Dublin, Oct. 13, 2022 (GLOBE NEWSWIRE) -- The global intraocular lenses market valued at US$ 4.1 billion in 2022 is projected to surge to US$ 6.7 billion by the end of 2032. Sales of intraocular lenses are slated to rise at a steady 5% CAGR over the next ten years.
An increasing number of cataract removal surgeries being performed across the world is anticipated to be a key driver for the global intraocular lenses market across the forecast period. Rising geriatric population, adoption of advanced ophthalmic products, high incidence of diabetes, and introduction of favorable reimbursement policies are other factors that are expected to uplift market growth.
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Key manufacturers of intraocular lenses are focusing on the expansion of their business scope to gain a competitive edge over other market players.
- In January 2022, Rayner, a U.K.-based IOL manufacturer announced the expansion of its product portfolio. The RayOne product portfolio features RayOne Hydrophobic BLF, which is the first blue light-filtering intraocular lens made to protect the retina from harmful blue light.
- In July 2021, Johnson & Johnson Vision, a subsidiary of Johnson & Johnson announced that it had received FDA approval for its new intraocular lenses. Tecnis Synergy and Tecnis Synergy Toric II were the two lenses that were approved by the U.S. Food and Drug Administration.
Key Takeaways from Market Study
- At present, the global intraocular lenses market is valued at US$ 4.1 billion.
- Sales of intraocular lenses are estimated to progress at a 5% CAGR over the next ten years.
- Revenue from the intraocular lenses market is slated to reach US$ 6.7 billion by 2032.
- Lack of insurance coverage for postoperative issues and the absence of proper reimbursement for premium intraocular lenses are projected to hamper market growth.
- China, Japan, and India are anticipated to lead the demand for intraocular lenses in the Asia Pacific region owing to the high incidence of diabetes and rising number of cataract surgeries being performed.
- Monofocal intraocular lenses accounted for nearly 50% share of the global market in 2021 and a similar trend is expected for the forecast period.
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Competitive Landscape
Companies in the intraocular lens market are expected to focus on acquisitions, mergers, collaborations, and partnerships that help them strengthen their global market presence.
- In January 2022, Alcon, a leading eye care brand announced the completion of its acquisition of Ivantis, known for its novel Hydrus® Microstent designed to lower eye pressure for open-angle glaucoma patients. Alcon planned to bring Ivantis’s novel minimally invasive glaucoma surgery (MIGS) device to the international markets and gain a competitive edge.
Key manufacturers of intraocular lenses are also focusing on getting approval for their new products from regulatory authorities to commercialize them and propel sales potential.
- In July 2022, Lenstec Inc., a leading designer and manufacturer of lenses, announced that its Lenstec SBL-3 IOL has been approved by the U.S. FDA. It is a next-gen asymmetric multifocal refractive intraocular lens with a patented design that provides improved contrast sensitivity and minimizes glare and halo that are associated with traditional intraocular lenses.
Winning Strategy
Intraocular lens manufacturers are investing in research and development of novel lenses to fast-track their launch and advance their sales potential. Suppliers of intraocular lenses are also expected to focus on the expansion of their business scope through various collaborations, partnerships, and mergers across the forecast period.
A detailed account of all market strategies adopted by key players as well as new entrants has been profiled in this latest intraocular lenses market research report by Fact.MR, a market research and competitive intelligence provider.
Intraocular Lens Market by Category
- By Type :
- Monofocal Intraocular Lens
- Premium Intraocular Lens
- Multifocal Intraocular Lens
- Toric Intraocular Lens
- Accommodative Intraocular Lens
- By Material :
- Hydrophobic Acrylic
- Hydrophilic Acrylic
- Polymethylmethacrylate (PMMA)
- Silicone
- By End User :
- Hospitals
- Ophthalmic Clinics
- Ambulatory Surgical Centers
- Eye Research Institutes
- By Region :
- North America
- Latin America
- Europe
- APAC
- MEA
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global intraocular lenses market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.
The study divulges essential insights on the market on the basis of type (monofocal intraocular lenses, premium intraocular lenses), material (hydrophobic acrylic, hydrophilic acrylic, polymethylmethacrylate (PMMA), silicone), and end user (hospitals, ophthalmic clinics, ambulatory surgical centers, eye research institutes), across six major regions (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa).
Table of Content
- Executive Summary
- Global Market Overview
- Demand Side Trends
- Supply Side Trends
- Fact.MR Analysis and Recommendations
- Market Overview
- Market Coverage / Taxonomy
- Market Introduction and Definition
- Market Risks and Trends Assessment
- Risk Assessment
- Key Trends Impacting the Market
- Formulation and Type Development Trends
- Market Background and foundation Data Points
- Need of the Hour for Industries
- Industry Wise Industry 4.0
- Intraocular Lenses – Strategic Priorities
- Life Cycle Stage
- Importance of Technology
- Use Cases of Intraocular Lenses
- Forecast Factors: Relevance and Impact
- Investment Feasibility Matrix
- PESTLE Analysis
- Porter’s Five Forces Analysis
Contd…
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