Albany, NY -- (SBWIRE) -- 03/30/2018 -- The global intraocular lens market has been expected in a report by Transparency Market Research (TMR) to remain significantly consolidated in the coming years. Five market leaders, viz. Biosensors International, Biotronik, Terumo Europe NV, Abbott Laboratories, and Boston Scientific, Inc., had bagged an 80.5% share in 2016. All of these companies have managed to secure a wide global reach in the past few years. In order to prove their competence in the market and superiority of their products over those of other players, they could increasingly focus on the production of better quality intraocular lens by conducting additional clinical examinations and trials.
As per a research conducted by TMR, the global intraocular lens market could rise at a CAGR of 5.2% during the forecast timeframe 2016-2024. It has been envisaged to attain a revenue valuation of US$5.0 bn by the end of 2024. In 2015, it had been marked with a valuation of US$3.2 bn. According to end-user analysis, the market could witness the dominance of the hospitals segment forecast to earn a US$1.7 bn by 2024. In terms of geographical segmentation, North America could take a leading position in the market while growing at a 38.1% CAGR.
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Increasing Incidence of Ocular and Ophthalmic Disorders Opens up New Avenues
The world intraocular lens market has been envisioned to gain momentum in its growth due to the escalation in the pervasiveness of ocular and ophthalmic diseases at a global level. An analyst at TMR has foreseen strong growth prospects to birth on the back of the rising demographic of geriatrics which could elevate the demand for intraocular lens. The aged have been usually highly vulnerable to ocular conditions, as a result of which this demographic could be one of the largest consumers of intraocular lens.
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As predicted by the American Association of Ophthalmology (AAO), cataracts could continue to be a vastly common cause of visual impairment in the near future. The mounting rate of awareness about the causes of visual impairment and related problems amongst the urban population has been projected to be another powerful factor driving growth in the world intraocular lens market.
Extortionate Costs of Intraocular Lens and Cataract Treatment Depress Demand
The international intraocular lens market has been foretold to testify a period of hampered growth owing to the exorbitant cost of cataract surgeries. Moreover, the additional cost of intraocular lens could discourage patients to go for the treatment. While this could cause some loss of growth, the situation has been prophesied to be compounded further as the costs of prescription drugs, pre and post-operative drugs, and medications continue to increase. With the increasing cost of the overall procedure, the demand could grow at a slower pace in the coming years. Furthermore, the lack of reimbursement policies has been prognosticated to impede the growth of the market.
However, the demand could be fueled by the swelling adoption of intraocular lens. Premium-quality intraocular lens have been on the charge in the recent time on account of cutting-edge innovations and technological developments observed at a consistent pace in the industry. Despite the high prices of intraocular lens, end users have been adopting them because of better spectacle independence, reduced rate of astigmatism, and improved visual performance.
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