Intraocular Lens Market to Surpass US$ 6.9 Billion by 2025

Published On : May 21, 2018

The Global Intraocular Lens Market, by Flexibility (Folded and Rigid), by Product Type (Premium Intraocular Lens (Multifocal Intraocular lens, Accommodating Intraocular lens and Toric Intraocular lens), Monofocal Intraocular Lens, Preloaded Intraocular Lens, and Others), By Material (Polymethylmethacrylate, Silicone, Hydrophilic, and Hydrophobic Acrylic), By End User (Hospitals, Ambulatory Surgery Centers, Eye Research Institutes and Ophthalmology Clinics) was valued US$ 3.8 billion in 2017 and is projected to exhibit a CAGR of 7.5% over the forecast period (2017 - 2025) as highlighted in a new report published by Coherent Market Insights. New product launches by market players, growing advancement in cataract surgery techniques coupled with rising awareness programs for cataract patients are the major factors driving growth of global intraocular lens market over the forecast period.

Recent advances in the cataract surgery have increased the safety and efficacy of surgical procedure due to which huge number of people are opting for cataract treatment. For instance, recent technological advancement in ophthalmology such as introduction of the femtosecond laser, an infrared laser with the wavelength of 1053 nm into the cataract surgery has increased the safety and predictability of the cataract procedure. Currently various femtosecond laser systems are available commercially which are used in corneal refractive surgery. Femtosecond laser technology offers potential benefits into the field of cataract surgery. Femtosecond laser (FSL) able to perform three important steps in cataract surgery such as corneal incisions, capsulotomy, and lens fragmentation. Moreover, due to the increasing numbers of cataract and refractive surgery and demand for new technology in clinical practices, key players in the market are engaged in offering mobile surgery platforms. For instance, in February 2013, Sightpath Medical launched MoFe, or Mobile Femtosecond, a mobile femtosecond laser cataract surgery suite.

Furthermore, innovation in intraocular lens material such as introduction of novel intraocular lens with full range of continuous high-quality vision, trifocal intraocular lens for patients with astigmatism undergoing cataract surgery, an Extended Depth of Focus (EDOF) intraocular lens, and among others; have enabled surgery to be done through a small incision, which also led to quick recovery of the patient. Invention of ophthalmic viscosurgical devices has reduced the risk of endothelial decompensation and corneal edema. It has transformed the cataract surgery, providing a great opportunity to intraocular lens market.

Browse 126 Market Data Tables and 37 Figures spread through 290 Pages and in-depth TOC on "Intraocular Lens Market, by Flexibility (Folded and Rigid), by Product Type (Premium Intraocular Lens (Multifocal Intraocular lens, Accommodating Intraocular lens and Toric Intraocular lens), Monofocal Intraocular Lens, Preloaded Intraocular Lens, Others), By Material (Polymethylmethacrylate, Silicone, Hydrophilic, Hydrophobic Acrylic), By End User (Hospitals, Ambulatory Surgery Centers, Eye Research Institutes and Ophthalmology Clinics) - Global Forecast to 2025"

To know the latest trends and insights related to intraocular lens market, click the link below:

https://www.coherentmarketinsights.com/market-insight/intraocular-lens-market-690

Key players in intraocular lens market are focused on research and developmental activities for developing new intraocular lens with better safety, at low cost and thereby strengthen the product portfolio. Moreover, various key players are engaged in obtaining product approval from regulatory authority to efficiently market their intraocular lens product portfolio to diverse range of potential customers. For instance, in May 2017, STAAR Surgical Company received the CE mark approval for EVO+ Visian ICL with Aspheric (EDOF) Optic. Approval helps STAAR Surgical to market EVO+ Visian ICL in the European market. In April 2012, HOYA Corporation received the U.S. FDA approval for clear foldable hydrophobic acrylic‐optic aspheric intraocular lenses: the iSert Intraocular Lens. In April 2016, Lenstec, Inc., a medical device company engaged in design, manufacture, and distribution of intraocular lens implants and lens injection systems; received the U.S. FDA approval for Softec HDM intraocular lenses. The approval helped Lenstec to add the new product in its Softec HD product line. Furthermore, FDA approval allows the company to effectively market the product in the U.S. In May 2017, Ophtec BV received the CE mark approval for aspheric presbyopia correcting Intra Ocular Lens: Precizon Presbyopic. The product is available for sale European Union after receiving the CE mark approval.

Key takeaways of the Intraocular Lens Market:

  • The global intraocular lens market is expected to expand at a CAGR of 7.5% during the forecast period (2017 – 2025), owing to increasing advancement in cataract surgery techniques.
  • Folded intraocular lens hold major market share in flexibility segment, due to their advantages over rigid intraocular lens such as folded intraocular lens are incorporated with advanced features, which include square and truncated optic edge which prevents posterior capsule opacification. Moreover, folded intraocular lens requires smaller insertion for IOL insertion, which minimizes the risk of post-operative errors.
  • Monofocal intraocular lens holds largest revenue share among product type segment due to extensive application of monofocal intraocular lens in standard cataract surgery procedures. Moreover, monofocal lenses offers varying benefits over the multifocal IOLs such as clear vision over the distances, ability to read at even low light and availability of reimbursement.
  • Among material segment, hydrophobic acrylic hold largest market share, owing to higher efficiency of hydrophobic acrylic IOLs in reduction of posterior capsular opacification (PCO) rate and laser capsulotomy, compared to hydrophilic intraocular lens.
  • Hospitals holds largest market share in end user segment, owing to various technological advance healthcare facility offered by hospitals, to carryout cataract surgery procedures.
  • Some of the major players involved in global intraocular lens market include STAAR Surgical Company, HOYA Corporation, Lenstec, Inc., Ophtec BV, Johnson & Johnson, Alcon, Bausch & Lomb Incorporated, Carl Zeiss Meditec AG, Rayner Intraocular Lenses Limited, and HumanOptics AG.

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