Global Intraocular Lens (IOL) Market to Showcase 6.8% CAGR; Introduction to Free Eye Checkup Camps to Boost Growth: Fortune Business Insights™
Intraocular Lens (IOL) Industry 2020 Global Market Research report presents an in-depth analysis of the market size, growth, share, segments, manufacturers, and technologies, key trends, market drivers, challenges, standardization, deployment models, opportunities, future roadmap and 2027 forecast.
Pune, India -- (SBWire) -- 11/16/2020 --The global 'intraocular lens (IOL) market' size is projected to reach USD 5,318.8 million by 2026, thereby exhibiting a CAGR of 6.8% during the forecast period. However, the market was worth USD 3,159.3 million in 2018. This information is published in a recent report by Fortune Business Insights™, titled, "Intraocular Lens (IOL) Market Size, Share & Industry Analysis, By Type [Monofocal Intraocular Lens and Premium Intraocular Lens (Multifocal Intraocular Lens, Toric Intraocular Lens, and Others)], By Material [Polymethylmethacrylate (PMMA) and Foldable (Hydrophobic Acrylic, Hydrophilic Acrylic, and Silicone & Collamer)], By End User (Hospitals & Ambulatory Surgery Centers, Specialty Clinics, and Academic & Research Institutes) and Regional Forecast, 2019-2026." The report further states that the market is set to gain impetus from the rising number of NGOs offering free cataract surgeries and eye examinations.
Highlights of the Report:
- In-depth information
About the intraocular lens market trends, growth drivers, hindrances, opportunities, and challenges.
- Segmentation of the market in terms of type, material, end user, and geography.
- Extensive analysis of the competitive landscape, such as new product launches, contracts, agreements, joint ventures, mergers, and acquisitions.
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Rising Government Initiatives to Eliminate Cataract Will Boost Growth
The incidence of cataracts is rising at a rapid rate nowadays. It is, in turn, causing huge health as well as an economic burden in several countries. Therefore, the governments of these countries are launching various initiatives to eliminate cataracts. One such global initiative is called 'Vision 2020'. It was put forward by the International Agency for the Prevention of Blindness (IAPB) to remove the major causes of avoidable blindness from the world. Additionally, the governments are conducting eye checkup camps and launching favorable reimbursement policies to achieve their target of Vision 2020. It is expected to augment the intraocular lens market growth during the forecast period.
Monofocal IOL Segment to Lead Stoked by Favorable Government Reimbursement Policies
By type, the market is grouped into premium intraocular lens and monofocal intraocular lens. Amongst these, the monofocal intraocular lens is expected to lead by gaining the maximum IOL market share in the coming years. This growth is attributable to the rising number of favorable government reimbursement policies as well as cost-effective nature.
The premium intraocular lens segment, on the other hand, consists of sub-segments, namely, toric intraocular lens, multifocal intraocular lens, and others. This segment has less penetration as compared to monofocal IOLs. This mainly occurs as multiple government-aided insurance policies do not cover the cost of premium intraocular lens. Thus, the patient has to pay for the same from their expenses. However, this segment is anticipated to showcase growth during the forecast period owing to the rising preference for toric lenses and their possession of numerous benefits.
An Overview of the Impact of COVID-19 on this Market :
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of corona virus outbreak across industries to help you prepare for the future.
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North America to Dominate: Increasing Technological Advancements Will Favor Growth
The market is geographically segregated into Asia Pacific, Europe, the Middle East and Africa, North America, and Latin America. Out of these, North America had generated USD 892.9 million IOL market value in 2018. It is set to retain its dominant position throughout the forecast period. It is likely to occur because of the increasing number of new product launches as well as the ongoing technological advancements, such as the Extended Depth of Focus (EDoF) and custom cataract lens.
Europe is expected to expand at a fast pace owing to the growing preference for toric lenses, rising adoption of femtosecond lasers for cataract surgery, and an increasing number of cataract surgery. Besides, various industry giants are present in this region. It would also contribute to the market growth.
Lastly, Asia Pacific is projected to experience high growth backed by strong government support and a rising number of cataract surgery. Apart from that, increasing prevalence of cataract and diabetes would propel the market in this region. The National Programme for Control of Blindness and Visual Impairment (NPCB&VI) declared that from the period of 2016 to 2017, over 6.4 million surgeries were performed in India. In emerging countries, such as Japan, China, and India, the occurrence of a high volume of cataract operations would fuel intraocular lens market growth.
Johnson & Johnson Vision Launches Tecnis Toric II
December 2019: Johnson & Johnson Vision announced the launch of its one-piece intraocular lens (IOL) named Tecnis Toric II after bagging FDA approval. It will be used to treat astigmatism in patients affected by cataracts. It is the company's first approved product in the Tecnis Toric II platform. It also provides more friction and surface texture on IOL haptics. It is specially designed to offer visual improvement for various lifestyles and visual conditions.
Fortune Business Insights™ lists out some of the most renowned organizations operating in the intraocular lens market. They are as follows:
- Johnson & Johnson Services, Inc.
- Bausch & Lomb Incorporated
- HOYA Corporation
- STAAR SURGICAL
- Rayner Intraocular Lenses Limited
- Hanita Lenses
- SIFI S.p.A
- Other key market players
Global Intraocular Lens (IOL) Market Segmentation :
- Monofocal Intraocular Lens
- Premium Intraocular Lens
o Multifocal Intraocular Lens
o Toric Intraocular Lens
- Polymethylmethacrylate (PMMA)
o Hydrophobic Acrylic
o Hydrophilic Acrylic
o Silicone & Collamer
By End User
- Hospitals & Ambulatory Surgery Centers
- Specialty Clinics
- Academic & Research Institutes
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East and Africa ( South Africa, GCC, and Rest of the Middle East & Africa)
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Table Of Content :
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Prevalence of Cataract - For Key Countries/Regions
4.2. Number of Cataract Surgery - For Key Countries/Regions
4.3. Overview of Government Cataract Initiatives
4.4. Regulatory Scenario - For Key Countries/Regions
4.5. Reimbursement Scenario - For Key Countries/Regions
4.6. New Product Launches
4.7. Key industry Developments - Mergers, Acquisitions and Partnerships
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