Intraocular lens (IOLs) are medical devices implanted inside the eye to replace natural lens when it is removed during cataract surgery. Intraocular lens area also used during few vision correction surgery. Depending on patient’s visual need and lifestyle; wide variety of intraocular lens are present in the market, including aspheric IOLs, toric IOLs, multifocal IOLs, monofocal IOLs, accommodating IOLs, preloaded IOLs, and among others. The Global Intraocular Lens Market was valued at US$ 3.8 billion in 2017 and is expected to witness a CAGR of 7.5% over the forecast period (2017 – 2025).
Moreover, depending on need during cataract surgery and in order to get recommended results; surgeons can mix two different multifocal lens or two different types of intraocular lenses. Increasing government initiatives and awareness programs for cataract patient with aim to eliminate blindness, coupled with growing prevalence of cataract surgeries and introduction of new affordable intraocular lens by various key players are expected to drive growth of the intraocular lens market over the forecast period. Furthermore, significant increase in aging population, high prevalence of diabetes, exposure to ultraviolet sunlight, and family history are the factors contributing to the growth of the global market.
The increasing government initiatives and awareness campaign to spread the awareness among cataract patients and the increasing prevalence of diabetes may shift the patient towards the cataract surgery, in turn boosting growth of the intraocular lens market during the forecast period. For instance, according to the International Diabetes Foundation (IDF) 2017 statistics, the number of people with diabetes aged between 20 to 79 years are increasing, globally. Among which, Africa (156%) is accounted to register the highest diabetic population, followed by Middle East (110%), South East Asia (84%), Latin and Central America(62%), North America (35%), Europe (16%) and Western Pacific (15%). Moreover, cataract is major cause of blindness, which is projected to fuel growth of the intraocular lens market over the forecast period.
Increasing number of Cataract Surgeries is expected to Drive Growth of the Intraocular Lens Market
Diabetes, prolonged exposure to sunlight, consumption of tobacco and alcohol are the major factors causing cataract and rising number of cataract patients increasing the demand for cataract surgeries. In addition to this, rising diabetes patients has led to increase in number of cataract surgery, as diabetes is a major cause of blindness. According to World Health Organization (WHO), around 422 million people were suffering from diabetes in 2014.
Global Intraocular Lens Market, By Flexibility:
Global Intraocular Lens Market, By Product Type:
Premium Intraocular Lens
Multifocal Intraocular lens
Accommodating Intraocular lens
Toric Intraocular lens
Monofocal Intraocular Lens
Preloaded Intraocular Lens
Global Intraocular Lens Market, By Material:
Major players operating in market include STAAR Surgical Company, HOYA Corporation, Lenstec, Inc., Ophtec BV, Johnson & Johnson, Alcon, Bausch & Lomb Incorporated, Carl Zeiss Meditec AG, Rayner Intraocular Lenses Limited, and HumanOptics AG.
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Increasing Governmental Initiatives and Awareness Programs for Cataract Patients is Driving Growth of the Intraocular Lens Market
Governmental and non-governmental organization are working together to spread awareness regarding cataract and associated conditions such as blindness. For instance, according to WHO in 2017, an estimated 253 million people had vision impairment worldwide, which creates the need for government to take initiatives and conduct awareness program for cataract patients. WHO and Task Force of International NGO have jointly prepared and launched a common agenda for global action called ‘The Vision 2020- the right to sight’ in 1999 with aim to eliminate blindness worldwide by 2020. This organization works jointly to mitigate implications of blindness in developmental, economic, social and quality of life terms, which is expected to augment the growth of intraocular lens market in near future.
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