Global Intraocular Lens Market is Expanding at a CAGR of 5.49% during 2021-2027:
The worldwide intraocular lens market is predicted to develop as the senior population becomes more susceptible to ocular disorders, cataract prevalence rises, and government measures to eradicate avoidable blindness increase. Additionally, the market's growth is aided by the rise in the usage of premium lenses, which deliver benefits such as enhanced visual performance and reduced astigmatism. Furthermore, the worldwide intraocular lens market is likely to be driven by an increase in knowledge about premium IOLs, favorable recommendations from health care practitioners, and better acceptability among patients worldwide during the forecast period.
Monofocal Intraocular Lens Segment to Dominates Backed by Cost-effective Nature:
In this report, based on the product, the market can be divided into Monofocal IOL, Multifocal IOL, Toric, and Accommodative segments. According to the research, the monofocal intraocular lens segment is expected to dominate the IOL market share for the foreseeable future. The majority share of monofocal IOLs can be attributed to low monofocal lens pricing compared to premium lenses and advantageous government reimbursement regulations. The premium intraocular lens category, on the other hand, is expected to be driven by the benefits of multifocal and accommodative IOLs over monofocal lenses, as well as an increased preference for toric lenses.
Availability of Free Cataract Surgery to Propel the Expansion of Hospitals Segment:
As per the analysis, the market diverges into Hospitals, Ophthalmic Clinics, Ambulatory Surgery Centers, Eye Research Institutes & Others based on the end-user. In 2021, the hospital sector accounted for the most significant proportion of the market in terms of market share. Some of the critical IOL market trends responsible for the segment's growth include an expansion in government hospitals and NGOs delivering free cataract procedures, attractive health reimbursement, and increased demand for daycare surgeries in hospitals. According to this report, Global Intraocular Lens Market Size was US$ 4.5 Billion in 2021.
Regional Analysis:
We have covered the regional market of North America, Europe, Asia Pacific, and Rest of World in the Global Intraocular Lens Market. Throughout the projection period, North America is expected to lead the market. The substantial North American IOL market share is due to technological advancements such as bespoke cataract lenses, Extended Depth of Focus (EDoF), and new product introductions. As per the American Academy of Ophthalmology, by 2050, 50 million people in the United States will have cataracts. This is projected to favor demand for an intraocular cataract lens in the United States during the forecast period.
Industry Key Players:
The intraocular lens market is consolidated, with a few significant players like Novartis AG, Bausch & Lomb Incorporated, Carl Zeiss Meditec AG, Johnson and Johnson Vision Care, Inc, Alcon, and Hoya Corporation. The major players are focusing their exertions on completing acquisitions that will assist them in increasing their market position. Furthermore, significant players form alliances with non-profit organizations to raise awareness about cataracts and other eye illnesses. Manufacturers also demonstrate a keen interest in introducing new items to the market, which will help them maintain a solid product portfolio.
The Impact of COVID-19 on the Global Intraocular Lens Market:
Globally, routine healthcare appointments were cancelled due to the COVID-19 outbreak in December 2019 to prevent people from catching the virus. In the first half of 2020, this negatively influenced the market. There was a considerable decline in procedure volumes as many patients were elderly and at a higher risk of developing COVID-19 symptoms, resulting in revenue loss and the temporary or permanent closure of single ophthalmic practice units.
Despite a decline in intraocular lens sales during the pandemic, the market is recovering and is predicted to rise steadily during the forecast period. Factors such as an increase in cataracts and a rise in the number of diagnosed instances of blindness are essential drivers of market expansion. Furthermore, rising healthcare spending and increased awareness of cataracts will likely boost intraocular lens sales.
The publisher's latest report Intraocular Lens Market, Global Forecast By Product (MonofocalIOL, Multifocal IOL, Toric, Accomodative and Others), End Users (Hospitals, Ophthalmic Clinics, Ambulatory Surgery Centers, Eye Research Institutes & Others), Region (North America, Europe, Asia -Pacific and ROW), Companies (Novartis AG, Bausch & Lomb Incorporated, Carl Zeiss Meditec AG, Johnson and Johnson Vision Care, Inc, Alcon, and Hoya Corporation)” provides a detailed analysis of Intraocular Lens Industry.
Product - Market has been covered from 5 viewpoints:
1. MonofocalIOL
2. Multifocal IOL
3. Toric
4. Accomodative
5. Others
End Users - Market has been covered from 4 viewpoints:
1. Hospitals
2. Ophthalmic Clinics
3. Ambulatory Surgery Centers
4. Eye Research Institutes & Others
Region - Market has been covered from 4 viewpoints:
1. North America
2. Europe
3. Asia -Pacific
4. Rest of World
Company Insights:
- Overview
- Company Initiatives
- Sales Analysis
Companies Covered:
1. Novartis AG
2. Bausch & Lomb Incorporated
3. Carl Zeiss Meditec AG
4. Johnson and Johnson Vision Care, Inc
5. Alcon
6. Hoya Corporation
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Report Attribute | Details |
---|---|
No. of Pages | 110 |
Published | April 2022 |
Forecast Period | 2021 - 2027 |
Estimated Market Value ( USD | $ 4.5 Billion |
Forecasted Market Value ( USD | $ 6.2 Billion |
Compound Annual Growth Rate | 5.4% |
Regions Covered | Global |
No. of Companies Mentioned | 6 |
Table of Contents
Companies Mentioned
- Novartis AG
- Bausch & Lomb Incorporated
- Carl Zeiss Meditec AG
- Johnson and Johnson Vision Care, Inc
- Alcon
- Hoya Corporation
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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