Albany, NY -- (SBWIRE) -- 04/24/2019 -- Global Intraocular Lens Market: Overview
Cataract is an eye disease characterized by cloudiness / opaqueness of the natural lens of the eye, which leads to diminished vision, and if not treated leads to permanent loss of vision. Intraocular lens is a type of lens implanted in the eye, for the treatment of cataract. Cataract is considered as one of the most common eye disease, and World Health Organization estimates that cataract is responsible for an estimated 50% of causes of blindness, in the world. Cataracts are of different types depending upon the cause, such as secondary cataracts, traumatic cataract, congenital cataract, and radiation cataract. Various types of intraocular lenses are available for treatment of cataract such as monofocal IOL, multifocal IOL, toric, accommodative IOL, and other IOL's such as light filtering IOL's, Phakic, aspheric IOL's among others.
The market overview section of the report comprises qualitative analysis of the overall intraocular lens market considering the factors determining the market dynamics such as drivers, restraints and opportunities, along with Porter's five force analysis and market attractiveness analysis. In addition, such as market opportunity analysis for the product type, and end users, and key industry developments has also been provided. Key industry developments include the major events occurred in past decade and are expected to occur during the forecast period which are likely to affect the market dynamics.
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Transparency Market Research (TMR) predicts that the global intraocular lenses market would expand at a steady CAGR of 5.20% during period between 2017 and 2024. Furthermore, the global market for intraocular lenses would reach a value of US$5069.5 mn by the end of 2024, rising up from a value of US$3553.4 mn in 2016. On the basis of geography, the market for intraocular lenses is projected to expand at a stellar pace in North America.
Availability of Advanced Treatment Facilities to Propel
The demand within the global market for intraocular lenses has been rising on account of the rising incidence of retinal disorders. Furthermore, the past decade has witnessed key advancements in the domain of ophthalmology, and several new treatment mechanisms and technologies have come to the fore. This factor has also played a crucial role in the growth of global intraocular lenses market in recent times. There is a high possibility of new growth avenues emerging in the global intraocular lenses market as people become more concerned about eye care. The market for intraocular lenses shall also reap in voluminous revenues as skilled doctors and specialists make their way into the global healthcare fraternity.
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Unfavourable Reimbursement Policies could hamper Market Growth
The global market for intraocular lenses has been expanding at starry pace, but a number of trends could hinder market growth. Medical reimbursement policies across a number of regions exclude eye care or ophthalmology treatments. This factor could be a severe roadblock for the growth of the global intraocular lenses market. However, the decreasing prices of cataract surgeries and treatments would continue attract new consumers into the market. Moreover, promotional campaigns for eye care treatments have also emerged as a key prospect for the growth of the global intraocular lenses market.
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