The global intraocular lens (IOL) market size is projected to reach USD 5,318.8 million by 2026, thereby exhibiting a CAGR of 6.8% during the forecast period. However, the market was worth USD 3,159.3 million in 2018. This information is published in a recent report by Fortune Business Insights™, titled, “Intraocular Lens (IOL) Market Size, Share & Industry Analysis, By Type [Monofocal Intraocular Lens and Premium Intraocular Lens (Multifocal Intraocular Lens, Toric Intraocular Lens, and Others)], By Material [Polymethyl methacrylate (PMMA) and Foldable (Hydrophobic Acrylic, Hydrophilic Acrylic, and Silicone & Collamer)], By End User (Hospitals & Ambulatory Surgery Centers, Specialty Clinics, and Academic & Research Institutes) and Regional Forecast, 2019-2026.”The report further states that the market is set to gain impetus from the rising number of NGOs offering free cataract surgeries and eye examinations.
Rising Government Initiatives to Eliminate Cataract Will Boost Growth
The incidence of cataracts is rising at a rapid rate nowadays. It is, in turn, causing huge health as well as an economic burden in several countries. Therefore, the governments of these countries are launching various initiatives to eliminate cataracts. One such global initiative is called ‘Vision 2020’. It was put forward by the International Agency for the Prevention of Blindness (IAPB)toremove the major causes of avoidable blindness from the world. Additionally, the governments are conducting eye checkup camps and launching favorablereimbursement policies to achieve their target of Vision 2020. It is expected to augment the intraocular lens market growth during the forecast period.
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Monofocal IOL Segment to Lead Stoked by Favorable Government Reimbursement Policies
By type, the market is grouped into premium intraocular lens and monofocal intraocular lens. Amongst these, the monofocal intraocular lensis expected to lead by gaining the maximum IOL market share in the coming years. This growth is attributable to the rising number of favorable government reimbursement policies as well as cost-effective nature.
The premium intraocular lens segment, on the other hand, consists of sub-segments, namely, toric intraocular lens, multifocal intraocular lens, and others. This segment has less penetration as compared to monofocal IOLs. This mainly occurs as multiple government-aided insurance policies do not cover the cost of premiumintraocular lens. Thus, the patient has to pay for the same from their expenses. However, this segment is anticipated to showcase growth during the forecast period owing to the rising preference for toric lenses and their possession of numerous benefits.
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