Pune, June 08, 2020 (GLOBE NEWSWIRE) -- The global Intraocular Lens 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 Market Size, Share & Industry Analysis, By Type [Monofocal Intraocular Lens and Premium Intraocular Lens (Multifocal Intraocular Lens, Toric Intraocular Lens, and Others)], By Material [Polymethylmethacrylate (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.
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Highlights of the Report:
- In-depth information about the intraocular lens market trends, growth drivers, hindrances, opportunities, and challenges.
- Segmentation of the market in terms of type, material, end user, and geography.
- Extensive analysis of the competitive landscape, such as new product launches, contracts, agreements, joint ventures, mergers, and acquisitions.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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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) to remove the major causes of avoidable blindness from the world. Additionally, the governments are conducting eye checkup camps and launching favorable reimbursement policies to achieve their target of Vision 2020.
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 lens is 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 premium intraocular lens. Thus, the patient has to pay for the same from their expenses.
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North America to Dominate: Increasing Technological Advancements Will Favor Growth
The market is geographically segregated into Asia Pacific, Europe, the Middle East and Africa, North America, and Latin America. Out of these, North America had generated USD 892.9 million IOL market value in 2018. It is set to retain its dominant position throughout the forecast period. It is likely to occur because of the increasing number of new product launches as well as the ongoing technological advancements, such as the Extended Depth of Focus (EDoF) and custom cataract lens.
Europe is expected to expand at a fast pace owing to the growing preference for toric lenses, rising adoption of femtosecond lasers for cataract surgery, and an increasing number of cataract surgery. Besides, various industry giants are present in this region. It would also contribute to the market growth.
Lastly, Asia Pacific is projected to experience high growth backed by strong government support and a rising number of cataract surgery. Apart from that, increasing prevalence of cataract and diabetes would propel the market in this region. Johnson & Johnson Vision Launches Tecnis Toric II
December 2019: Johnson & Johnson Vision announced the launch of its one-piece intraocular lens (IOL) named Tecnis Toric II after bagging FDA approval. It will be used to treat astigmatism in patients affected by cataracts. It is the company’s first approved product in the Tecnis Toric II platform. It also provides more friction and surface texture on IOL haptics. It is specially designed to offer visual improvement for various lifestyles and visual conditions.
Fortune Business Insights™ lists out some of the most renowned organizations operating in the intraocular lens market. They are as follows:
- Alcon
- Johnson & Johnson Services, Inc.
- Bausch & Lomb Incorporated
- HOYA Corporation
- STAAR SURGICAL
- Rayner Intraocular Lenses Limited
- Oculentis
- Hanita Lenses
- SIFI S.p.A
- Biotech
- Other key market players
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Cataract - For Key Countries/Regions
- Number of Cataract Surgery - For Key Countries/Regions
- Overview of Government Cataract Initiatives
- Regulatory Scenario - For Key Countries/Regions
- Reimbursement Scenario - For Key Countries/Regions
- New Product Launches
- Key industry Developments - Mergers, Acquisitions and Partnerships
- Global Intraocular Lens Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Monofocal Intraocular Lens
- Premium Intraocular Lens
- Multifocal Intraocular Lens
- Toric Intraocular Lens
- Others
- Stimulation Devices
- Market Analysis, Insights and Forecast – By Material
- Polymethylmethacrylate (PMMA)
- Foldable
- Hydrophobic Acrylic
- Hydrophilic Acrylic
- Silicone & Collamer
- Market Analysis, Insights and Forecast – By End User
- Hospitals & Ambulatory Surgery Centers
- Specialty Clinics
- Academic & Research Institutes
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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