The report "Intraocular Lens (IOL) Market by Type (Traditional/Monofocal (Spheric, Aspheric), Premium (Multifocal, Accommodating, and Extended Depth of Focus), and Phakic), Material (PMMA, Foldable), End User (Hospital, Clinic), and Region - Global Forecast to 2022", The intraocular lens (IOL) market is expected to reach USD 4.56 billion by 2022 from an estimated USD 3.50 billion in 2017, at a CAGR of 5.4%. The key factors driving the growth of this market include the growing geriatric population and corresponding eye disorders; rising incidence of eye diseases & diabetes across the globe; technological advancements in intraocular lenses; and increasing government initiatives to control and treat blindness caused by cataract.
Browse 172 market data Tables and 28 Figures spread through 173 Pages and in-depth TOC on "Intraocular Lens Market by Type (Traditional/Monofocal (Spheric, Aspheric), Premium (Multifocal, Accommodating, and Extended Depth of Focus), and Phakic), Material (PMMA, Foldable), End User (Hospital, Clinic), and Region - Global Forecast to 2022 "
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The premium IOLs segment is expected to register highest growth rate during the forecast period of 2017-2022
Based on the type of lenses, the intraocular lenses market is segmented into traditional/monofocal IOLs, premium IOLs, and phakic IOLs. The traditional/monofocal IOLs segment dominated the market in 2017, while premium IOLs segment will grow at highest CAGR during the forecast period. Market growth of this segment can be attributed to the increasing adoption of these lenses owing to the wide range of benefits associated with the use of them, such as enhanced visual performance and reduced astigmatism.
The foldable IOL segment is expected to grow at the highest CAGR in the intraocular lenses market during the forecast period
The intraocular lenses market, by material is categorized into PMMA IOLs and foldable IOLs. The foldable IOLs segment accounted for the largest share and is expected to grow at the highest CAGR during the forecast period. The growth of this segment is mainly attributed to their advantages such as suitability for manufacturing three-piece IOLs and IOL haptics, high biocompatibility, high light transmissibility, good center placement, resistance to tilting inside the eye, and UV-absorbing property.
Ambulatory surgery centers (ASC) segment will growth at higher rate during the forecast period.
On the basis of end users, the intraocular lens market is segmented into hospitals and clinics, and ambulatory surgery centers (ASC). The hospitals and clinics segment held the largest share of the intraocular lenses market in 2017; while ambulatory surgical centers are expected to register the highest growth during the forecast period. In comparison to hospitals, ASCs provide outpatient procedures that do not require an overnight stay post-surgery and offer cost-effective and convenient options for surgeries; these factors are resulting in the increasing number cataract procedures performed at ambulatory surgery centers.
Asia Pacific is expected to witness the highest CAGR during the forecast period
Geographically, the intraocular lens market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In 2017, Asia Pacific is expected to witness the highest CAGR during the forecast period, owing to factors such as large populations affected by cataract and refractive errors in countries such as China and India, improving healthcare infrastructure, growing per capita income, rising medical tourism, increasing government initiatives to control visual impairment, and rising focus of key market players on this region.
The key players in the global intraocular lenses market are Alcon, Inc. (US) (Novartis AG (Switzerland)), Bausch + Lomb (US) (Valeant Pharmaceuticals International (Canada)), Johnson & Johnson Vision Care, Inc. (US), Carl Zeiss Meditec (Germany), HOYA Corporation (Japan), STAAR Surgical Company (US), Rayner Intraocular Lenses Limited (UK), PhysIOL (Belgium), Ophtec BV (Netherlands), Swiss Advanced Vision (SAV IOL) (Switzerland), Oculentis GmbH (Germany), NIDEK CO., LTD. (Japan), Aurolab (India), Omni Lens Pvt Ltd. (India), Care Group (India), Hanita Lenses R.C.A Ltd. (Israel), and Fred Hollows Intraocular Laboratory (Eritrea).
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Last updated on 23rd May, 2019.