LONDON, May 29, 2023 /PRNewswire/ -- Intraocular lenses are predominantly used to replace the natural eye lens of individuals with cataract. This ocular condition causes the natural eye lens to lose its transparency or become cloudy, causing blurry vision and other issues. Intraocular lenses and predominantly made of biocompatible materials, such as silicone or acrylic, and are surgically implanted in place of natural eye lens. These lenses are equipped with the ability to focus light on the retina and enhance vision. Apart from cataract, these lenses can also be used in conditions like long sightedness or short sightedness.
The business intelligence report on Intraocular Lens (IOL) Market by Brandessence Market Research is specially curated with an aim to provide the industry participants with valuable insights on this business sphere. It covers various essential aspects, including market size, growth drivers, challenges, trends, and opportunities. It offers a thorough examination of the market segmentation based on type, material, and end-user. It further highlights the market's regional analysis, providing a detailed understanding of the market performance across key geographical regions. In addition, it presents a detailed analysis of the key players operating in the market, their product portfolios, business strategies, and recent developments.
Key Takeaways
- Growing prevalence of ocular disorders, increased screen time of individuals, and widespread technological advancements are aiding market expansion.
- By type, the monofocal intraocular lens segment is anticipated to amass notable gains due to their affordability and their rising adoption in cataract surgeries.
- MEA is projected to capture a substantial market share owing to the increased healthcare expenditure and rapidly evolving medical infrastructure.
The Intraocular Lens (IOL) Market is anticipated to garner significant returns over the assessment timeline of 2022-2029.
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Elaborating the Key Trends and Dynamics of Intraocular Lens (IOL) Market
Growing prevalence of ocular disorders, increased screen time of individuals, and widespread technological advancements in the field are primarily augmenting the outlook of this business sphere. Alongside, rise in the number of cataract surgeries, surge in the elderly populace, along with the increasing R&D activities in the field are creating lucrative opportunities for this marketplace to prosper. Moreover, increasing awareness on eye related disorders among the masses, changing lifestyle trends, and rise in healthcare expenditure are adding momentum to the progression of this industry vertical.
Major Growth Drivers
Growing occurrence of cataract- Cataract, a vision related disorder has become highly prevalent across the globe. If not treated on time, it might lead to permanent blindness. Rise in the geriatric population, unhealthy lifestyle trends, and exposure to toxins are some of the pivotal factors leading to the onset of this disorder. As cataract is commonly treated with surgery, the demand for intraocular lenses is expected to rise to meet the growing surgical needs.
High awareness about the benefits of Premium IOL- Premium Intraocular Lens are gaining immense prominence among the masses. This is due to the growing cognizance about its benefits. Apart from basic vision correction, these lenses are equipped with multifocal, toric, and accommodative capabilities. They reduce the need of glasses or contact lenses after cataract surgery. This in turn is stimulating the overall dynamics of this business vertical.
Challenges
Risk of complications- Even though intraocular lens implantation is quite safe and effective, but there is certain risk of complications associated with them. There are chances of infection, inflammation, posterior capsule opacification, or dislocation of the lens which might further affect the vision of the patient. These factors are hindering the remuneration scope of this market.
Competitive landscape of Intraocular Lens (IOL) Market
The prominent players defining the competitive terrain of this business vertical are Abbott Medical Optics, Carl Zeiss Meditec AG, Johnson & Johnson, Alcon, Eyekon Medical, Lenstec, STAAR Surgical Company, Rayner Intraocular Lenses Limited, HumanOptics AG, Bausch & Lomb Incorporated, Calhoun Vision, Hoya Corporation, Aurolab, Care Group, Tekia Inc., Omni Lens Pvt Ltd., MORCHER® GmbH, Ophtec BV, SIFI S.p.A., Excellent Hi-Care Pvt. Ltd., Hanita Lenses, and Others.
Segmental assessment
By type, the monofocal intraocular lens segment is anticipated to amass notable gains over 2022-2029 due to their affordability and their rising adoption in cataract surgeries.
Based on material, the PMMA segment is slated to garner significant returns over the estimated timeframe. This is ascribed to its cost effectiveness as compared to other materials.
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Geographical Analysis and Landscape
Middle East & Africa Intraocular Lens (IOL) Market
MEA is projected to capture a substantial market share over the stipulated timeline. This is attributable to the increased healthcare expenditure, rapidly evolving medical infrastructure, and the surging prevalence of ocular disorders. Besides, rise in the geriatric population base, technological advances, and growing awareness about the benefits of these lenses are adding traction to the progression of this business sphere.
Europe
Europe is poised to showcase the fastest growth over 2022-2029. This is supported by the changing lifestyle trends of the masses, increased screen timings of individuals, and presence of noteworthy players. Alongside, rising R&D activities, surge in elderly populace, and the presence of an ideal medical reimbursement scenario are propelling market growth in this region.
Opportunities in This Industry
Technological innovations- There have widespread technological advancements in the field of ophthalmology. Innovative technologies are being used in surgical techniques to enhance their efficiency and safety. This in turn is creating profitable prospects for this market.
Major Developments in Intraocular Lens (IOL) Market
Acquisitions
In 2020, Carl Zeiss Meditec, a provider of ophthalmic devices and solutions announced the acquisition of prominent US based intraocular lenses and ophthalmic surgical instruments manufacturer, Aaren Scientific.
In 2021, Alcon announced the acquisition of a fluid-based intraocular lens technology developer named PowerVision.
Porter's Five Forces Analysis
Threat of new entrants: The threat of new entrants in the intraocular lens market is relatively low. The industry requires significant investments in research and development, manufacturing capabilities, and regulatory compliance. Additionally, stringent regulatory requirements and intellectual property rights protection further deter new entrants.
Bargaining Power of Suppliers: Suppliers in the intraocular lens market, such as raw material providers and manufacturing equipment suppliers, generally have moderate bargaining power. While there may be multiple suppliers available, the market requires adherence to strict quality standards and regulatory compliance. In cases where suppliers have unique and critical technology or expertise, their bargaining power may be higher. However, the presence of multiple suppliers and the ability of manufacturers to swich suppliers mitigate supplier power to some extent.
Bargaining Power of Buyers: Buyers in the intraocular lens market, including hospitals, clinics, and ophthalmologists, have moderate to high bargaining power. Buyers can compare and evaluate different intraocular lens options based on factors such as quality, cost, and features. Moreover, with the availability of various manufacturers and product options, buyers have the flexibility to negotiate prices and terms. However, the importance of product quality and reliability often supersedes price considerations, giving manufacturers some leverage.
Threat of Substitutes: The threat of substitutes in the intraocular lens market is relatively low. Intraocular lenses are the standard and most effective treatment for cataract patients who require lens replacement. While there are alternative vision correction methods such as glasses and contact lenses, they do not provide the same level of visual improvement as intraocular lenses.
Competitive Rivalry: The intraocular lens market is highly competitive, with several key players vying for market share. Intense competition exists in terms of product offerings, technological advancements, pricing strategies, and distribution networks. Market leaders invest in research and development to introduce innovative intraocular lens designs and technologies, further driving competition.
On Special Requirement Acute Repetitive Seizures Market Report is also available for below region:
North America
- U.S, Canada
Europe
- Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe
Asia-Pacific
- South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC
Latin America
- Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America
Middle East and Africa
- Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA
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