Intraocular Lens Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 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.

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 pseudophakic intraocular lens is the most commonly used intraocular lens in a cataract surgery

The global intraocular lens market segments by material, by product type, by end user and by region

On the basis of material, intraocular lens market is segmented into

  • Polymethylmethacrylate (PMMA)
  • Silicone
  • Hydrophobic acrylic

On the basis of product type, intraocular lens market is segmented into

  • Premium Intraocular Lens
  • Multifocal Intraocular lens
  • Accommodating Intraocular lens
  • Toric Intraocular lens
  • Phakic Intraocular lens
  • Aspheric Intraocular lens
  • Blue light filtering Intraocular lens
  • Monofocal Intraocular Lens

On the basis of end user, the intraocular lens market is segmented into

  • Hospitals
  • Ambulatory Surgical Centers
  • Eye Research Institutes
  • Ophthalmology clinics

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.

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.

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

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Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
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  • Scientific journals, and other technical magazines and whitepapers.
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Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization:

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users

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