Hydrophobic Intraocular Lens Market: Premium Hydrophobic Intraocular Lens Segment Attributed to Rapid Growth in Global Market
Hydrophobic Intraocular Lens Market: Introduction
The hydrophobic intraocular lens market is tracing a steady growth trajectory, despite unfavorable growth conditions brought in by the cost-prohibitive nature and the shortage of ophthalmologists. As found by several researches, a staggering rise in ophthalmic incidents and ocular conditions has been observed since the past few years. The National Eye Institute has found that 36 million people in the U.S. were detected with ocular diseases in 2016. Rapid rise in number of patients opting for vision correction procedures is likely to exert a profound influence on the vertical movement of the market.
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Key Drivers and Restraints of Global Hydrophobic Intraocular Lens Market
Global geriatric population is increasing at a steady rate, owing to factors such as increased life expectancy due to improved access to better health care facilities across the world and rise in awareness about chronic diseases. According to the United Nations (UN) and the U.S. Census Bureau statistics, the global geriatric population rose from 562 million in 2012 (8% of total population) to 617 million in 2015 (8.5% of total population), and is expected to reach a staggering 1.4 billion by 2030. This has led to increasing number of vision correction procedures such as LASIK, cataract surgeries, and other procedures driven by rising number of age-related eye disorders. Aging population and rising number of vision correction procedures are attributed to the growth of the global hydrophobic intraocular lens market.
Hydrophobic intraocular lenses are categorized into standard hydrophobic intraocular lens and premium hydrophobic intraocular lens, depending upon the various functions performed by the products, pricing, and other factors. Premium hydrophobic intraocular lenses consist of intraocular lenses such as accommodative IOL, aspheric IOL, and toric IOL. These IOLs are a result of constant innovation and technological advancements in the intraocular lens segment.
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Premium hydrophobic intraocular lenses are priced higher than standard hydrophobic intraocular lenses; however, adoption of these hydrophobic intraocular lenses is constantly increasing, owing to factors such as better visual performance, reduced rates of astigmatism, and greater spectacle independence. Increase in awareness about premium hydrophobic intraocular lens combined with favorable recommendations from health care providers, and better acceptance from patients across the world are expected to drive the global intraocular lens market during the forecast period.
Premium Hydrophobic Intraocular Lens Segment Attributed to Rapid Growth in Global Market
In terms of product type, the premium hydrophobic intraocular lens segment is projected to grow at a rapid pace during the forecast period
Hydrophobic intraocular lenses have undergone significant evolution and constant innovations through various generations of products, technologies used for manufacturing, and materials used for the composition of the lenses. The initial generation intraocular lenses were associated with numerous disadvantages, which were studied and rectified in a process of constant upgrade of products.
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Procedures of hydrophobic intraocular lens implantations have also undergone innovations, where the new techniques and instruments allow ophthalmologists to place the lens with a minimal incision to the eye and less time requirements, resulting in patient convenience and better healing with less post-operative complications.
These advances and innovations in the hydrophobic intraocular lens products and procedures along with increasing awareness and acceptance of hydrophobic intraocular lens are expected to drive the global hydrophobic intraocular lens market
Hospitals segment and Ophthalmology Clinics segment to Lead Global Hydrophobic Intraocular Lens Market
Both hospitals and ophthalmology clinics segments are anticipated to capture nearly half of the revenue share and remain as highly lucrative end-user segments of the global hydrophobic intraocular lens market during the forecast period. Increase in incidence of cataract and other age-related eye disorders, ease of access to hospitals, and better health care facilities provided by hospitals, especially in emerging economies, are factors driving the hospitals segment. Moreover, ophthalmologists around the world are setting up independent ophthalmology clinics to offer personalized care to patients which promotes the growth of the ophthalmology clinics segment.
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Key Manufacturers Operating in Global Hydrophobic Intraocular Lens Market
Manufacturers in the global hydrophobic intraocular lens market are increasingly investing in the research & development of new and innovative techniques to manufacture hydrophobic intraocular lens. These players also focus on offering highly-efficient and reliable products to provide better protection against breakage and fragility.
The global hydrophobic intraocular lens market is highly fragmented, with the presence of a large number of regional players. A high competition has been observed among the hydrophobic intraocular lens market players due to competitive pricing for the sales and marketing of products. Market players focus on strategic partnerships, collaborations, mergers, acquisitions, and product launches to increase market share.
Moreover, strong competition in the global hydrophobic intraocular lens market is prompting companies to expand in regions with high growth potential, while maintaining their current share in the global hydrophobic intraocular lens market. In such a market scenario of the global hydrophobic intraocular lens market, Carl Zeiss Meditec AG focuses on its core business to stay ahead of its competitors. The company strives to expand its business in countries in Latin America, Africa, and the Middle East.
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