High Prevalence of Cataract Drives the Global Market for Intraocular Lenses, According to New Report by Global Industry Analysts, Inc.

GIA announces the release of a comprehensive global report on Intraocular Lenses markets. Global market for Intraocular Lenses (IOLs) is projected to reach US$4.1 billion by 2018, primarily driven by growing demand for vision care services, increasing prevalence of cataract among the aging population and rapid technology development and adoption of premium IOLs.

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Intraocular Lenses: A Global Strategic Business Report

San Jose, California (PRWEB) April 02, 2013

Follow us on LinkedIn – Despite initial lethargy in adoption by surgeons, intraocular lens (IOL) implants are today standard treatment of care for cataract. Cataract surgeries using IOLs are currently one of the most common and safest surgical procedures carried out worldwide. With the rise in aging population and increase in the incidence of ophthalmic and ocular conditions, vision care represents a growing sector of the medical industry. Among the ocular diseases, cataract is the most common cause of blindness, followed by glaucoma, AMD and DR. The IOL market is also benefiting from the development of premium intraocular lenses, adoption of which is driven by factors such as superior visual outcomes, and long term safety, efficacy, and rotational stability. While improved access to superior medical technologies drives growth in developing countries, the continued shift towards premium IOLs including toric, accommodative and multifocal IOLs, is fuelling demand in developed countries.

The history of IOLs is characterized by gradual incremental improvements in product design, materials, surgical procedures, and patient outcomes. Although the established monofocal technology continues to dominate the market supported by higher predictability in outcomes and reimbursement benefits, new-generation presbyopia-correcting multifocal and accommodative lens are capturing a sizable share of the market. Rapid developments have also assisted in reducing the size of the lens making them more suitable for microincision surgeries, which are growing in popularity encouraged by reduced post-operative trauma and faster patient recovery. From monofocal lenses to aspheric accommodative IOLs, and from use of hard, non-foldable materials to the present day’s flexible acrylic materials, there have been significant innovations in IOLs to enhance visual outcomes.

The ophthalmology market continues to be affected by the economic downturn as procedure volumes and sales of related products slowdown amidst tightening pressure on healthcare budgets. Against the backdrop of declining disposable incomes, reduced healthcare coverage and reimbursements and budget cutbacks, higher priced premium IOLs have become a difficult option for patients. Within Europe, the ongoing debt crisis continues to plague investments, particularly in southern European countries that are witnessing significant cutbacks in the healthcare spending. The efforts to minimize costs continue to impact cataract procedural volumes across the EU as funding pressures force primary care trusts to impose visual acuity related thresholds on referrals for cataract surgeries, and insurance companies to reduce the range of coverage offered.

As stated by the new market research report on Intraocular Lenses, the US represents the largest market worldwide. Key factors contributing to higher sales of IOLs in the country include the availability of technologically advanced surgical procedures and higher penetration of premium IOLs. Other factors driving growth include reimbursements for cataract procedures using standard IOLs as well as the increased presence of ambulatory surgical centers. Asia-Pacific is forecast to emerge as the fastest growing market for IOLs with over three-fourths of the population requiring treatment for vision correction.

Standard Intraocular Lenses dominate the market given their benefits related to safety, efficacy, and affordability. These lenses are also widely reimbursed by governments and private insurers in several countries worldwide. Premium IOLs are forecast to witness strong growth aided by its effectiveness and ability to offer patients superior spectacle-free vision post cataract procedure. The share of premium and toric lenses is expected to rise at the expense of standard lenses in the coming years.

Major players in the market include Alcon Inc., Abbott Medical Optics Inc., Bausch & Lomb Inc., Hoya Corporation, STAAR Surgical, and Carl Zeiss Meditec AG.

The research report titled “Intraocular Lenses: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, company profiles, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections in US$ for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, The UK, Spain, Russia, and Rest of Europe), Asia-Pacific, Latin America and Rest of World. Product segments analyzed include Standard Intraocular Lenses and Premium Intraocular Lenses.

For more details about this comprehensive market research report, please visit –
http://www.strategyr.com/Intraocular_Lenses_Market_Report.asp

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.

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Global Industry Analysts, Inc.
Telephone: 408-528-9966
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Email: press(at)StrategyR(dot)com
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