Artificial Eye Lenses Market Expected to See Increase in Revenue by 2031
Artificial Eye Lenses Market: Overview
The artificial eye lenses market is expected to grow exponentially during the forecast period owing to the increase in the number of patients undergoing cataract surgery and the increase in the number of patients suffering from cataracts. It is estimated that about 76.2% of adults in the United States had vision correction surgery in 2015 and about 22.1% of adults need vision correction, according to council data. vision. These factors are helping to boost the artificial eye lenses market during the forecast period.
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In 2011, the Lions Club International Foundation (LCIF) and the People’s Republic of China jointly launched a campaign in China known as the Sight-First China (SFCA) Action that primarily focuses on preventing eye blindness. Although all types of artificial eye lenses market are healthy, the monofocal silicone artificial eye lenses segment continues to generate more revenue than all other types of lenses during the forecast period.
With manufacturers globally focusing on improving their product portfolios in emerging market countries, this will further help drive demand over the forecast period.
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Artificial Ocular Lenses Market: Drivers and Constraints
The hospital segment attracting the pool of people from remote areas for cataract surgery is the primary driver of the artificial eye lens market. Cataracts are the number one concern of older people, according to the World Health Organization. The increase in aging of the population coupled with the increasing prevalence of metabolic disorders in people is the main driver of the artificial eye lenses market.
In addition, the government initiative and awareness program of eye foundations and non-governmental organizations will help further stimulate the artificial eye lens market in the coming years. The family history and congenital cases associated with cataract in people have increased the need for cataract surgeries at an early age and are also helping to inflate the artificial eye lenses market during the forecast period.
Although artificial eye lens implants have a high success rate, the market may be hampered by the shortage of ophthalmologists, lack of adequate coverage or co-payment policies for high-end artificial eye lenses, and lack of reimbursement policies in emerging countries.
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Artificial Ocular Lenses Market: Segmentation
The global artificial eye lenses market is segmented on the basis of product type, application, material, end user, and region.
Based on the product type, the global artificial eye lenses market is segmented as follows:
- Monofocal artificial lens
- Premium artificial lens
- Toric artificial lens
- Multifocal artificial lens
- Accommodating artificial lens
- Artificial lens filtering blue light
- Phakic artificial lens
- Aspherical artificial lens
Based on the end user, the global artificial eye lenses market is segmented as follows:
- Ambulatory surgery centers
- Ophthalmic clinics
- Eye research institutions
Artificial Ocular Lenses Market: Key Players
Some of the major market players operating globally are Alcon, Inc. (a division of Novartis AG), EyeKon Medical, Inc., Lenstec, Inc., HumanOptics AG, HOYA GROUP, Rayner Intraocular Lenses Limited (UK), Bausch + Lomb, HumanOptics, PhysIOL (Belgium), Swiss Advanced Vision (SAV IOL) (Switzerland), Omni Lens Pvt Ltd. (India), Care Group (India), Fred Hollows Intraocular Laboratory (Eritrea).
The research report on the Artificial Eye Lenses Market presents a comprehensive assessment of the market and contains information, facts, historical data, and market data supported by statistics and validated by the industry. It also contains projections using an appropriate set of assumptions and methodologies. The research report on the Artificial Ocular Lenses market provides analysis and information according to market segments such as geographies, applications, and industry.
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