Intraocular Lens Market to Gain from Improving Reimbursement Scenario
Intraocular lens are medical devices that are implanted within the eyes so as to mimic the function of natural eye lenses. Intraocular Lens are used for corrective purposes. Market Research Future (MRFR) has launched a new report on the global Intraocular Lens Market and has projected a CAGR of 5.43% over the forecast period of 2018-2023. The intraocular lens market was valued at USD 3.54 Bn in 2017.
The growth of the intraocular lens market is stemmed from rising occurrence of various ophthalmic disorders such as astigmatism, presbyopia, near-sightedness (myopia), and others. Cataract being the most common eye disorder also generates the need for corrective surgery, which boost the demand for the product. Consumers are increasingly adopting advanced intraocular lens technology to eliminate the need for glasses. Rise in geriatric and diabetic population is also a key factor enhancing the growth of the market. Diabetic and elderly people are generally prone to cataract and other ophthalmic issues. Other factors favoring the growth of the market include rise in the level of awareness and improving reimbursement scenario.
On the other hand, the market growth might be hindered by high cost of intraocular lens, lack of proper reimbursement, and dearth of skilled medical professionals.
Competitive Landscape
Oculentis GmbH, Alcon, Inc., Eyekon Medical, Inc., Aurolab, Rayner Intraocular Lenses Limited, PhysIOL, STAAR Surgical Company, HOYA Corporation, Nidek Co., Ltd., Carl Zeiss Meditec, Johnson & Johnson Vision Care, Inc., Bausch + Lomb, Lenstec, Inc., Humanoptics AG, and Ophtec BV are the key players in the intraocular lens market.
Industry Updates
August 2019 – Alcon, a leading medical device specializing in eye care products, launched AcrySof IQ PanOptix Trifocal Intraocular Lens (IOL) in the US. The new intraocular lens is approved by the US Food and Drug Administration (FDA) and is clinically proven to provide a near, intermediate and distance vision combination. The product is said to reduce the need for glasses after surgery.
Segmentation
The intraocular lens market has been segmented based on type, material and end user.
By type, the intraocular lens market has been segmented into monofocal intraocular lens, multifocal intraocular lens, accommodating intraocular lens, phakic intraocular lens, and others.
By material, the intraocular lens market has been segmented into hydrophobic acrylic, hydrophilic acrylic, polymethylmeth-acrylate (PMMA), and others.
By end user, the intraocular lens market has been segmented into hospitals, ophthalmic clinics, ambulatory surgical centers, and others.
Regional Analysis
Region-wise, the intraocular lens market has been segmented into the Americas, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).
The Americas is dominating the global intraocular lens market. High incidence rate of cataract and the presence of a massive pool of patients suffering from diabetes is favoring the growth of the market. High healthcare expenditure, availability of advanced treatment options and skilled surgeons, and the affinity for advanced treatment options are other factors driving the growth of the market. The rising geriatric population in the region is also a key factor supporting the growth of the market. A flourishing medical device industry and favorable reimbursement landscape which leads to heightened demand for eye corrective surgeries can also be credited for the growth of the market.
The Europe intraocular lens market is driven by the presence of a well-established healthcare system and increasing awareness regarding advanced treatment options. Insurance coverage is also a crucial determinant of the market growth.
APAC is poised to be the fastest-growing intraocular lens market. Surging incidence rate of cataract and other ophthalmic disorders, along with the rising geriatric population is fueling the market growth. Government initiatives to spread awareness, the launch of various healthcare schemes, and improving reimbursement scenario is also boosting the growth of the market. The key market players are also foraying into the APAC market to tap the huge growth prospects offered by the region, which has reflected positively on the growth of the market.
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