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Albany, New York, July 08, 2019 (GLOBE NEWSWIRE) -- The increasing number of cataract operations and retinal disorder, along with growing efforts made by players in providing better lenses and other developments taking place in this market are expected to drive the demand in the global intraocular lens market. Revenue generated in intraocular lenses market in 2016 was ~ US$ 3.5 Bn, which is expected to reach ~ US$ 5.06 Bn by the end of 2024. If the market progress at 5.2% CAGR between 2017 and 2024, there are high chances that the market will attain this much revenue.
The use of intraocular lens is widely seen in hospitals, as they are easily accessible by a large number of people and are situated in urban as well as remote areas. As governments in both developed and developing regions are taking initiatives to spread awareness about eye treatment with greater ease, has also boosted growth in this market. Therefore, it is being projected that the hospital segment may lead the global intraocular lens market over the forecast tenure.
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Increasing Incidence of Cataract Leading Market Growth
According to various reports, growing cataract incidences are increasing concerns globally, as it is the major cause of blindness. Based on Vision Council data, in 2015 around 76.2% adults underwent vision correction surgery in the U.S. thus, with these incidences, the global market for the intraocular lens is likely to grow significantly in the forthcoming years.
Though the use of intraocular lenses dates back to the 1980s, now its use has grown and more variety of lenses are available in the market. The most commonly used lenses are pseudophakic intraocular lens; these are implanted in eyes during the cataract surgery. On the other hand, strict regulatory policies that prolong the approval process and high cost of the intraocular lens are expected to restrict growth in the global intraocular lens market.
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North America Leading the Global Intraocular Lens Market
Geographically, technologically advanced regions such as North America are expected to lead the market over the forecast tenure. Advanced healthcare facilities, high per capita income, high public awareness have made this region lead the global intraocular lens market. Presence of prominent players in the region is another contributing factor to the growth of this market. Moreover, Asia Pacific is also expected to offer high growth opportunity in the global intraocular lens market due to increasing incidence of retinal disorders.
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Globally, the cases related to cataract have increased significantly, which has led the demand for intraocular lens. Growing retinal disorders has further boosted the demand for intraocular lenses. Moreover, developments taking place in the ophthalmology domain is also expected to further boost growth in the global intraocular lenses market.
Players providing intraocular lenses are aiming to deliver advanced and high quality of intraocular lenses. They are also focusing on surgical advancements for ophthalmic disorders at reasonable costs. Numerous leading players are investing in mergers and acquisitions and collaborating with other players to expand their presence in the market and to develop better and advanced products. Moreover, they are also playing to shift their focus on emerging countries and to work with new technologies that will further help them in improving their services. In this report, various prominent players are analyzed including Alcon, Johnson & Johnson Vision Care, Hoya Corporation, Abbott Medical Optics, and Bausch & Lomb, Inc.
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The study presented here is based on a report by Transparency Market Research (TMR) titled “Intraocular Lens Market (Product - Monofocal IOL, Multifocal IOL, Toric IOL, and Accommodative IOL; End Users - Hospitals, Ophthalmology Clinics, Ambulatory Surgery Centers, and Eye Research Institutes) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2024”.
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