Market Definition:
Intraocular lenses (IOLs) are implanted inside the eye to replace the eye’s natural lens after cataract surgery. IOLs also are used for a type of vision correction surgery called refractive lens exchange. Most intraocular lenses are made of silicone or acrylic material, coated with a special material to protect eyes from the sun’s harmful ultraviolet (UV) rays. Polymethyl methacrylate (PMMA) has been the material of choice for all IOLs until recently. Coating the PMMA lens with heparin reduces intraocular inflammation and fibrin formation.
Most cataracts appear with elder age. According to the World Health Organization, cataract is the leading cause of blindness in the world. In the United States, cataract is considered a successfully overcome disease as treatment is widely available which can eliminate vision loss due to the disease. In the cataract surgery clouded natural lens are removed and replaced with an artificial intraocular lens (IOL) implant. The risks of intraocular surgery include infection, bleeding, inflammation, retinal detachment. In case of children’s eyes, sometimes inflammation is developed after cataract surgery, especially when an IOL is placed. Glaucoma also occurs after cataract surgery in children. FDA approved IOLs usage for implantation in patients with eighteen years and older. Use of an IOL under age eighteen years is off-label. In July 2016, FDA approved the first intraocular lens that provides cataract patients with an extended depth-of-focus, which helps improve their sharpness of vision at near, intermediate and far distances.
Global Intraocular Lens (IOL) Market By Type (Traditional/Monofocal IOLs, Premium IOLs, Phakic IOLs), By Material (Foldable IOLs, PMMA IOLs), By End User (Hospitals, Specialty Clinics, Ambulatory Surgery Centers), By Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)– Industry Trends and Forecast to 2025
Market Analysis :
Global Intraocular Lens (IOL) Market is expected to reach USD 5.36 billion by 2025, from USD 2.52 billion in 2017 growing at a CAGR of 5.4% during the forecast period of 2018 to 2025. The upcoming market report contains data for historic years 2016, the base year of calculation is 2017 and the forecast period is 2018 to 2025.
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Major Market Drivers and Restraints:
- Increasing prevalence of eye diseases
- Government initiatives to control and treat blindness
- Increasing demand for minimally invasive procedures
- Technologically advancement and new product launch
- Lack of proper coverage or co-payment policies for premium IOLs
- Untapped potential of emerging markets
Market Segmentation:
- The global intraocular lens market is segmented based on type, material, end user and geographical segments.
- Based on type the global intraocular lens (IOL) market is segmented into traditional/monofocal IOLs, premium IOLs and phakic IOLs. Traditional/monofocal IOLs is further sub segmented into aspheric monofocal IOLs and spheric monofocal IOLs. Premium IOLs is further sub segmented into multifocal IOLs, accommodating IOLs and extended depth-of-focus (EDoF) IOLs.
- The global intraocular lens (IOL) market segment is further segmented into foldable IOLs and PMMA IOLs on the basis of material. Foldable IOLs is further sub segmented into hydrophobic acrylic IOLs, hydrophilic acrylic IOLs and other foldable IOLs.
- On the basis of end user the global intraocular lens (IOL) market is classified into hospitals, specialty clinics and ambulatory surgery centers.
- Based on geography the global intraocular lens (IOL) market report covers data points for 28 countries across multiple geographies namely North America & South America, Europe, Asia-Pacific and, Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa and, Brazil among others. In 2017, North America is expected to dominate the market.
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Top 15 Market Competitors/Players:
- Novartis AG, Valeant,
- Johnson & Johnson Vision Care, Inc.,
- Carl Zeiss Meditec AG,
- HOYA Corporation,
- STAAR SURGICAL,
- Rayner,
- PhysIOL, Ophtec BV,
- SAV-IOL SA,
- Oculentis,
- NIDEK CO., LTD.,
- Aurolab,
- Omni Lens,
- Care Group,
- Hanita Lenses,
- Fhiol, USIOL Inc.,
Competitive Analysis
The global intraocular lens market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of intraocular lens (IOL) market for global, Europe, North America, Asia Pacific and South America.
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