#Next-Generation Monofocal IOL Market
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Demand Of Cataract Devices Is Forecasted To Expand At A CAGR Of 3.7% By 2032
The global cataract devices market stands at US$ 13.55 billion in 2022 and is forecasted to expand at a CAGR of 3.7% to reach a market size of US$ 19.49 billion by the end of 2032.
Technical advancements leading to risk-free and easy procedures are transforming the way cataract surgeries are performed. Cataract devices account for close to 10% of the global ophthalmic surgery market and are likely to gain 300 BPS over the span of the next ten years.
The Cataract Devices Market survey report is a comprehensive analysis of arcade structure along with future insights on the various segments in the industry. Additionally, it contains thorough profiles of the principal importers and manufacturers who are impacting the industry. The report’s analysis of a number of important elements will aid the reader in understanding the business. The study includes all of the market shares and strategies of significant market participants. The competitive landscape is analyzed in the global Cataract Devices Market based on the top manufacturers, trends, opportunities, marketing strategies analysis, market effect factor analysis, and consumer needs while taking into account the industry’s past, present, and future conditions.
This research also pays attention to the classification, engagement, applications, and market trends along with the major growth drivers. Moreover, this research focuses on emerging trends and recognizes challenges and opportunities in the Cataract Devices Market. The detailed evaluation of CAGR, Market size is done by our analysts intended to give a precise picture of the market. This report refers to 2022 as the base year and the forecast window for this research is from 2023 to 2032. Recent developments and the competitive landscape is covered in this report making it further too detailed and useful for maintaining a competitive edge over other.
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Segmentation of Cataract Devices Industry Research
By Product Type:
Phacoemulsification Equipment
Ophthalmic Viscoelastic Devices (OVD)
Cohesive OVD
Dispersive OVD
Femtosecond Lasers
Intraocular Lenses (IOLs)
Standard Monofocal IOLs
Premium IOLs
Toric IOLs
Multifocal IOLs
Accommodative IOLs
By Application:
Posterior Sub-Capsular Cataracts
Cortical Cataracts
Nuclear Sclerotic Cataracts
Congenital Cataracts
Traumatic Cataracts
Others
By End User:
Hospitals
Ophthalmic Clinics
Ambulatory Surgery Centers
By Region:
North America
Latin America
Europe
East Asia
South Asia & Oceania
MEA
The Cataract Devices Market report answers some important questions such as:
Who are the top players of this market?
Which is the leading segment in this market?
Which region earned the largest share in the Cataract Devices Market and why?
What is the future prospect of this market?
Market Players:
Bausch & Lomb
Carl Zeiss Meditec AG
Alcon
Hoya Corporation
Staar Surgical
NIDEK CO., LTD
Johnson and johnson
Aurolabs
Biotech Healthcare Group
Ophtec BV
VSY Biotechnology
The Cataract Devices Market report will help readers to:
A clear understanding of the market and its growth trajectories such as drivers, restraints, challenges, and upcoming opportunities.
Study the key regions holding notable shares in the global Cataract Devices Market growth.
Discuss the current trends, revenue generation pattern, detailed segmentation, and names of leading segments with attributed factors.
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Global Intraocular Lens (IOLs) Market was valued at US$ 3.9 billion in 2021 and is likely to grow at a CAGR of ~5-6% by 2026
Intraocular lenses (IOLs) are long-lasting artificial lenses that can replace the eye's natural lens to restore both near distant vision. They are often made of silicone, acrylic, or other plastic components.
The Global Intraocular Lens (IOLs) Market was valued at US$ 3.9 billion in 2021 and is set to witness a growth rate of ~5-6% in the next 5 years. Some of the main factors driving the global IOLs market are the increase in cataract procedures due to an ageing population, the switch from monofocal IOLs to premium IOLs/advanced technology IOLs, the steady growth of monofocal IOLs in line with the procedural market, and favorable reimbursement scenarios in certain key markets.
However, some of the key elements that are expected to hamper market expansion are comparatively higher pricing and limited/partial coverage of premium/advanced technology IOLs.
Intraocular Lens (IOLs) Market Likely to Stay Largely Resilient Through Recession, Though the Value Mix is Expected to be Adversely Impacted
The Russia-Ukraine war has amplified the impact of COVID-19 and the global economic slowdown, which might result in extended periods of limited growth and high inflation. The situation is likely to lead to supply-chain disruptions and the risk of stagflation which might further curtail global economic growth.
Due to the impending recession, patients are anticipated to delay elective surgical procedures including cataract surgeries until the future of the broader economy looks more promising. In key markets such as the U.S., cataract surgeries involving monofocal IOLs are generally fully covered by medical insurance providers or government reimbursement programs whereas implantation of premium or advanced technology IOLs may only be partially covered, with the individual paying out-of-pocket for the non-covered-component. Considering the present economic and financial conditions, patients are expected to be less willing to incur the costs of these private pays or discretionary procedures and may choose to forgo such procedures or products and might consider trading down to more affordable options.
Furthermore, in the U.S., the 2023 Medicare Physician Fee Schedule final rule released by the Centers for Medicare & Medicaid Services (CMS) confirms a ~4.5% cut to surgeons and anesthesiologists, harming patient access to needed surgical care. Proposed reimbursement cuts are likely to adversely impact millions of beneficiaries who depend on Medicare to access sight-saving and sight-restoring procedures. However, healthcare insulation in key markets such as the U.S is likely to offset the anticipated adverse impact of the recession as most Americans now have health insurance. Payors are also expected to continue to inject capital into the healthcare economy.
Explore Premium Report on Intraocular Lens (IOLs) Market @ https://meditechinsights.com/intraocular-lens-market/
Under-penetrated Premium/Advanced Technology IOLs (AT-IOLs) Offers Ample Growth Opportunities in Intraocular Lens (IOLs) Market
The intraocular lens market is shifting from monofocal IOLs to premium IOLs/advanced technology IOLs. There lies a huge untapped potential market in the premium IOLs/advanced technology IOLs segment as current penetration stands at 7% outside the U.S. and 14% in the U.S. The comparatively higher pricing of premium IOLs/advanced technology IOLs is anticipated to drive the IOLs market value in the coming years.
Technological Advancements in Intraocular Lens (IOLs) is Driving the Growth of Global Intraocular Lens (IOLs) Market
Technological developments are expected to boost the intraocular lens (IOLs) market.
For instance,
In September 2022, Alcon introduced Clareon Toric IOL at the American Academy of Ophthalmology (AAO) 2022 annual meeting in Chicago, U.S., and completed the Clareon Collection. Clareon Toric is a glistening-free toric intraocular lens with exceptional clarity and unrivaled stability. It was rolled out across select practices in the U.S.
“Approximately 2.2 billion people globally suffer from impaired vision, and nearly 20% (200 million) people worldwide suffer vision impairment or blindness caused by cataract or uncorrected refractive error. There is a pressing need to increase manufacturing operations related to IOLs in order to cater to growing eye health needs.” - Operations Director, Leading IOL Manufacturer, U.S.
Organic and Inorganic Growth Strategies Adopted by Players to Establish Their Foothold in Intraocular Lens (IOLs) Market
The players operating in the IOLs market accepted both organic and inorganic growth strategies such as new product launches, expansion, investments, acquisitions, partnerships to gather market share.
For instance,
In September 2022, Johnson & Johnson Vision announced the availability of presbyopia-correcting intraocular lens (PC-IOL) powered by InteliLight technology, TECNIS Symfony OptiBlue IOL. The extended-depth-of-focus (EDOF) lens expands presbyopia correction to more patients and joins TECNIS Synergy IOL, a high-performance hybrid lens designed for spectacle independence, in the InteliLight portfolio
The outlook for the intraocular lens market looks promising due to the ageing population and increasing incidences of cataract, technical developments in IOLs, improved access to care, continuous investments by IOL manufacturers worldwide in promotion and education, a growing number of eye care professionals and dedicated eye hospitals, improving technology access and better patient awareness, and increasing government initiatives and awareness initiatives to control and treat blindness.
Competitive Landscape Analysis of Intraocular Lens (IOLs) Market
The global intraocular lens (IOLs) market is marked by the presence of prominent players such as Alcon, Johnson & Johnson Vision, Bausch + Lomb, and Zeiss. Other players operating in the market are HOYA Surgical Optics, BVI (Subsidiary - PhysIOL), Rayner Intraocular Lenses, SAV-IOL, SIFI S.p.A, Ophtec, STAAR Surgical Company, among others.
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About Medi-Tech Insights
Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services.
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OCULAR IMPLANT MARKET ANALYSIS
Ocular Implant Market, by Implant Type (Intraocular Lenses (IOL) (Aspheric IOLs, Toric IOLs, Multifocal IOLs, Anterior chamber IOLs, and others), Corneal Implants, Glaucoma Implants, Orbital Implants, Ocular prosthesis, and others), by Application (Glaucoma Surgery, Oculoplasty, Drug Delivery, Age-Related Macular Degeneration (AMD), Aesthetic purpose, and others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2018 – 2026
Global Ocular Implant Market Insights
Ocular implants are medical devices designed to replace a damaged or missing visual organ to restore vision or to improve visual appearance. Ocular implants such as ocular prostheses are artificial eyes used by people to improve facial lineaments damages due to an eye disease or trauma.
Rising acquisitions by key players is expected to drive growth of global ocular implant market. For instance, in March 2019, Alcon, provider of eye care products and a division of Novartis, acquired PowerVision, Inc., a privately-held, U.S.-based medical device development company focused on creating fluid-based intraocular lens (IOLs) implants. PowerVision‘s fluid-based intraocular lens utilizes the eye’s natural accommodative response to provide near and intermediate vision, in addition to distance vision commonly provided by basic IOLs.
The global ocular implant market was valued at US$ 11,697.9million in 2018, and is expected to witness a CAGR of 7.1% during the forecast period (2018 – 2026).
Figure 1. Global Ocular Implant Market value Analysis (US$ Mn) and Forecast and Y-O-Y Growth (%)
Source: Coherent Market Insights Analysis (2019)
Increasing number of product launches is expected to drive growth of the global ocular implant market
In July 2018, Alcon launched its intraocular lens (IOL) portfolio including, Clareon AutonoMe IOL and delivery system, designed to provide easy and intuitive control during cataract surgery, at the Alcon-hosted Synergeyes clinical symposium in Sydney. AutonoMe is the first and only automated, disposable, preloaded IOL delivery system preloaded with the Clareon IOL, and it is automated with CO2-powered delivery mechanism. Moreover, in June 2018, Molteno Ophthalmic launched its Molteno3 S-Series glaucoma implants at the 24th Greek Glaucoma.
Moreover, increasing prevalence of corneal diseases is expected to increase the demand for ocular implants. For instance, according to the World Health Organization (WHO), corneal blindness is one of the major causes of visual deficiency after cataract, glaucoma and age-related macular degeneration (AMD) and 4th cause of blindness globally (5.1%). Moreover, according WHO, cornea diseases affects around 30 million people and around two million new cases of corneal dysfunction diagnose each year.
Global Ocular Implant Market- Regional Analysis
North America is expected to witness lucrative growth of ocular implant market, owing to growing initiatives by market players to establish its product portfolio in North American countries. For instance, in July 2018, Glaukos, based in San Clemente, California, received U.S. FDA approval for its iStent inject Trabecular Micro-Bypass System to launch in the U.S. The novel device is designed to treat mild to moderate primary open-angle glaucoma, is implanted alongside cataract surgeries to reduce intraocular pressure.
Asia Pacific is also expected to drive growth of the global ocular implant market, owing to presence of key players in this region. For instance, in May 2019, SIFI, the Italian developer of therapeutic solutions to treat ophthalmic disorders, and Zydus Cadila have been entered into strategic collaboration to market innovative IOLs and surgical products developed in Italy and licensed in India by SIFI.
Europe is expected to show significant growth rate, owing to increasing number of product launches in European Union. For instance, in February 2019, Johnson & Johnson Vision launched its TECNIS Eyhance IOL, indicated for the treatment of cataracts, in Europe. This next-generation monofocal intraocular lens (IOL) helps patients to experience high-quality vision at both intermediate and far distances
Figure 2: Global Ocular Implant Market Value (US$ Mn), By Region
Source: Coherent Market Insights Analysis (2019)
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Global Ocular Implant Market - Competitive Landscape
Key players operating in the global ocular implant market include Novartis AG, Pfizer Inc., Staar Surgical, Johnson & Johnson Services, Inc., Bausch & Lomb Incorporated., Morcher GmbH, OSD Medical GmbH, Ophtec BV, and ZEISS International.
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OCULAR IMPLANT MARKET ANALYSIS
Ocular implants are medical devices designed to replace a damaged or missing visual organ to restore vision or to improve visual appearance. Ocular implants such as ocular prostheses are artificial eyes used by people to improve facial lineaments damages due to an eye disease or trauma.
Rising acquisitions by key players is expected to drive growth of global ocular implant market. For instance, in March 2019, Alcon, provider of eye care products and a division of Novartis, acquired PowerVision, Inc., a privately-held, U.S.-based medical device development company focused on creating fluid-based intraocular lens (IOLs) implants. PowerVision‘s fluid-based intraocular lens utilizes the eye’s natural accommodative response to provide near and intermediate vision, in addition to distance vision commonly provided by basic IOLs.
The global ocular implant market was valued at US$ 11,697.9million in 2018, and is expected to witness a CAGR of 7.1% during the forecast period (2018 – 2026).
Figure 1. Global Ocular Implant Market value Analysis (US$ Mn) and Forecast and Y-O-Y Growth (%)
Source: Coherent Market Insights Analysis (2019)
Increasing number of product launches is expected to drive growth of the global ocular implant market
In July 2018, Alcon launched its intraocular lens (IOL) portfolio including, Clareon AutonoMe IOL and delivery system, designed to provide easy and intuitive control during cataract surgery, at the Alcon-hosted Synergeyes clinical symposium in Sydney. AutonoMe is the first and only automated, disposable, preloaded IOL delivery system preloaded with the Clareon IOL, and it is automated with CO2-powered delivery mechanism. Moreover, in June 2018, Molteno Ophthalmic launched its Molteno3 S-Series glaucoma implants at the 24th Greek Glaucoma.
Moreover, increasing prevalence of corneal diseases is expected to increase the demand for ocular implants. For instance, according to the World Health Organization (WHO), corneal blindness is one of the major causes of visual deficiency after cataract, glaucoma and age-related macular degeneration (AMD) and 4th cause of blindness globally (5.1%). Moreover, according WHO, cornea diseases affects around 30 million people and around two million new cases of corneal dysfunction diagnose each year.
Global Ocular Implant Market- Regional Analysis
North America is expected to witness lucrative growth of ocular implant market, owing to growing initiatives by market players to establish its product portfolio in North American countries. For instance, in July 2018, Glaukos, based in San Clemente, California, received U.S. FDA approval for its iStent inject Trabecular Micro-Bypass System to launch in the U.S. The novel device is designed to treat mild to moderate primary open-angle glaucoma, is implanted alongside cataract surgeries to reduce intraocular pressure.
Asia Pacific is also expected to drive growth of the global ocular implant market, owing to presence of key players in this region. For instance, in May 2019, SIFI, the Italian developer of therapeutic solutions to treat ophthalmic disorders, and Zydus Cadila have been entered into strategic collaboration to market innovative IOLs and surgical products developed in Italy and licensed in India by SIFI.
Europe is expected to show significant growth rate, owing to increasing number of product launches in European Union. For instance, in February 2019, Johnson & Johnson Vision launched its TECNIS Eyhance IOL, indicated for the treatment of cataracts, in Europe. This next-generation monofocal intraocular lens (IOL) helps patients to experience high-quality vision at both intermediate and far distances
Figure 2: Global Ocular Implant Market Value (US$ Mn), By Region
Source: Coherent Market Insights Analysis (2019)
Global Ocular Implant Market - Competitive Landscape
Key players operating in the global ocular implant market include Novartis AG, Pfizer Inc., Staar Surgical, Johnson & Johnson Services, Inc., Bausch & Lomb Incorporated., Morcher GmbH, OSD Medical GmbH, Ophtec BV, and ZEISS International.
About Us- Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. What we provide: Customized Market Research Services Industry Analysis Services Business Consulting Services Market Intelligence Services Long term Engagement Model Country Specific Analysis Mr. Shah
Coherent Market Insights Pvt.Ltd. Address: 1001 4th Ave, #3200 Seattle, WA 98154, U.S. Phone: +1–206–701–6702 Email: [email protected]
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