The global intraocular lens market is expected to grow in the forecast period due to growing number of vision correction procedures, advances and innovations in intraocular lens products and cataract procedures and increasing prevalence of cataract. On the basis of product, the market is expected to be led by monofocal lens as they have a fixed focus for one distance, are less expensive and are beneficial for patients with cataract in both eyes.
The IOL market is segmented on the basis of product, material and end user. PMMA, silicone and hydrophobic acrylic are the most commonly used materials for manufacturing lenses, other than these, hydrophilic acrylates and collamer are also used. The different type of lenses available in the market are monofocal and premium. Further, different types of premium lenses include accommodating, toric, phakic, blue light filtering and aspheric lenses.
Asia Pacific is expected to grow at the fastest CAGR during the forecast period, due to rapidly increasing incidence of cataract, rising prevalence of diabetes, high risk of cataracts in diabetic patients, and fast-growing refractive surgery market especially in countries such as China and India. Additionally, increasing demand for multifocal and toric intraocular lenses and rising government initiatives towards the treatment of cataract and controlling the preventable blindness are also boosting the growth in this region.
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Increasing incidence of ophthalmic and ocular conditions, rising geriatric population, growing number of vision correction procedures, advances and innovations in intraocular products and procedures, spur in the adoption of premium intraocular lens, and increasing prevalence of cataract and growth in number of diabetic population are among the various factors boosting the growth of IOL market. According to WHO Prevention of Blindness and Deafness Programme, around 285 million people are visually impaired worldwide, 39 million are blind and 246 million have low vision (severe or moderate visual impairment), with cataracts, glaucoma and AMD being the top causes of the blindness.
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Countries such as China and India have a huge growth potential for the market during the forecast years. According to World Bank, Brazil spent 8.3% of its $2.5 trillion GDP on healthcare in 2014. Similarly, China spent 5.5% of its total GDP on healthcare, and Mexico spent 6.3% of its total GDP on healthcare in the same year. China, Brazil and India have a large population base but still lack in primary healthcare facilities, thus leading to a rise in the requirement of advanced medical devices, in turn creating ample opportunities for the IOL market players to expand their presence in these emerging economies.
The players in the market are focusing on launching new products to gain a larger share in the market. For instance, in May 2017, HOYA Group participated in a Series A venture investment in LensGen, a California-based medical device company developing Juvene, the world’s first modular, fluid-optic accommodating intraocular lens for the treatment of cataract and presbyopia.
Some of the key players operating in the IOL industry include Johnson & Johnson, Carl Zeiss Meditec AG, Valeant Pharmaceuticals International, Inc., Novartis AG, Oculentis GmbH, Eyekon Medical, Inc., STAAR Surgical Company, and HumanOptics AG.
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