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Drive Growth of the Intraocular Lens Market Research Report 2019 Explain - How large is the market?

11-14-2019 06:35 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Coherent Market Insights

Intraocular Lens

Intraocular Lens

According to the International Diabetes Foundation (IDF) 2017 statistics, the number of people with diabetes aged between 20 to 79 years are increasing, globally. Among which, Africa (156%) is accounted to register the highest diabetic population, followed by Middle East (110%), South East Asia (84%), Latin and Central America(62%), North America (35%), Europe (16%) and Western Pacific (15%).

Moreover, cataract is major cause of blindness, which is projected to fuel growth of the intraocular lens market over the forecast period. For instance, according to National Federation of the Blind, 2014 data findings, an estimated around 10 million people in the U.S. are blind or visually impaired. According to European Blind Union, in 2016, over 30 million people are partially sighted or blind in Europe and an average of 1 in 30 Europeans experience sight loss.

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According to World Health Organization (WHO) 2010 fact sheet, cataract accounted for around 50% of blindness in China. Furthermore, according to National Center for Biotechnology Information (NCBI), 2010 data findings, an estimated 11.2 million people above age 40 years suffered from glaucoma in India.

Governmental and non-governmental organization are working together to spread awareness regarding cataract and associated conditions such as blindness. For instance, according to WHO in 2017, an estimated 253 million people had vision impairment worldwide, which creates the need for government to take initiatives and conduct awareness program for cataract patients.

WHO and Task Force of International NGO have jointly prepared and launched a common agenda for global action called ‘The Vision 2020- the right to sight’ in 1999 with aim to eliminate blindness worldwide by 2020. This organization works jointly to mitigate implications of blindness in developmental, economic, social and quality of life terms, which is expected to augment the growth of intraocular lens market in near future.

Furthermore, International Agency for the Prevention of Blindness, Al Noor Foundation, Christoffel-Blindenmission (Christian Blind Mission International), Helen Keller Worldwide, International Federation of Ophthalmological Societies, Lions Clubs International Foundation, Organization pour la Prévention de la Cécité, Operation Eyesight Universal, ORBIS International, Sight Savers International, The Carter Center, and The Fred Hollows Foundation are other NGOs participating in the Vision 2020 program to prevent blindness worldwide.

In India, as a part of initiative launched by Maharashtra Government, around 1,700,000 cataract patients are likely to undergo the cataract surgeries between December 2017 and July 2019, supporting increasing demand for intraocular lens for cataract patients. In 2011, Lions Clubs International Foundation (LCIF) in partnership with Peoples Republic of China initiated a new phase of their campaign in China called as SightFirst China Action (SFCA), which aims at preventing blindness.

However, over pricing of intraocular lens and stringent regulations in getting premarket approval for intraocular lens is expected to restrain growth of intraocular lens market over the forecast period. For instance, the Maharashtra Food and Drug Administration (FDA), India in 2017 revealed the overpricing of intraocular lenses, which stated that the patients undergoing cataract surgeries are priced at least 200% to 300% higher than the purchase cost.

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Major players operating in market include STAAR Surgical Company, HOYA Corporation, Lenstec, Inc., Ophtec BV, Johnson & Johnson, Alcon, Bausch & Lomb Incorporated, Carl Zeiss Meditec AG, Rayner Intraocular Lenses Limited, and HumanOptics AG.

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