The global “Intraocular Lens (IOL) ” Market 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.
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Out research methodology is robust and includes data triangulation based on bottom-up and top-down approaches. We validated the approximate market number with the help of primary research. Secondary research was conducted to find out detailed information about mergers & acquisitions, collaborations, joint ventures, and agreements. At the same time, we have derived significant information about the market dynamics associated with growth drivers, trends, and obstacles.
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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.
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.
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.
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.