The global intraocular lens market is anticipated to grow at a CAGR of 4.81% between 2019 and 2027 to generate revenue of $5,828 million by 2027
NEW YORK, May 21, 2019 /PRNewswire/ --
KEY FINDINGS
Intraocular lenses (IOLs) are used for optical correction of the human eye and it relies on a process termed as refractive lens exchange.IOLs are synthetic in composition and are thus known as the artificial form of lens.
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It is inserted to take place of the eyes' naturally existing lens.Many ophthalmologist recommend to use the correction glasses post-surgery for reading chores and also for correcting short or long distance eyesight loss that solely depends on the power of the lens inserted.
The global intraocular lens market is anticipated to grow at a CAGR of 4.81% between 2019 and 2027 to generate revenue of $5,828 million by 2027.
MARKET INSIGHTS
Growing prevalence of cataract, the surge in minimally invasive procedures demand, and technological advancements are the important factors that are influencing the growth of the market.The intraocular lenses types are used extensively for various purposes.
Monofocal IOLs are the traditional and the most common intraocular lens used after the cataract surgery.
Complications associated after surgery and reimbursement issues are the major factors hindering the intraocular lens market. Some individuals have reported a few complications after cataract surgery, which could lead to a partial loss of vision or require further surgery.
REGIONAL INSIGHTS
Geographically, the global intraocular lens market has been segmented on the basis of four major regions, which are North America, Asia Pacific, Europe, and the remaining countries banding together to collectively form the Rest of World regional segment.
The Asia-Pacific is expected to hold the regional market that will escalate at significant growth rate for the intraocular lens products.The region has seen an increasing occurrence of diabetic related ocular disorders and cataract which is assessed to raise the adoption rate of the intraocular lens implants.
The lucrative growth rate of the market during the forecast period can be attributable to the amplifying geriatric population, and the exponential rise in the diabetic disorders among the regional population.
COMPETITIVE INSIGHTS
Rayner Intraocular Lenses Ltd., Eyekon Medical Inc., Lenstec, Inc., Johnson & Johnson, Inc., Bausch Health Companies Inc. (formerly Valent Pharmaceuticals International Inc.), Staar Surgical Company, HumanOptics AG, Santen Pharmaceutical Co., Ltd., Hoya Corporation, Essilor International S.A., Alcon, Abbott Medical Optics, Inc. (subsidiary of Abbott Laboratories, Inc.), Carl Zeiss AG, and Pfizer are the major companies operating in the market.
Companies mentioned
1. ABBOTT MEDICAL OPTICS, INC. (A SUBSIDIARY OF ABBOTT LABORATORIES, INC.)
2. ALCON
3. BAUSCH HEALTH COMPANIES INC. (FORMERLY VALENT PHARMACEUTICALS INTERNATIONAL INC.)
4. CARL ZEISS AG
5. ESSILOR INTERNATIONAL S.A.
6. EYEKON MEDICAL INC.
7. HOYA CORPORATION
8. HUMANOPTICS AG
9. JOHNSON & JOHNSON, INC.
10. LENSTEC INC.
11. PFIZER
12. RAYNER INTRAOCULAR LENSES LTD.
13. SANTEN PHARMACEUTICAL CO., LTD.
14. STAAR SURGICAL COMPANY
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