Intraocular Lens Market: Eye Related Issue Due Various Age to Drive the Demand
Added: (Sat Feb 09 2019)
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The global market for intraocular lens is considered as consolidated in nature with a few players holding a large share of the overall market, states a new market study that has been recently published by Transparency Market Research. In 2017, the leading three players in the market, Abbott Medical Optics, Alcon (Novartis AG), and Bausch & Lomb, Inc. accounted for a share of around 71% of the global market. These players are projected to remain in the leading position throughout the forecast period. The expansion of the product portfolio and the rising focus of the key players on innovations are projected to accelerate the growth of the overall market in the next few years. In addition to this, the rising number of strategic collaborations and mergers and acquisitions are projected to enhance the market penetration throughout the forecast period. The competition among the key players is projected to rise in the coming years, which will further encourage the growth of the market in the near future.
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According to the market research study by Transparency Market Research, in 2017, the global market for intraocular lens was worth US$ 3553.4 Mn and is predicted to reach a value of US$ 5069.5 Mn by the end of 2024. The market is likely to exhibit a healthy 5.20% CAGR between 2017 and 2024.
The global market for intraocular lens has been classified on the basis of geography into Latin America, North America, the Middle East and Africa, Europe, and Asia Pacific. Among these, North America is projected to lead the global intraocular lens market in the next few years and account for a large share of the market. The increasing prevalence of age-related eye diseases is one of the major factors that is estimated to encourage the growth of the North America in the coming few years. In addition to this, the presence of several leading players and the advancements in technology are projected to enhance the growth of the North America in the next few years. Furthermore, Asia Pacific is anticipated to witness a healthy growth in the near future, owing to the rising technological advancements and innovations.
The global intraocular lens market has been categorized on the basis of product type into multifocal IOL, toric IOL, monofocal IOL, and accommodative IOL. The monofocal IOL segment is estimated to account for a large share of the overall market in the next few years. The rising number of applications is predicted to enhance the growth of this segment in the next few years. Furthermore, the key end users in the global intraocular lens market are ophthalmology clinics, hospitals, eye research institutes, and ambulatory surgery centers.
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The rising prevalence of eye diseases and the increasing cases of cataracts are some of the major factors that are projected to encourage the growth of the intraocular lens market throughout the forecast period. The increasing cases of diabetes and obesity and the age-related macular degeneration are anticipated to accelerate the growth of the overall market in the next few years. On the flip side, the scarcity of ophthalmologists and the lack of proper coverage is predicted to curtail the growth of the overall market in the next few years. Nonetheless, the technological advancements and the untapped opportunities in several developing economies are projected to encourage the growth of the overall intraocular lens market in the next few years.
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