Good Growth Opportunities in Global Intraocular Lens Market Till 2020
In few cases patients or surgeons prefer IOL in one eye set for distance vision, and the other set for near vision, a strategy called as monovision. People who regularly use electronic devices such as computers, PDAs and TVs are considered more prone to application of this lens. Individuals considering monovision may be able to try this technique with contact lenses first to see how well they can adapt to monovision. People having presbyopia in which lens flexibility is completely reduced mostly after an age of 40 years makes them difficult to see near objects clearly may opt for IOL even if they don?t have cataract. Identifying eligible candidates for implantation of IOLs had been the biggest challenge for most ophthalmologists and surgeons. This challenge will soon be overcome with advancing technologies and computer aided software diagnostics.
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Additional features such as refractive properties can be embedded within IOLs by choice and is not considered medically necessary. Considering this, the market penetration for such advanced eye care systems can be compared to unpredictable market for the Google launched glucose and insulin monitoring lens. None the less, these new innovations will definitely propel the growth of the ophthalmology market in the coming years. According to SA-BRC analysis, growing cataract incidence is a major driver for this market which is predicted to rise further with clinical evidence showing the connection between lifestyle diseases and conditions such as diabetes and obesity and occurrence of cataract. An alternate to monofocal and to monovision option is the toric lens that functions comparable to a bifocal lens with both distance and near vision present. These IOLs are designed to allow certain eye muscles to move the IOL forward and backward enables the patient?s eyes to change the focus similar to natural lens allowing appropriate near and distance vision. Toric lens are precisely used or designed to correct astigmatism in which patient faces blurred or distorted vision to some degree at all distances. Most payors in US will reimburse the cost of a traditional IOL, and the patient will be responsible for the difference, which could be anywhere from $1,500 to $2,500 per eye, but advanced IOLs such as ReSTOR IOL and Crystalens which can treat multiple defects are not insured or covered in any part of the world.
Without a doubt, the largest markets for IOLs are North America and Europe, but emerging regions such as Asia, Latin America and Middle East are expected to offer great opportunities in coming years. Saudi Arabia has for the first time in 2013 allotted a budget of $3 million for cataract prevention and IOLs implantation research. Governments in countries of China, India and South-East Asia are increasingly observing initiatives in eye camps and cataract identification surgeries. Some of the major companies manufacturing intraocular lens includes Alcon, Inc., Aaren Scientific, Inc., Abbott Medical Optics, Inc., Bausch & Lomb, Inc., Carl Zeiss Meditec AG, STAAR Surgical Company, Hoya Corporation and others. This market report will attempt to gain several other perspectives of the dynamic intraocular lens market and present forecast market values from 2014 to 2020.
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Spearhead Acuity Business Research & Consulting Private Limited (SA-BRC) is a premium Life Science business intelligence and data analytics firm. SA-BRC team offers a wide range of business intelligence services to multiple stakeholders such as Medical Device Manufacturers, Service Providers (Hospitals, Payers, etc.), Suppliers, Group Purchase Organizations, Distributors and all other individuals in the entire value chain of healthcare industry. Our research and consulting capabilities extend across several sub-domains within the sphere of Life Sciences such as Biotechnology, Healthcare IT, Medical Devices, Veterinary Sciences, Wellness Products and Pharmaceuticals.
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