Intraocular lenses (IOL) are the medical devices which are implanted inside the eye to replace natural eye lens; so as to treat cataract or refractive errors. Growth in Intraocular Lens Market can be attributed to the rapid growth in the geriatric population and associated eye disorders, rising prevalence of eye diseases & diabetes in the overall population across the globe, technological advancements in intraocular lenses, and increasing government initiatives to control and treat blindness caused by cataract. The growing focus of companies on emerging countries and gradual shift towards newer technologies are offering significant growth opportunities for players in this market. The base year considered for the study is 2016, and the forecast has been provided for the period between 2017 and 2022.
Attractive Opportunities in Intraocular Lens Market
Market Dynamics
Growing Preference for Technological Advanced Intraocular Lenses
Currently, there is an increasing demand for technological advanced premium IOLs such as, multifocal IOLs, presbyopia- and astigmatism-correcting intraocular lens (IOL), accommodating IOL, extended depth of focus (EDoF) IOL. This growth is mainly fueled by the need to improve the quality of vision and reduce the risk of blindness.
Among premium IOLs, accommodating IOLs segment is projected to grow at the fastest CAGR of 7% during the forecast period of 2017 to 2022.
Intraocular Lens Market Dynamics
By type, the market is segmented into traditional/monofocal IOLs, premium IOLs, and phakic IOLs. The monofocal IOLs segment accounted for the largest share of the market in 2017, owing to the benefits offered by aspheric monofocal IOLs, such as, ease of insertion for ophthalmic surgeons, induces less to zero aspheric aberration as compared to other types of IOLs, and and create a very effective contrast sensitive optical image for patients,
By material, the market is segmented into foldable IOLs and IOLs. The foldable IOLs segment accounted for the largest share and is expected to grow at the highest CAGR during the forecast period. The growth of this segment is mainly attributed to their advantages such as suitability for manufacturing three-piece IOLs and IOL haptics, high biocompatibility, high light transmissibility, good center placement, resistance to tilting inside the eye, and UV-absorbing property.
Some of the major players operating in the intraocular lenses market are Alcon, Inc. (US) (Novartis AG (Switzerland)), Bausch + Lomb (US) (Valeant Pharmaceuticals International (Canada)), Johnson & Johnson Vision Care, Inc. (US), Carl Zeiss Meditec (Germany), HOYA Corporation (Japan), STAAR Surgical Company (US), Rayner Intraocular Lenses Limited (UK), PhysIOL (Belgium), Ophtec BV (Netherlands), Swiss Advanced Vision (SAV IOL) (Switzerland), Oculentis GmbH (Germany), NIDEK CO., LTD. (Japan), Aurolab (India), Omni Lens Pvt Ltd. (India), Care Group (India), Hanita Lenses R.C.A Ltd. (Israel), and Fred Hollows Intraocular Laboratory (Eritrea).
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