The global intraocular lens market was valued at USD 3619.38 million in 2017, is expected to witness a CAGR of 4.89% over the period, 2018-2023 (henceforth, the forecast period). Intraocular lenses (IOLs) are implantable medical devices used for vision correction. Rising diabetic cases and associated cataract and diabetic retinopathy complications are expected to boost the global market. Asia-Pacific is expected to emerge as the fastest growing segment over the forecast period owing to government initiatives to include eye care in social security systems, rise in geriatric population, increasing cataract cases, and many others.
Rising Ophthalmic Issues to Boost Intraocular Lenses Market Growth
Rise in ocular conditions such as cataract, and diabetic retinopathy across the world is a major factor in assisting market growth. According to the national eye institute, the United States recorded 7.7 million diabetic retinopathy cases, and 24 million cataract cases and expected to reach 11.3 million and 38 million respectively by 2030. In addition, the American Association of Ophthalmology states the major cause of visual impairment around the world is reported to be a cataract, and geriatric ocular issues are emerging as prime factors in the developing countries. Hence, such a rise in the ophthalmic conditions across the globe is expected to drive the growth of the IOL market over the forecast period. Causes of visual impairment as stated by the American Association of Ophthalmology (AAO) are as mentioned below-
High Cost of Treatment to Hinder Market Growth
Higher costs associated with ophthalmic surgeries, such as cataract surgery and other retinal correction surgeries are expected to drive market growth over the forecast period. The cost of the IOL plays a vital role in the process of their adoption for vision correction or impairment surgeries. The approximate cost of an IOL implant surgery is USD 1,400 to USD 3,500 per eye.In addition, the reimbursement is provided for IOL implants only in conditions where it is a necessity, and not in the case of vision correction lenses, thereby increasing the financial burden on the patients. The cataract surgery in the United States costs around USD 3600 to USD 6600 without the insurance coverage. Thus, the increasing costs of IOLs and the poor reimbursement coverage are expected to hamper the market growth over the forecast period.
Market Segmentation Insights for the intraocular lenses (IOLs) market
The monofocal intraocular lens is the first choice for many, as it can provide the best image quality after the surgery and thus has the largest share around 30% in this market. Accommodative IOLs are growing with the fastest CAGR during the forecast period due to the long-term benefits associated with them are expected to benefit their adoption and can accommodate well with the post-surgical changes. Toric IOLs are special as they have certain markers on the peripheral parts of the lens to enable the surgeon to see the orientation of the astigmatism correction in the lens. It is the most preferred, as it reduces the complications during cataract surgeries.Hence, the need for the development of cost-effective and efficient intraocular lenses has been driving research and development activities in this product segment.
The ophthalmic clinics have been reporting the maximum cataract and vision repair surgeries in 2017 and are also expected to show the dominance as an end-user in the intraocular lenses market. Also, the clinic segment is estimated to be the better place for ophthalmic procedures, as clinics provide better care and patient safety. Ambulatory clinics are gaining dominance in the market due to its lower cost compared to hospitals. Well-equipped hospitals are more preferred for ophthalmic surgeries than surgery centres, in case of any medical complications or emergency procedures. The geriatric population may mostly prefer to do their surgeries in hospitals, out of safety concerns. Even the surgeons feel more comfortable performing cataract surgeries in hospitals.
North America Dominates the IOL market
North America dominated the IOL market in 2017 due to the factors including rising incidences of cataract, diabetic retinopathy, and macular degeneration in the United States. Moreover, the presence of reimbursement policies for essential ophthalmic surgeries and a definite regulatory framework are enhancing growth in the market.On the other hand, Asia-Pacific is expected to emerge as the fastest growing segment over the forecast period owing to government initiatives to include eye care in social security systems, a rise in geriatric population, increasing cataract cases, and projected a rise in diabetic population.
Diabetic patients are susceptible to macular degeneration, diabetic retinopathy, and cataract. Hence the increase in the diabetic population results in the rising need for IOLs. India accounted for a diabetic population of 50.8 million whereas the Eastern and Western Pacific regions accounted for 59 million and 77 million diabetic patients respectively according to the International Diabetes Federation.
The developing countries such as China, India, Malaysia, and Singapore are experiencing growth in the IOL market, owing to the growth in the medical tourism industry and massive patient pool. In addition, the increasing initiatives of government and non-government organizations to provide affordable eye care in the Asia-Pacific region are expected to boost market growth.
Key Developments in the Market
Major Players- Novartis AG (Alcon), Bausch Health Companies Inc. (Bausch & Lomb), Carl Zeiss Meditec AG, EyeKon Medical Inc., Hoya Corporation, HumanOptics AG, Johnson and Johnson Vision Care Inc., Lenstec Inc., Rayner and STAAR Surgical Company among others.
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Rising Ophthalmic Issues to Boost Intraocular Lenses Market Growth
Rise in ocular conditions such as cataract, and diabetic retinopathy across the world is a major factor in assisting market growth. According to the national eye institute, the United States recorded 7.7 million diabetic retinopathy cases, and 24 million cataract cases and expected to reach 11.3 million and 38 million respectively by 2030. In addition, the American Association of Ophthalmology states the major cause of visual impairment around the world is reported to be a cataract, and geriatric ocular issues are emerging as prime factors in the developing countries. Hence, such a rise in the ophthalmic conditions across the globe is expected to drive the growth of the IOL market over the forecast period. Causes of visual impairment as stated by the American Association of Ophthalmology (AAO) are as mentioned below-
High Cost of Treatment to Hinder Market Growth
Higher costs associated with ophthalmic surgeries, such as cataract surgery and other retinal correction surgeries are expected to drive market growth over the forecast period. The cost of the IOL plays a vital role in the process of their adoption for vision correction or impairment surgeries. The approximate cost of an IOL implant surgery is USD 1,400 to USD 3,500 per eye.In addition, the reimbursement is provided for IOL implants only in conditions where it is a necessity, and not in the case of vision correction lenses, thereby increasing the financial burden on the patients. The cataract surgery in the United States costs around USD 3600 to USD 6600 without the insurance coverage. Thus, the increasing costs of IOLs and the poor reimbursement coverage are expected to hamper the market growth over the forecast period.
Market Segmentation Insights for the intraocular lenses (IOLs) market
The monofocal intraocular lens is the first choice for many, as it can provide the best image quality after the surgery and thus has the largest share around 30% in this market. Accommodative IOLs are growing with the fastest CAGR during the forecast period due to the long-term benefits associated with them are expected to benefit their adoption and can accommodate well with the post-surgical changes. Toric IOLs are special as they have certain markers on the peripheral parts of the lens to enable the surgeon to see the orientation of the astigmatism correction in the lens. It is the most preferred, as it reduces the complications during cataract surgeries.Hence, the need for the development of cost-effective and efficient intraocular lenses has been driving research and development activities in this product segment.
The ophthalmic clinics have been reporting the maximum cataract and vision repair surgeries in 2017 and are also expected to show the dominance as an end-user in the intraocular lenses market. Also, the clinic segment is estimated to be the better place for ophthalmic procedures, as clinics provide better care and patient safety. Ambulatory clinics are gaining dominance in the market due to its lower cost compared to hospitals. Well-equipped hospitals are more preferred for ophthalmic surgeries than surgery centres, in case of any medical complications or emergency procedures. The geriatric population may mostly prefer to do their surgeries in hospitals, out of safety concerns. Even the surgeons feel more comfortable performing cataract surgeries in hospitals.
North America Dominates the IOL market
North America dominated the IOL market in 2017 due to the factors including rising incidences of cataract, diabetic retinopathy, and macular degeneration in the United States. Moreover, the presence of reimbursement policies for essential ophthalmic surgeries and a definite regulatory framework are enhancing growth in the market.On the other hand, Asia-Pacific is expected to emerge as the fastest growing segment over the forecast period owing to government initiatives to include eye care in social security systems, a rise in geriatric population, increasing cataract cases, and projected a rise in diabetic population.
Diabetic patients are susceptible to macular degeneration, diabetic retinopathy, and cataract. Hence the increase in the diabetic population results in the rising need for IOLs. India accounted for a diabetic population of 50.8 million whereas the Eastern and Western Pacific regions accounted for 59 million and 77 million diabetic patients respectively according to the International Diabetes Federation.
The developing countries such as China, India, Malaysia, and Singapore are experiencing growth in the IOL market, owing to the growth in the medical tourism industry and massive patient pool. In addition, the increasing initiatives of government and non-government organizations to provide affordable eye care in the Asia-Pacific region are expected to boost market growth.
Key Developments in the Market
- Oct 2017- Alcon achieved European CE Mark for the AutonoMe delivery system. AutonoMe is the first-and-only automated, disposable, pre-loaded IOL delivery system that enables precise delivery of the IOL into the capsular bag in patients undergoing cataract surgery.
- Jun 2018- The FDA has issued premarket approval to Bausch + Lomb for its enVista toric MX60T hydrophobic acrylic IOL for astigmatism correction.
Major Players- Novartis AG (Alcon), Bausch Health Companies Inc. (Bausch & Lomb), Carl Zeiss Meditec AG, EyeKon Medical Inc., Hoya Corporation, HumanOptics AG, Johnson and Johnson Vision Care Inc., Lenstec Inc., Rayner and STAAR Surgical Company among others.
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Table of Contents
1. Introduction
5. Intraocular Lenses Market Overview
6. Market Dynamics
7. Market Segmentation
8. Intraocular Lenses Market Competitive Landscape
9. Intraocular Lenses Market Major Players
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Alcon Inc.
- Bausch & Lomb Incorporated
- Carl Zeiss Meditec AG
- EyeKon Medical Inc.
- Hoya Corporation
- HumanOptics AG
- Johnson and Johnson Vision Care Inc.
- Lenstec Inc.
- Rayner
- STAAR Surgical Company
Methodology
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