Intraocular Lens Market Trends Analysis 2024
The TMR report reveals that the global intraocular lens market stood at US$3.2 bn in 2015. The market is expected to expand at a CAGR of 5.2% within the given forecast period from 2016 to 2024, eventually reaching US$5.0 bn by the end of 2024.
Cataract Procedures on the Rise
On the basis of end users, the global intraocular lens market was led by hospitals in 2016. This end user is expected to continue taking up for the leading share in the market till the end of 2024, predicted to be reaching US$1.7 bn at that point. Hospitals will be lifted due to the increasing number of cataract procedures being performed, complemented by the improving infrastructure in healthcare in emerging economies. From a geographical perspective, North America is expected to continue leading the global intraocular lens market while expanding at a CAGR of 38.1% from 2016 to 2024.
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Ophthalmic Conditions in High Prevalence Among the Elderly
“The global intraocular lens market is currently being driven by the surge in prevalence of ophthalmic and ocular diseases on a global scale. The growing demographic of geriatrics – a highly susceptible population to ocular conditions – will be driving the demand for intraocular lenses and its global market,” states a TMR analyst. The American Association of Ophthalmology (AAO) had recently predicted cataracts to continue being a highly common cause of visual impairment in the coming years. The growing rate of awareness amongst the urban population regarding the problems and causes of vision impairment is also expected to continue driving the global intraocular lens market over the immediate future.
High Treatment Costs to Hinder Intraocular Lens Demand
The high cost of cataract surgeries combined with the additional cost of intraocular lenses is likely to create a negative image of the market for patients, thereby inhibiting its growth for the immediate future. This problem is further compounded by the high costs associated with medications, pre and post-operative drops, and prescription drugs is also expected to raise the overall cost of the procedure, which is dissuading several patients. The market is also likely to be hampered by the lack of reimbursement policies pertaining to implantation of intraocular lenses.
The growing adoption of premium IOL’s has also been fueling the growth of the global intraocular lens market. The technological advancements in this field has also been significant enough to provide a consistent level innovation in premium IOL intraocular lenses, further driving up sales. Increasing number of users are opting for premium IOLs despite their higher pricing as they offer improved visual performance, ensure reduced rates of astigmatism, and better spectacle independence.
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Boston Scientific, Inc., Abbott Laboratories, Terumo Europe NV, Biotronik, and Biosensors International have been the five leaders in the global intraocular lens market for 2016, when they collectively held a massive 80.5% of the market. According to a research report released by Transparency Market Research, the leading players in this highly consolidated market have so far managed to generate a significant global reach. In the coming years, most of them are likely to focus on more clinical trials and examinations for creating better intraocular lenses and prove their superiority over other competitive products and substitutes. The players are also expected to show more interest in research and development activities that will further enhance their products and product portfolios.
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