COVINA, Calif., May 30, 2023 /PRNewswire/ — According to Prophecy Market Insights “Intraocular Lens Market Flourishes with 7.2% CAGR, Envisaged to Cross US$ 7.9 billion Mark by 2032.”
What is the Overview of Intraocular Lens Market?
Intraocular Lenses (IOLs) are artificial, permanent lenses which can replace eye’s natural lens for restoring near & distant vision. Firstly, lens is removed by process called as phacoemulsification. Small incision is made in edge of cornea, then lens is broken into small pieces & are rinsed from eye, then IOL is folded & inserted through small incision so that it can rest in same clear capsule where natural lens once did.
Presence of major key players and new launch product of intraocular lens has provided lucrative opportunities in market growth. Growing geriatric population and eye disorders like diabetic retinopathy and other disease has further fruitful the demand for Intraocular Lens market growth. The shift to digital platforms has created rapid increase in vision demands, to meet this demand new advanced IOLs (intraocular lens) platform provides best and improved vision. However, due to beneficial properties, to improve the vision, Intraocular Lense market is expected to boosts the growth over the forecast period.
Key Highlights:
- In March 2021, Johnson & Johnson Vision’s Tecnis Eyhance and Eyhance Toric II intraocular lenses approved by U.S. FDA (Food and Drug Administration). New improved lenses help in improving intermediate vision and also help in delivering of 30% better image contrast in low light at 5mm than typical monofocal lens.
- In September 2022, SIFI announced new scientific data and launched new intraocular lens at “The European Society of Cataract and Refractive Surgeons” (ESCRS) in Milan (Italy). SIFI launched new Evolux a novel extended monofocal intraocular lens which was based on non-diffractive profile and hydrophobic material.
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What is Prophecy’s Analyst View on Intraocular Lens Market?
Diabetes cause damage to eyes which leads to poor vision and blindness. To overcome the eye disorders Intraocular Lenses are useful for improving vision and to live the normal life which, in turn facilitate the demand for market growth. Moreover, rising prevalence of diabetic patients & cataracts, technological advancement, robust healthcare infrastructure, and rising medicare expenditure to enhance eye care is anticipated to increase demand for Intraocular Lens in future.
- Market Growth and Size: The intraocular lens market has been experiencing steady growth due to an increasing prevalence of cataract and other age-related eye disorders, as well as advancements in lens technology. According to various reports, the global IOL market was valued at around USD 3-4 billion in 2020 and is projected to grow at a CAGR of 5-7% over the forecast period.
- Cataract Surgery Driving Demand: Cataract surgery is the primary driver for the IOL market. As the global population ages, the number of people diagnosed with cataracts is increasing, leading to a higher demand for cataract surgeries. Additionally, technological advancements in surgical techniques, including the use of premium IOLs for better vision outcomes, have further fueled the demand for intraocular lenses.
What recent developments are there in the Intraocular Lens Market?
- Premium IOLs: Premium IOLs have gained popularity in recent years. These lenses offer advanced features beyond standard monofocal lenses, such as multifocality or extended depth of focus, which can provide patients with a wider range of vision, reducing the need for glasses after surgery. Additionally, toric IOLs are designed to correct astigmatism, further enhancing visual outcomes.
- Extended Depth of Focus (EDOF) Lenses: EDOF lenses have emerged as a promising technology in the IOL market. They provide an extended range of vision, reducing the dependence on glasses for both near and distance vision. These lenses work by using a combination of diffractive and refractive optics to extend the focal range.
- Accommodating IOLs: Accommodating IOLs aim to mimic the natural accommodation of the eye, allowing patients to focus on objects at different distances without the need for glasses. These lenses use specific mechanisms, such as changes in lens shape or movement, to adjust focus. While still in development and refinement, accommodating IOLs hold potential for enhancing visual outcomes.
- Enhanced Materials: Advances in IOL materials have focused on improving biocompatibility, durability, and optical properties. Hydrophobic acrylic lenses have gained popularity due to their excellent optical clarity and low post-operative complications. Additionally, researchers are exploring new materials, such as bioengineered polymers, to enhance the flexibility and accommodative properties of IOLs.
What are some challenges faced by the Intraocular Lens Market?
- High Cost: IOLs can be expensive, particularly premium lenses with advanced features. The cost of these lenses may limit accessibility for certain patient populations, especially in regions with limited healthcare resources or where insurance coverage is inadequate. Cost containment efforts and reimbursement policies play a significant role in addressing this challenge.
- Regulatory Approval and Safety Concerns: IOLs are regulated medical devices that require rigorous testing and approval from regulatory authorities, such as the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA). Stringent regulations and the lengthy approval process can slow down the introduction of new IOL technologies to the market. Additionally, ensuring the long-term safety and efficacy of these devices is critical for patient well-being.
- Surgeon Training and Skill: Implanting IOLs requires specialized surgical skills. Training new surgeons and ensuring a sufficient number of skilled professionals to meet the growing demand can be a challenge. Continuous professional education and training programs are essential to address this challenge and maintain the quality of cataract surgery outcomes.
- Post-operative Complications: Although cataract surgery with IOL implantation is generally safe, there can be post-operative complications such as infection, inflammation, or lens dislocation. These complications can impact patient satisfaction and visual outcomes. Ongoing research and development aim to reduce the incidence of complications and improve patient outcomes.
- Patient Selection and Expectations: Selecting the most appropriate IOL for each patient requires considering various factors such as ocular health, lifestyle, and patient expectations. Managing patient expectations and ensuring realistic outcomes are important for patient satisfaction. Clear communication between surgeons and patients regarding the benefits and limitations of different IOL options is crucial.
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Who are the Key Manufacturers in Intraocular Lens Market?
- Johnson & Johnson Vision
- Carl Zeiss Meditec AG
- Bausch & Lomb Incorporated
- EyeKon Medical Inc.
- SIFI S.p.A.
- Alcon Inc.
- Rayner Group
- HumanOptics Holding AG
- Hanita Lenses
- STAAR SURGICAL
What are the Drivers and Restrains of Intraocular Lens Market?
Drivers:
- Increasing Prevalence of Eye Disorders: The rising global prevalence of eye disorders, such as cataract, presbyopia, and refractive errors, is a significant driver for the IOL market. As the population ages and the incidence of these conditions increases, the demand for cataract surgeries and refractive procedures rises, boosting the demand for IOLs.
- Technological Advancements: Advances in IOL technology, including the development of premium IOLs with advanced features such as multifocality and extended depth of focus, drive market growth. These advancements provide improved visual outcomes and reduce dependence on corrective eyewear, enhancing patient satisfaction and quality of life.
- Growing Awareness and Adoption of Refractive Surgeries: Increasing awareness about the benefits of refractive surgeries, such as LASIK and phakic IOL implantation, drives the demand for IOLs. Refractive surgeries offer an alternative to traditional glasses or contact lenses and contribute to the growth of the IOL market.
- Favorable Reimbursement Policies: Adequate reimbursement policies and insurance coverage for cataract surgery and IOL implantation positively impact market growth. It ensures affordability for patients and incentivizes healthcare providers to offer these procedures.
Restrains:
- High Cost of Premium IOLs: Premium IOLs, which offer advanced features and improved vision outcomes, tend to have a higher cost compared to standard monofocal IOLs. The high cost can be a barrier to adoption for certain patient populations, leading to limited market penetration.
- Regulatory Challenges: IOLs are regulated medical devices that require stringent testing and regulatory approval. The lengthy and complex approval processes can delay the introduction of new IOL technologies to the market, hindering market growth and innovation.
- Lack of Healthcare Infrastructure: In some regions, particularly in developing countries, the lack of adequate healthcare infrastructure and resources can limit access to cataract surgeries and IOLs. Limited healthcare facilities, trained professionals, and affordability issues pose challenges to market growth.
- Post-operative Complications: While cataract surgery with IOL implantation is generally safe, there can be post-operative complications such as infection, inflammation, or lens dislocation. These complications may impact patient outcomes and satisfaction, creating potential restraints for the market.
- Alternative Vision Correction Methods: The availability of alternative vision correction methods, such as glasses, contact lenses, and laser refractive surgeries, may affect the demand for IOLs. Some individuals may opt for these alternatives rather than undergoing invasive surgery, particularly if their visual impairment is mild or if they have concerns about surgical procedures.
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Geographical insights on Intraocular Lens Market:
- North America: North America has a well-established healthcare infrastructure, advanced medical technologies, and high healthcare expenditure, contributing to the growth of the IOL market. The region has a significant presence of key market players and is often an early adopter of new IOL technologies. Factors such as an aging population, high prevalence of cataract, and increasing demand for premium IOLs drive market growth in this region.
- Europe: Europe is another significant market for IOLs. The region has a large geriatric population, which fuels the demand for cataract surgeries and IOLs. Countries such as Germany, France, and the United Kingdom are major contributors to the European IOL market. Favorable reimbursement policies and well-established healthcare systems support market growth in this region.
- Asia Pacific: The Asia Pacific region is expected to witness substantial growth in the IOL market. Factors such as a large population, increasing healthcare expenditure, growing awareness about eye health, and improving healthcare infrastructure contribute to market growth. Countries like China and India are experiencing a rise in the number of cataract surgeries and the adoption of premium IOLs. However, challenges related to access to healthcare and affordability may exist in certain areas of the region.
- Latin America: The Latin American market for IOLs is growing steadily. Countries such as Brazil and Mexico have a significant patient pool and increasing healthcare expenditure, driving market growth. Government initiatives to improve healthcare infrastructure and expand access to cataract surgeries and IOLs also contribute to market development in this region.
- Middle East and Africa: The Middle East and Africa region show potential for market growth, particularly in the Gulf Cooperation Council (GCC) countries. Factors such as improving healthcare infrastructure, increasing healthcare expenditure, and a growing aging population contribute to market expansion. However, challenges related to accessibility and affordability of advanced IOL technologies may exist in some countries within this region.
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