The global intraocular lenses (IOLs) market is expected to reach USD 5.54 billion by 2025, according to a new report by Radiant Insights, Inc. Factors such as rise in prevalence of cataract, increasing aging population with high risk of developing ocular conditions, and government initiatives focused on reducing instances of preventable blindness are expected to drive the market.
Benefits of premium lenses such as enhanced visualization and patient convenience are boosting their adoption globally, thereby propelling the IOLs market. However, factors such as poor reimbursement schemes for premium lenses and high post-treatment costs are challenging market growth.
Rise in diabetic population has a direct and positive impact on the demand for IOLs as these patients are more susceptible to ocular conditions such as cataract and glaucoma. Development of novel surgical options available for cataract treatment, such as advanced micro-incision surgery and femtosecond lasers are also expected to fuel the market. On the other hand, post-surgical complications such as refractive defects are expected to moderately limit market growth.
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Adoption of premium IOLs is expected to increase in the coming years since they offer benefits such as higher precision, enhanced visualization, and multifocal aperture. The premium lenses segment includes multifocal, toric, and accommodative IOLs. Multifocal lenses are proving to be beneficial to patients since they offer multifocal apertures and resolve issues such as astigmatism and presbyopia. Toric IOLs are used in the treatment of astigmatism and are estimated to replace traditional incision procedures to correct vision impairments resulting from astigmatism.
On the other hand, traditional monofocal intraocular lenses are restricted to a single focal point. They are affordably priced compared to premium lenses and hence their adoption rate among standard cataract patients is higher.
North America dominated the global IOLs market. Factors contributing to its dominance include rising adoption of premium intraocular lenses and increasing number of patients suffering from cataract in the U.S. Asia Pacific is expected to exhibit the fastest growth rate in the global IOLs market. Increasing awareness regarding advanced surgical options and efforts of government as well as non-government organizations to improve awareness on and availability of affordable eye care are factors boosting the
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Further Key Findings from the Report Suggest:
• Multifocal IOL emerged as the largest product segment as a result of high adoption despite increased prices
• Hospitals accounted for the largest share among end-use segments owing to rise in cataract surgeries in hospitals. It is also expected to grow at the fastest rate
• North America dominated the market with the largest revenue share in 2016 owing to improved awareness about advanced vision impairment treatments and increasing disposable income
• Asia Pacific is projected to witness rapid growth during the forecast period owing to speedy adoption of IOLs and advanced treatments for vision repair
• Key players including Johnson & Johnson; Alcon, Inc. (Novartis AG); Valeant Pharmaceuticals International, Inc.; EyeKon Medical, Inc.; Carl Zeiss Meditec AG; Rayner; Lenstec, Inc.; STAAR Surgical; HumanOptics AG; and HOYA GROUP dominated the global IOLs market.
About Radiant Insights
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