Global Intraocular Lenses Market - Segmented by Product, End-Use and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global intraocular Lenses (IOLs) market is expected to register a growth rate of nearly 5% during the forecast period, 2018 to 2023. Intraocular lenses (IOLs) are implantable medical devices used for vision correction. Rising diabetic cases and associated cataract and diabetic retinopathy complications are expected to boost the global market.
Rising Ophthalmic Issues to Boost Market Growth
Rise in ocular conditions such as cataract, and diabetic retinopathy across the world is a major aspect assisting market growth. According to national eye institute, the United States recoded 7.7 million diabetic retinopathy cases, and 24 million cataract cases and expected to reach 11.3 million and 38 million respectively by 2030. In addition, the American Association of Ophthalmology states the major cause of visual impairment around the world is reported to be cataract, and geriatric ocular issues are emerging as prime factors in the developing countries. Hence, such a rise in the ophthalmic conditions across the globe is expected to drive the growth of the IOL market over the forecast period.
High Cost of Treatment to Hinder Market Growth
Higher costs associated with ophthalmic surgeries, such as cataract surgery, and other retinal correction surgeries are expected to drive the market growth over the forecast period. The cost of the IOL plays a vital role in the process of their adoption for vision correction or impairment surgeries. The approximate cost of an IOL implant surgery is USD 1,400 to USD 3,500 per eye.
In addition, the reimbursement is provided for IOL implants only in conditions where it is a necessity, and not in case of vision correction lenses, thereby increasing the financial burden on the patients. The cataract surgery in the United States costs around USD 3600 to USD 6600 without the insurance coverage. Thus, the increasing costs of IOLs and the poor reimbursement coverage are expected to hamper the market growth over the forecast period.
Asia-Pacific to Witness the Lucrative Growth
Rising incidences of cataract, diabetic retinopathy, and macular degeneration in the United States can be attributed to the dominance of the North America region IOL market in 2016. Moreover, presence of reimbursement policies for essential ophthalmic surgeries and a definite regulatory framework are enhancing growth in the market.
On the other hand, Asia-Pacific is expected to emerge as the fastest growing segment over the forecast period owing to government initiatives to include eye care in social security systems, rise in geriatric population, increasing cataract cases, and projected rise in diabetic population.
Diabetic patients are susceptible to macular degeneration, diabetic retinopathy, and cataract. Hence the increase in the diabetic population results in the rising need for IOLs. India accounted for a diabetic population of 50.8 million whereas the Eastern and Western Pacific regions accounted for 59 million and 77 million diabetic patients respectively according to the International Diabetes Federation.
The developing countries such as China, India, Malaysia, and Singapore are experiencing growth in the IOL market, owing to the growth in medical tourism industry and massive patient pool. In addition, the increasing initiatives of government and non-government organizations to provide affordable eye care in the Asia-Pacific region are expected to boost the market growth.
Key Developments in the Market