Report Code: LS11356 | Available Format: PDF
IOL Market Overview
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.
The end users in the market include hospitals, ASCs, ophthalmology clinics and eye research institutes. In 2017, hospitals acquired the largest share in the IOL market, whereas, ASCs are expected to grow at the highest CAGR during the forecast period due to various factors including growing popularity of outpatient settings for less time-consuming cataract surgery and increase in the number of cataract surgeries performed in the ambulatory surgery centers.
North America acquired the largest share in the global IOL market throughout the forecast period (2018–2023) followed by the Europe, owing to increasing incidence of cataract, higher adoption of technologically advanced products and techniques, and increasing demand by patients for premium lenses in the region.
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.
Additionally, emerging countries, such as South Africa, India, and Korea, are characterized by a large patient pool, which can be attributed to the increasing burden of non-communicable diseases and rising geriatric population in these countries. According to the World Health Organization (WHO), chronic diseases are estimated to increase by 57%, by 2020 globally. Thus, these countries offer significant opportunities for the market players in the various healthcare domains to grow within.
IOL Market Dynamics
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.
Due to increasing population it becomes difficult for the ophthalmologists to conduct cataract or any other eye related surgeries. According to the American Geriatrics Society (AGS), around 20% of Americans are expected to be more than 65 years of age by 2030, and 21% of those over 60 years of age are likely to undergo a surgical procedure.
Untapped emerging market and advancements in phacoemulsification and intraocular lens technology have ushered in a new era of cataract surgery in the market. In November 2017, the United States Food and Drug Administration (USFDA) approved an IOL system namely, RxSight Inc. Light Adjustable Lens and Light Delivery Device. This lens is applicable for the patients with pre-existing astigmatism of ≥0.75 diopters undergoing, cataract surgery and offers adjustment post-operatively to improve uncorrected visual acuity.
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.
IOL Competitive Landscape
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.
IOL Market Segmentation
By End User
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