COVID-19 After Effects Analysis Intraocular Lens Market
Global Intraocular Lens Market: Snapshot
The global intraocular lens market is likely to witness high growth opportunities birthing with the rise in prevalence of cataract all across the world. An intraocular lens replaces the natural lens for better focusing power. The normal lens is extracted out by surgery. Rise in diabetic population. Diabetic patients are more prone to fall for cataract, thus as a result leads to loss or poor vision. This has significantly helped the market to grow. Other factor which is helping the market growth subordinately is the eye related issue due various age. There are rapid technological advancement which is catapulting the market to a tremendous growth.
According to analysts from Transparency Market Research, the global intraocular lens market is likely to rise at a healthy CAGR of 5.20% during the assessed period 2017-2024. Recently the market was valued at US$3553.4 mn and is predicted to hit US$5069.5 mn by the end of the forecast period.
High Cost of Intraocular Lens Likely To Drop the Market Growth Rate
On the basis of type, the global intraocular market is classified into Monofocal IOL, Toric IOL, Multifocal IOL, Accommodative IOL, and others. Monofocal IOL helps in restoration of vision. This aids by focusing on only one area. These types of lenses are mostly used for restoring distance vision. These are most common among the older population as with the growing age, the muscles in the eyes become weak and unable to focus. However, it has been noticed even with monfocal IOL, patients may need to use glasses or bifocals. Mutlifocal intraocular lenses are used in restoring high quality vision at any distance. This is superior to monofocal IOL as unlike monofical IOL, multifocal IOL can be used for restoring quality vision for long distance and close proximity. Butt however, monofical IOL held the highest share in the market.
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On the basis of end users, the global intraocular lens market can be segregated into hospitals, ambulatory surgery centers, eye research institutes, and ophthalmology clinics. Amongst the pack, the hospital segment accounted for the largest share due to the presence of hospital both in remote as well as urban area. Various governmental and non-governmental organizations are working hand in hand in order to spread the awareness regarding the treatment available for eyes. They are also spreading the symptoms that might help an individual to understand the problem and seek for early treatment.
However it has been noticed that high cost of intraocular lens along with strict regulations in fetching approval does not abode well in the growth of the market. These are likely to deter the growth of the market during the assessed period.
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High Level of Awareness Along With Presence of Major Players Aids North America to Lead
On the basis of geography, the market is spread across Middle East & Africa, Asia-Pacific, Latin America, Europe, and North America. Amongst the pack, North America dominated the market and is likely to retain the position due to high level of awareness among general people, and rise in per capita expenditure on healthcare. Apart from these, presence of major players in the regions pushes the region to flourish well. When it comes to technology the rate at which North America espouses it is exceedingly high, thus helping to bolster the market.
Major players in the market are Bausch & Lomb, Inc, Alcon, Johnson & Johnson Vision Care, Abbott Medical Optics, and Hoya Corporation.
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