Intraocular Lens Market is Expected to be Worth US$5.0 Billion by 2024: Rising Pool of Geriatrics With Impaired Vision Boosts Growth, Notes TMR
ALBANY, New York, February 7, 2017 /PRNewswire/ --
The top five players operating in the Global Intraocular Lens Market held a whopping share of about 80.5% in 2016, thus making the market consolidated. Abbott Laboratories, Boston Scientific, Inc., Biotronik, Terumo Europe NV, and Biosensors International have been leading the global market due to their wide geographical reach. In the coming years, players are expected show interest in conducting clinical trials to examine the superiority of intraocular lenses over other products. Furthermore, companies will also focus on research and development of to develop improved products.
According to the research report, the global intraocular lens market was valued at US$3.2 bn in 2015 as is expected to be worth US$5.0 bn by the end of 2024. During the forecast period of 2016 and 2024, the global market is expected to expand at a CAGR of 5.2%.
Hospitals to Lead Global Market as Cataract Procedures Continue to be on the Rise
On the basis of end users, the global intraocular market is segmented into hospitals, ambulatory surgery centers, ophthalmology clinics, and eye research institutes. The hospitals are expected to account for the highest share in the global market by the end of 2024. By the end of 2024, the hospital segment is expected to reach a valuation of US$1.7 bn. This end-user segment will receive a boost from growing number of cataract procedures performed at hospitals and improving healthcare infrastructure in emerging economies. Of all the regions, North America is expected to dominate global market as it is poised to expand at a CAGR of 38.1% between 2016 and 2024.
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High Prevalence of Ophthalmic Conditions Augment Demand for Intraocular Lens
The global intraocular lens market has been witnessing a spike in recent years due to the high prevalence of ophthalmic and ocular conditions across the globe. The American Association of Ophthalmology (AAO) states that cataract will continue to be the most popular condition responsible for visual impairment in the coming years. The increasing pool of geriatrics, who are susceptible to ocular conditions will also be responsible for the growth of the global intraocular lens market. The increasing awareness amongst the aged about issues associated with impaired vision is also expected to drive the global market in the coming years.
The increasing adoption of premium IOL's has also fueled the growth of this market in recent years. The phenomenal technological advancements and consistent innovation in premium IOL intraocular lenses have made a significant contribution to the rising sales of intraocular lenses market. Increasing number of users are opting for premium IOLs despite their higher pricing as they offer improved visual performance, ensure reduced rates of astigmatism, and better spectacle independence. The growing number of diabetics who are susceptible to cataracts, macular degeneration, and glaucoma are also anticipated to boost the progress of the overall market. Lastly, the outstanding innovations in the IOL products and procedures will also be responsible for the soaring progress of the global market in the coming few years.
High Cost of Treatment and Poor Reimbursement Policies Hamper Market Growth
On the other hand, the high cost associated with cataract surgery and the additional cost of intraocular lenses are expected to hamper the growth of the global market in the near future. Furthermore, the cost of pre and post-operative drops, medications, and tablets is also expected to raise the overall cost of the procedure, which is dissuading several patients. The market is also likely to be hampered by the lack of reimbursement policies pertaining to implantation of intraocular lenses.
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This review this based Transparency Market Research's report, titled "Intraocular Lens Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024."
Global Intraocular Lens Market is segmented as follows:
Global Intraocular Lens Market, by Product Type
- Monofocal IOL
- Multifocal IOL
- Toric IOL
- Accommodative IOL
Global Intraocular Lens Market, by End Users
- Ophthalmology Clinics
- Ambulatory Surgery Centers
- Eye Research Institutes
Global Intraocular Lens Market, by Geography
- North America
- Latin America
- Middle East & Africa
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