According to a new report published by Allied Market Research, titled, "Intraocular Lens Market by Type, Material, and End User: Global Opportunity Analysis and Industry Forecast, 2014 - 2022," the global intraocular lens market was valued at $3,306 million in 2015, and is projected to reach $4,973 million by 2022, growing at a CAGR of 5.9% from 2016 to 2022. Monofocal intraocular lens segment held more than four-fifths share of the total market in 2015.
Intraocular lens (IOLs) are implanted in the eyes
to replace the natural lens during cataract surgery. The market has witnessed
significant growth in the recent past due to development of new types of IOLs.
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Advent of premium IOLs such as multifocal, toric,
and accommodating IOLs and rise in incidence of cataract are the key factors
that drive the market growth. In addition, rise in geriatric population and
proactive initiatives taken by government to eliminate avoidable blindness are
anticipated to fuel the demand for IOLs globally. However, postoperative
complications such as refractive errors and unfavorable reimbursement scenario
for premium intraocular lens restrict the market growth.
The monofocal intraocular lens segment is expected
to dominate the market during the analysis period, owing to its advantages such
as low and better reimbursement scenario
Silicone generated the maximum revenue, accounting
for more than half of the global intraocular lens market in 2015. However,
hydrophobic acrylic segment is estimated to exhibit the highest growth rate of
7.1% during the forecast period.
Ambulatory surgery centers generated the highest
revenue, accounting for nearly half of the global market, and is estimated to
grow at the highest CAGR of 6.7%.
According to Deepa Tatkare, Senior Analyst,
Healthcare Research at Allied Market Research, "Rise in adoption of
premium intraocular lens is a major factor that drives the growth of the
intraocular lens market. Premium lens provides added benefits as compared to
standard intraocular lens such as correction of presbyopia, astigmatism, and
other refractive errors and reduction of the need for eye glasses, which boost
the growth of the market."
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KEY FINDINGS OF THE INTRAOCULAR LENS MARKET STUDY
- Premium lens segment is expected to grow at a
significant CAGR of 8.6%, owing to various benefits such as improved
visual performance.
- Ambulatory surgery center segment is projected
to grow at a CAGR of 7.1% during the forecast period.
- In terms of volume, the U.S. accounted for
more than one-fourth share of the global intraocular lens market.
- France and Germany collectively
contributed for more than one-third of the European intraocular lens
market in 2015.
- Japan is the major shareholder,
accounting for almost one-third of the Asia-Pacific intraocular
lens market in 2015.
Asia-Pacific is projected to grow at the
highest CAGR of 7.0% during the forecast period owing to improvement in
healthcare infrastructures and rise in expenditures in emerging markets (such
as India and China) to cater to the unmet medical needs.
Technological advancements to develop cost-effective devices offer lucrative
opportunities for the market growth.
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The major companies profiled in the report include
are Alcon, Inc. (division of Novartis AG), Johnson & Johnson, Valeant, Carl
Zeiss Meditec AG, Rayner, EyeKon Medical, Inc., Lenstec, Inc., HumanOptics AG,
STAAR Surgical, and HOYA GROUP. The other players operating in the market
include PhysIOL s.a., Calhoun Vision Center, and Oculentis GmBH.
𝗧𝗿𝗲𝗻𝗱𝗶𝗻𝗴 𝗥𝗲𝗽𝗼𝗿𝘁𝘀 𝗶𝗻 𝗛𝗲𝗮𝗹𝘁𝗵𝗰𝗮𝗿𝗲 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝘆 🎅(𝗚𝗲𝘁 𝘂𝗽 𝘁𝗼 𝟮𝟱% 𝗱𝗶𝘀𝗰𝗼𝘂𝗻𝘁 𝘁𝗶𝗹𝗹 𝟭𝟱 𝗝𝗮𝗻𝘂𝗮𝗿𝘆 𝟮𝟬𝟮𝟮):
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