According to the research report, the Global Intraocular Lens Market Size is valued at USD 3.4 billion in 2020 and estimated to grow at a CAGR of 4.9%, to reach 4.53 billion by 2025 during the forecast period 2020 to 2025. The intraocular lens is defined as it is a feigned lens that is inserted during the cataract process.
Industry Overview
Many people are suffering from the cataract that may be caused due to According to the WHO; cataract is responsible for blindness and is likely to be regarded to support the intraocular lens market. According to the International Agency for the prevention of Blindness, Vision 2020 is one of the resourcefulness that is introduced by the IAPB, to permanently get rid of blindness across the world.
In 2017, Maharashtra FDA has released the hiking up of the lenses that have announced the patients who have to undergo cataract surgery are costing 200 to 300% larger than the purchase cost.
Drivers
Factors like the number of cataract surgeries are increasing the market growth. Growing awareness people by arranging campaigns for cataract patients by various government and other private and public organizations is likely to enlarge the market growth. The growing elder people population and also growing diabetic population that leads to the cataract and other ophthalmology procedures is also boosting up the market growth.
The availability of proficient physicians and healthcare practitioners is also one of the factors that boost up the market growth. Convenient and comfortable use of the lens, availability of the lens in the market is accelerating the market growth. Cost and surgeon importance are also the factors that surge up the market growth.
Restrains
The hiking up of the intraocular lens is one of the major factors that are limiting the market growth. Rigid and firm regulations in accepting the premarket approval for the intraocular lens are expected to hamper the market growth. Shortage of proper coverage of policy where the patient pays a portion of the money to the policyholder for the intraocular lens is one of the factors that increase the market growth. Side-effects that occur post-surgical are one of the factors that obstruct the market growth.
COVID-19 Impact on Intraocular Lens Market
The COVID 19 has disrupted every sector in unprecedented ways. Lockdown guidelines and restrictions on the movement have affected the manufacturing units and supply chain. The industry had lost around 70% to 80% of the revenue over the last few months. However, in the last months of 2020, all the activities were resumed by taking precautions. As long as the contact lens user takes necessary precautions by maintaining hand hygiene techniques, there is a lower risk of transmission of the COVID 19, which enabled the intraocular lens market share to grow beyond. By 2021, the market size to hit the highest CAGR.
REPORT COVERAGE
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REPORT METRIC |
DETAILS |
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Market Size Available |
2019 – 2025 |
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Base Year |
2019 |
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Forecast Period |
2020 - 2025 |
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Segments Covered |
By Material, Type, End-User, Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Johnson & Johnson, Valeant, Carl Zeiss Meditec AG, Rayner, Alcon, Inc. (a division of Novartis AG), EyeKon Medical, Inc., Lenstec, Inc., HumanOptics AG, STAAR Surgical, Physiol s.a., Calhoun Vision Center, and Oculentis GmBH., |
This market research report on Global Intraocular Lens Market has been segmented and sub-segmented into the following categories and analyzed market size and forecast until 2025.
Intraocular Lens Market - By Material
Based on the Material, Silicone and Hydrophobic Acrylic is likely to obtain a major share of the market. These intraocular lenses are made from these silicone and hydrophobic acrylic which can be inserted through small openings or cuts.
Intraocular Lens Market - By Type
Based on the type, the Monofocal Intraocular lens segment is expected to dominate the intraocular lens market. Due to the low cost when compared with premium ones and government policies that are supportable are the factors that increase the market.
Intraocular Lens Market - By End User
Based on the End-User category, the Hospitals segment is expected to maintain its dominance during the period. Hospitals have advance technology facilities used for the usage of retinal and corneal is propelling the market growth.
Intraocular Lens Market - By Region
Regional Analysis
North America intraocular lens market dominates the global intraocular lens market and is expected to retain its dominance throughout the forecasting framework. Escalating occurrences of cataracts and other eye-related disorders propel the market growth. On August 17, 2020, BVI launched its first intraocular lens in the United States with pure. It is the first and only pre-loaded aspheric monofocal IOL available in both a 1-piece and 3-piece design for cataract surgery patients. As per the American Academy of Ophthalmology, 50 million people are predicted to have a cataract in the U.S. by 2050. The Canadian IOL market is second in place leading the market. On August 27, 2019, Alcon introduced AcrySof IQ PanOptrix Trifocal IOL in the U.S. It is the first and only approved trifocal lens.
The European intraocular lens market is standing second after North America is leading the market. On February 04, 2019, J&J Vision launched its TECNIS Eyhance intraocular lens in patients suffering from cataracts in Europe. The growing number of cataract surgeries, increasing adoption of femtosecond lasers for cataract surgery, and urging toric lenses' importance. These factors boost the market growth in the region. Nearly 34 million people in the EU are affected by age-related macular degeneration, as stated by EURETINA in 2017. Germany is leading the area in the IOL market. A cataract is one of the frequent surgeries as the government has taken initiatives in erasing the blindness and regular surge of cataracts, especially in aged people stimulate the market demand. According to the European Society of Retinal Specialists, in 2017, rate age-related macular degeneration accounted for around 32.8% in Germany.
Asia-Pacific intraocular lens market is to showcase the quickest market growth during the analysis period. The projected increase in the diabetic population, integrated with eye-care inclusion, bolsters the market growth. The intraocular lens market in India and China is driven by a huge patient count, and enlarging medical tourism stimulates market growth. Escalating the number of ophthalmologists and quick adoption of teleophthalmology accelerate the IOL market. Intensifying the governmental efforts to develop the cataract surgical rate, the government and other organizations creating campaigns to bring awareness in people regarding the eye-related disorder sweep the IOL market. According to the National Programme for Control of Blindness and Visual Impairment, nearly 6.4 million surgeries were implemented in India during 201-2017. The high volume of cataract surgeries in India, China, and Japan augment market growth.
Latin America intraocular lens market is the second region after APAC having the fastest growth pace throughout the estimated period. The key players are concentrating on developing their market presence worldwide and escalating the region's market growth. Increasing cataract surgical rates and a sufficient number of ophthalmologists in LATAM who perform surgery propels the market demand. Brazil is leading the intraocular lens market during the period. In Brazil, 70 eyes of 53 leprosy patients had intraocular lens implantation over the period. The increasing geriatric population accumulates the intraocular lens (IOL) market growth. As per ECLAC's 2014 statistical yearbook for LATAM, the aged population is expected to double by 2030 from 6.9% in 2010. The amplifying availability of new ophthalmic devices and advanced techniques surge the market growth.
The intraocular lens market in Middle East & Africa is anticipated to have considerable market growth. The factors like growing high demand for the ocular lens and rising frequency of the lens boost the market growth. Good government support and acceptable reimbursement policies surge the market demand. Countries like UAE, Africa, and the rest of the MEA are to have impressive market growth in the upcoming years.
Key Market participants dominating the Global Intraocular Lens Market are Johnson & Johnson, Valeant, Carl Zeiss Meditec AG, Rayner, Alcon, Inc (a division of Novartis AG), EyeKon Medical, Lenstec, Inc, HumanOptics AG, STAAR Surgical, Physiol s.a, Calhoun Vision Center, Oculentis GmBH
Recent Market Developments in the Intraocular Lens Industry:
1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 Epidemiology
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Material
5.1.1 Introduction
5.1.2 Polymethylmethacrylate (PMMA)
5.1.3 Silicone
5.1.4 Hydrophobic Acrylic
5.1.5 Y-o-Y Growth Analysis, By Material
5.1.6 Market Attractiveness Analysis, By Material
5.1.7 Market Share Analysis, By Material
5.2 Type
5.2.1 Introduction
5.2.2 Monofocal Intraocular Lens
5.2.3 Premium Intraocular Lens
5.2.3.1 Toric Intraocular Lens
5.2.3.2 Multifocal Intraocular Lens
5.2.3.3 Accommodating Intraocular Lens
5.2.4 Others
5.2.4.1 Blue Light Filtering Intraocular Lens
5.2.4.2 Phakic Intraocular Lens
5.2.4.3 Aspheric Intraocular Lens
5.2.4.4 Y-o-Y Growth Analysis, By Type
5.2.4.5 Market Attractiveness Analysis, By Type
5.2.4.6 Market Share Analysis, By Type
5.3 End-User
5.3.1 Introduction
5.3.2 Hospitals
5.3.3 Ambulatory Surgery Centers
5.3.4 Ophthalmology Clinics
5.3.5 Eye Research Institutes
5.3.6 Y-o-Y Growth Analysis, By End User
5.3.7 Market Attractiveness Analysis, By End User
5.3.8 Market Share Analysis, By End User
6. Geographical Analysis
6.1 Introduction
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.3.1 By Geographical Area
6.1.3.2 By Material
6.1.3.3 By Type
6.1.3.4 By End User
6.1.4 Market Attractiveness Analysis
6.1.4.1 By Geographical Area
6.1.4.2 By Material
6.1.4.3 By Type
6.1.4.4 By End User
6.1.5 Market Share Analysis
6.1.5.1 By Geographical Area
6.1.5.2 By Material
6.1.5.3 By Type
6.1.5.4 By End User
6.2 North America
6.2.1 Introduction
6.2.2 United States
6.2.3 Canada
6.3 Europe
6.3.1 Introduction
6.3.2 U.K
6.3.3 Spain
6.3.4 Germany
6.3.5 Italy
6.3.6 France
6.4 Asia-Pacific
6.4.1 Introduction
6.4.2 China
6.4.3 India
6.4.4 Japan
6.4.5 Australia
6.4.6 South Korea
6.5 Latin America
6.5.1 Introduction
6.5.2 Brazil
6.5.3 Argentina
6.5.4 Mexico
6.5.5 Rest of Latin America
6.6 Middle East & Africa
6.6.1 Introduction
6.6.2 Middle-East
6.6.3 Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Johnson & Johnson
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Carl Zeiss Meditec AG
8.3 Rayner
8.4 EyeKon Medical, Inc
8.5 HumanOptics AG
8.6 STAAR Surgical
8.7 HOYA GROUP
8.8 Alcon, Inc.
8.9 Valeant
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, Collaborations, and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
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