Global Intraocular Lens Market Is Estimated To Witness High Growth Owing To Increasing Prevalence of Cataract
The global Intraocular Lens Market is estimated to be valued at US$5,076.1 million in 2022 and is expected to exhibit a CAGR of 7.2% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Intraocular lenses are artificial lenses that are implanted into the eye after the natural lens is removed during cataract surgery. These lenses help restore vision by replacing the clouded lens. The demand for intraocular lenses is increasing as the prevalence of cataract is growing globally. According to the World Health Organization, cataract is the leading cause of blindness worldwide, accounting for approximately 51% of all blindness cases.
The advantages of intraocular lenses include improved visual acuity, reduced dependence on eyeglasses, and enhanced quality of life for patients. The need for these lenses is driven by the rising aging population, increasing awareness about eye health, and advancements in cataract surgery techniques.
B) Market Key Trends:
One key trend in the global Intraocular Lens Market is the growing adoption of premium intraocular lenses. Premium intraocular lenses offer improved visual outcomes and reduced dependence on eyeglasses compared to conventional mono-focal lenses. These lenses provide multiple focal points, allowing patients to see clearly at various distances. They are increasingly preferred by patients seeking improved vision after cataract surgery.
For example, bifocal and trifocal intraocular lenses provide near, intermediate, and distance vision, reducing the need for reading glasses or bifocals. As a result, they offer better visual satisfaction for patients and contribute to an overall enhanced quality of life.
C) Porter’s Analysis:
1. Threat of New Entrants: The threat of new entrants in the Intraocular Lens Market is low to moderate. The Global Intraocular Lens Market is dominated by established players with significant brand recognition and extensive distribution networks. Moreover, high research and development costs and stringent regulatory requirements act as barriers to entry.
2. Bargaining Power of Buyers: The bargaining power of buyers in the Intraocular Lens Market is moderate. While buyers have the power to choose between different brands and types of lenses, their options are limited by their healthcare providers. Additionally, the high cost of the lenses and the importance of visual outcomes make buyers more dependent on the expertise and recommendations of ophthalmologists.
3. Bargaining Power of Suppliers: The bargaining power of suppliers in the Intraocular Lens Market is moderate to high. Raw materials used in the manufacturing of intraocular lenses, such as polymers and silicones, are readily available from various suppliers. However, suppliers with a strong reputation for quality and reliability have an advantage in the market.
4. Threat of New Substitutes: The threat of new substitutes in the Intraocular Lens Market is low. Currently, there are no substitutes that offer the same level of visual improvement and restoration as intraocular lenses. Other treatment options for cataract include the use of contact lenses and spectacles, but they do not provide a permanent solution like intraocular lenses.
5. Competitive Rivalry: The competitive rivalry in the Intraocular Lens Market is high. The market is consolidated, with a few key players dominating the industry. These players engage in strategic initiatives such as mergers, acquisitions, and partnerships to expand their product portfolios, enhance their market presence, and gain a competitive edge.
D) Key Takeaways:
1. The global Intraocular Lens Market is expected to witness high growth, exhibiting a CAGR of 7.2% over the forecast period, due to the increasing prevalence of cataract. The growing aging population and advancements in cataract surgery techniques are driving the demand for intraocular lenses.
2. The Asia Pacific region is expected to be the fastest-growing and dominating region in the Intraocular Lens Market. The region has a large population of elderly individuals and a high burden of cataract cases, contributing to the market's growth.
3. Key players operating in the global Intraocular Lens Market are Alcon, Bausch & Lomb, Johnson & Johnson, Staar Surgical Company, Carl Zeiss Meditec, HOYA
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