The global intraocular lens market is expected to grow in the forecast period due to growing number of vision correction procedures, advances and innovations in intraocular lens products and cataract procedures and increasing prevalence of cataract. On the basis of product, the market is expected to be led by monofocal lens as they have a fixed focus for one distance, are less expensive and are beneficial for patients with cataract in both eyes.
The IOL market is segmented on the basis of product, material and end user. PMMA, silicone and hydrophobic acrylic are the most commonly used materials for manufacturing lenses, other than these, hydrophilic acrylates and collamer are also used. The different type of lenses available in the market are monofocal and premium. Further, different types of premium lenses include accommodating, toric, phakic, blue light filtering and aspheric lenses.
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Due to increasing population it becomes difficult for the ophthalmologists to conduct cataract or any other eye related surgeries. According to the American Geriatrics Society (AGS), around 20% of Americans are expected to be more than 65 years of age by 2030, and 21% of those over 60 years of age are likely to undergo a surgical procedure.
Untapped emerging market and advancements in phacoemulsification and intraocular lens technology have ushered in a new era of cataract surgery in the market. In November 2017, the United States Food and Drug Administration (USFDA) approved an IOL system namely, RxSight Inc. Light Adjustable Lens and Light Delivery Device. This lens is applicable for the patients with pre-existing astigmatism of ≥0.75 diopters undergoing, cataract surgery and offers adjustment post-operatively to improve uncorrected visual acuity.
Some of the key players operating in the IOL industry include Johnson & Johnson, Carl Zeiss Meditec AG, Valeant Pharmaceuticals International, Inc., Novartis AG, Oculentis GmbH, Eyekon Medical, Inc., STAAR Surgical Company, and HumanOptics AG.
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