BV, Carl Zeiss Meditec AG, SAV IOL, Hoya Corporation, Physiol, and Oculentis GmbH are the key players offering intraocular lens.