The Intraocular Lens Market is estimated to be valued at US$ 719.98 Bn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The intraocular lens market involves products that are surgically implanted in the eyes of patients undergoing cataract surgery. Intraocular lenses act as an artificial lens of the eye and help improve vision. The key advantage of intraocular lenses is that they provide effective restoration of vision and reduce the patient's dependence on spectacles or contact lenses after cataract surgery. With rising geriatric population worldwide, the need for cataract surgery and intraocular lenses is increasing substantially.
Market key trends:
Increasing prevalence of cataract is a major trend driving the intraocular lens market. Cataract occurs when the lens of the eye becomes clouded which causes vision impairment or blindness. According to the World Health Organization (WHO), cataract is the leading cause of blindness globally, estimated to cause blindness in over 10 million people worldwide. With rising life expectancy, the risk of cataract increases significantly with age. Thus, the growing geriatric demographic prone to cataract is augmenting demand for cataract surgery and associated intraocular lenses for restoring vision.
Porter’s Analysis
Threat of new entrants: The intraocular lens market requires huge R&D investments and established distribution channels. Therefore, threat of new entrants is low.
Bargaining power of buyers: The bargaining power of buyers is high as there are many established players providing substitutable products at lower costs.
Bargaining power of suppliers: The bargaining power of suppliers is moderate since raw material costs contribute significantly to the production cost of intraocular lenses.
Threat of new substitutes: Threat of substitutes is low as intraocular lenses have limited substitutes for cataract surgery procedures.
Competitive rivalry: Intense due to presence of major global players.
SWOT Analysis
Strength: Wide variety of intraocular lens products and technologies. Established distribution and supply chain network.
Weakness: High dependency on reimbursement policies. Significant R&D investments required to develop new products.
Opportunity: Rising geriatric population suffering from cataract and growing demand for minimally invasive surgeries.
Threats: Stringent regulatory approvals and safety standards. Threat from refractive surgery alternatives.
Key Takeaways
The global Intraocular Lens Market Growth is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing prevalence of cataracts globally. According to WHO, cataract is the leading cause of blindness globally, affecting over 20 million people worldwide.
Regionally, North America dominated the intraocular lens market in 2023 and is expected to retain its dominance over the forecast period. This is attributed to growing geriatric population base in the US and Canada along with widespread availability and adoption of advanced lens technologies in the region. However, Asia Pacific is anticipated to witness highest growth during the forecast period owing to increasing healthcare spending, large patient pool and growing medical tourism in major Asian countries.
Key players operating in the intraocular lens market are Alcon, Bausch & Lomb, Johnson & Johnson, Staar Surgical Company, Carl Zeiss Meditec, HOYA Corporation, Lenstec, Inc., Ophtec BV, Rayner Intraocular Lenses Limited, and HumanOptics AG. Major players are focusing on new product launches, partnerships and acquisitions to strengthen their market position and geographical expansion.
Comments
0 comment