Intraocular Lens Market Size, Analysis, Competitive Strategies and Forecasts, 2017–2025
Intraocular lens is a minute artificial lens used to replace the eye’s natural lens that is removed during the cataract surgery, this lens is called as an intraocular lens (IOL). A person with cataract has a cloudy lens. Things look less colorful, blurry, and hazy with a cataract, which is a leading cause of blindness globally. Intraocular lenses are also used for refractive lens exchange, which is a vision correction surgery. When the intraocular lens were not in use, a patient whose cataract has removed, had to wear a very thick eyeglass or special contact lenses in order to see after the cataract surgery. A variety of intraocular lenses are available and person can choose the best lens according to his lifestyle or specific visual need. Various premium intraocular lenses have been approved by U.S. Food and Drug Administration (FDA) for use by cataract surgeons. This premium lenses has advantage over single vision intraocular lens that are covered with Medicare and other types of healthcare insurance.
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Rising incidence of ophthalmic and ocular conditions driving the intraocular lens market
The major factors which are driving the intraocular lens market includes increasing incidence of ophthalmic and ocular conditions, risk of cataract among diabetic patients. According to World Health Organization (WHO) in 2010 the total number of persons with visual impairment was estimated to be 285 million, including 39 million blind people among those 80% were above age of 50. Another factor which is driving the intraocular lens market is risk of ocular complications among the diabetic patients. For instance, the data published by International Diabetic Federation in 2011 showed that diabetes affects more than 240 million people worldwide which can lead to ocular complications such as diabetic retinopathy, cataract, diabetic papillopathy, glaucoma and ocular surface disease. Introduction of technologically advanced products such as accommodative multifocal intraocular lenses, preference shift from conventional intraocular lenses to foldable lenses, increasing government initiatives and rising adoption for premium intraocular lenses are expected to boost growth of the intraocular lens market.
However, high cost, lack of reimbursement and post-operative complications such as refractive errors are some factors that are hindering the growth of intraocular lens market. The opportunities for global intraocular lens market include availability of advance technologies of micro-incision cataract surgery and femtosecond lasers and multi-distance vision capabilities is a global trend for intraocular lens market.
The increase in population with the need of vision correction surgery is expected to propel the growth of intraocular lens market in North America
Regional segmentation of intraocular lens market by Coherent Market Insights comprises North America, Latin America, Europe, Asia Pacific, Africa, and Middle East. North America dominates in the intraocular lens market owing to factors such as geriatric population, affluence of the American baby boomer generation and the ability of surgeons to bill for premium refractive outcome. According to data provided by Vision Council in 2015, around 76.2% adults had vision correction surgery in the U.S., this factors are contributing to the growth of the intraocular lens market. Asia Pacific is another region which has large share in the intraocular lens market. Factors such as government initiatives and awareness to avoid the blindness, are expected to fuel the growth of intraocular lens market in Asia Pacific.
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The highly competitive intraocular lens market is subject to change to the technological advancement and industry standards
Key players operating the global intraocular lens market are Abbott medical Optics Inc., Alcon Inc., Rayner Intraocular lenses limited, Eyekon Medical, Bausch & Lomb Incorporated, Carl Zeiss Meditec AG, Lenstec, HumanOptics AG, STAAR Surgical Company and Hoya Corporation. The intraocular lens industry is highly competitive and there should be changes according to technological advancement and evolving industry requirements and standards. The competition among the industry players is based on the factors such as technological leadership and innovation, quality and efficacy of the products, relationships with eye care professionals and healthcare providers, pricing, and breadth and depth of product offering.
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