Intraocular Lens Market: Compelling solution for Cataracts, Growth And Industry Analysis 2017 To 2025
According to a new report published by Reports Monitor titled, “Intraocular Lens Market by Product, Material, and End-User: Global Opportunity Analysis and Industry Forecast, 2017–2025,” the intraocular lens market was valued at XX million in 2016, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2017 to 2025.
Intraocular lens is tiny, synthetic lens made as a replacement for the natural lens of the eye. As the natural lens of the eye is permanently damaged by cataract eye disease, it is loses the capacity to focus on any object. To reinstate the vision and bring back ability of focusing power, the intraocular lenses are introduced in the eye.
Increasing risk of developing cataract amongst diabetic and aged population leads the growth of the market. Rising medical conditions of ocular and ophthalmic diseases, prevalence of cataract affecting millions of people majorly uplifts the growth of the market. Surging geriatric population, increase in number of vision correction surgeries, developing healthcare sector and increased awareness among people costively affects the growth of the market. Moreover, growing adoption of premium intraocular lenses and improvement and innovations in intraocular procedures & products is anticipated to market to expand farther. However, high cost of the intraocular lens products and inadequate reimbursement policies may hamper the growth of the market.
Asia-Pacific region in the global intraocular lens market will experience significant growth rate in coming future. Factors attributed to the growth of the market in region include government initiatives, increased awareness and advancement in healthcare sector. Affordable surgical treatments, advanced eye care facility and rise in diabetic population will further boost the growth of the market.
The global Intraocular Lens Market is segmented on the basis of product type, material, end-user and geography. Considering product type the market separated into monofocal IOL, multifocal IOL, toric IOL, accommodative IOL and others. Depending upon material the market is divided into polymethyl methacrylate, silicone and hydrophobic acrylic. As per end-user segment the market is spilt into hospitals, ophthalmic clinics, eye research institutes and ambulatory surgery centers.
Major Key players operating in the market are Abbott Medical Optics, Inc., Eyekon Medical, Lenstec, Inc., HumanOptics AG, Hoya Corporation, Rayner Intraocular Lenses Limited, Johnson & Johnson, Bausch & Lomb Incorporated, Meditec AG and STAAR Surgical Company.
In 2016, Abbott Medical Optics, Inc. received approval for the Tecnis Symfony® Intraocular Lenses from U.S. Food and Drug Administration. It is the first ever increased depth of focus lenses made available for people with cataracts. These lenses offer high-quality vision following cataract surgery.
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