Intraocular Lens Market Report, published by Allied Market Research, forecasts that the global market was valued at $3,306 million in 2015 and is expected to garner $4,973 million by 2022, registering a CAGR of 5.9% during the forecast period 2016 - 2022. Monofocal intraocular lens segment held more than four-fifths share of the total market in 2015.
Portland, OR -- (SBWIRE) -- 10/02/2017 -- Rise in adoption of premium intraocular lens is a major factor that drives the growth of the intraocular lens market. Premium lens provides added benefits as compared to standard intraocular lens such as correction of presbyopia, astigmatism, and other refractive errors and reduction of the need for eye glasses, which boost the growth of the market
Intraocular lens (IOLs) are implanted in the eyes to replace the natural lens during cataract surgery (cataract market size). The market has witnessed significant growth in the recent past due to development of new types of IOLs.
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Government initiatives and awareness programs to eliminate avoidable blindness are together expected to propel the demand for intraocular lens in the Asia-Pacific region. For instance, in 2011, Lions Clubs International Foundation (LCIF) in partnership with Peoples Republic of China initiated a new phase of their campaign in China known as SightFirst China Action (SFCA), which aims at preventing blindness. Since its formation in 1997, the foundation invested more than $30.8 million for more than 5 million cataract surgeries and upgradation of 300 eye care institutions and above. In addition, the Chinese government funded more than $200 million to support their campaign.
Advent of premium IOLs such as multifocal, toric, and accommodating IOLs and rise in incidence of cataract (cataract surgery market) are the key factors that drive the market growth. In addition, rise in geriatric population and proactive initiatives taken by government to eliminate avoidable blindness are anticipated to fuel the demand for IOLs globally. However, postoperative complications such as refractive errors and unfavorable reimbursement scenario for premium intraocular lens restrict the market growth.
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The monofocal intraocular lens segment is expected to dominate the market during the analysis period, owing to its advantages such as low and better reimbursement scenario. (intraocular lens market size) Silicone generated the maximum revenue, accounting for more than half of the global intraocular lens market in 2015. However, hydrophobic acrylic segment is estimated to exhibit the highest growth rate of 7.1% during the forecast period.
Ambulatory surgery centers generated the highest revenue, accounting for nearly half of the global market, and is estimated to grow at the highest CAGR of 6.7%. (intraocular lens market report)
Key Findings of Intraocular Lens Market
- Premium lens segment is expected to grow at a significant CAGR of 8.6%, owing to various benefits such as improved visual performance.
- Ambulatory surgery center segment is projected to grow at a CAGR of 7.1% during the forecast period.
- In terms of volume, the U.S. accounted for more than one-fourth share of the global intraocular lens market.
- France and Germany collectively contributed for more than one-third of the European intraocular lens market in 2015.
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