Rise in the cases of cataract across major parts of the globe is expected to work as one of the key drivers for the rapid expansion of the global intraocular lens market during the forecast period 2017 to 2024, states a new study by TMR. The report further emphasizes that the market is likely to show expansion at 5.20% CAGR and touch the valuation of US$ 5069.5 Mn by the end of 2024.
The new study gives complete synopsis of several important factors that contribute to the growth of the intraocular lens market on regional and global level. Thus, the report includes in-depth assessment of many crucial facets including drivers, restraints, growth opportunities, and challenges faced by enterprises in the market for intraocular lens. In addition to this, the readers gain vital knowledge pertaining to the present and historical trends in the market for intraocular lens market.
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Over the period of past few years, the number of people living with various eye health issues including cataract is increasing at noteworthy pace. As a result, several government bodies as well as non-government organizations are increasing their efforts to grow awareness about symptoms that can help people in understanding health issues pertaining to eyes and starting early treatment for the same. Apart from this, these organizations are providing information pertaining to the availability of various treatment options for eyes health issues. These efforts are expected to translate into exceptional sales opportunities for companies in the global intraocular lens market in the years to follow.
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Development of Technologically Advanced Intraocular Lens: Prime Strategy Helping Players Expand their Businesses
Alcon, Bausch & Lomb, Inc, Abbott Medical Optics, Hoya Corporation, and Johnson & Johnson Vision Care are some of the key players working in the global intraocular lens market. Presence of many prominent enterprises makes the competitive landscape of the market for intraocular lens highly intense. Thus to maintain prominent market position, players are seen implementing varied organic and inorganic strategies.
Many players in the global intraocular lens market are focused on the research and development activities. The prime motive of these researches is the development of technologically advanced intraocular lens. Apart from this, the enterprises are concentrated on providing seamless services to the end-users. Besides, several organizations are using the tactic of acquiring smaller sellers in the market. On the back of all these activities, the global intraocular lens market is expected to show expansion at moderate pace in the years to come.
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North America Region Likely to Maintain Leading Position in Market
Europe, Asia-Pacific, North America, Middle East & Africa, and Latin America are some of the key regions of the global intraocular lens market. Among all geographies, North America was leading market region in the historical period.
The North America market is market is expected to maintain its prominent position and gather significant growth opportunities in the forthcoming years. This growth is attributable to several important factors such as presence of sturdy healthcare sector, increased awareness among major regional population, and presence of many active players in the region. Apart from this, the improved spending power of major regional populace and increased technological advancements in the region will help in rapid expansion of North America intraocular lens market in the years ahead.
Global Intraocular Lens Market Segmentation
The data gathered from global intraocular lens market is divided in terms of many key facets such as product, end-user, and geography. In terms of product, the market for intraocular lens is divided into multifocal IOL, monofocal IOL, accommodative IOL, toric IOL, and others. In terms of end-user, the market is divided into ophthalmology clinics, hospitals, eye research institutes, and ambulatory surgery centers.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Intraocular Lens Market (Product - Monofocal IOL, Multifocal IOL, Toric IOL, and Accommodative IOL; End Users - Hospitals, Ophthalmology Clinics, Ambulatory Surgery Centers, and Eye Research Institutes) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2024.”
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