Dallas, Texas, Aug. 25, 2020 (GLOBE NEWSWIRE) -- The “Global Intraocular lens Market Size 2019, by Product (Monofocal Intraocular Lens, Multifocal Intraocular Lens, Toric Intraocular Lens, Accomodative Intraocular Lens), by Material (Hydrophobic acrylic, Hydrophilic acrylic, PMMA, Silicone), by End Use (Hospitals, Ophthalmic Clinics, Ambulatory Surgery Centers, Research and Academia), by Region and Forecast 2020 to 2026” study provides an elaborative view of historic, present and forecasted market estimates.
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Global intraocular lens market size was valued at USD 6,887.0 million in the year 2019 and is anticipated to grow at a CAGR of 5.9% over the forecast period of 2020 to 2026. Growth in number of cataract patients coupled with other medical conditions such as diabetes causing retinopathy is anticipated to drive the global market for intraocular lenses in coming years.
Geriatric population is prone to eye related problems such as blurred vision, cataract, etc. With such high prevalence of eye related diseases associated with high age, increase in elderly population is currently one of the largest factors effecting the growth of the market. With decline in fertility rates, and increase in life expectance, the proportion of population under certain age is expected to increase over the years.
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In terms of material, hydrophobic acrylic segment accounted for 59.2% of revenue and is anticipated to grow at a CAGR of 6.2% over the forecast period. On the other hand, Hydrophilic acrylic segment is anticipated to grow with the fastest CAGR of 6.7% compared to counterparts by 2026.
In terms of product, monofocal intraocular lens dominated the global market by contributing 83.5% revenue in 2019 and is likely to maintain its market leadership in coming years. High acceptance rates for the same in European countries is predicted to fuel the market growth in coming years.
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In terms of end user, hospital segment dominated the global market later followed by ophthalmic clinics, ambulatory surgical centers, and research and academia. Of all, ambulatory surgical centers are likely to emerge as the most lucrative segment and is likely to grow at a CAGR of 7.4% over the forecast period.
The global intraocular lens market is consolidated in nature with major players accounting for over 60% of the overall market share. Key players within the market include Alcon, Inc., Johnson & Johnson, Bausch & Lomb, Inc., and Carl Zeiss Meditec AG. Key players are concentrating on new product launches and acquisitions to expand their presence. For instance, in October 2019, Johnson & Johnson Vision Care launched TECNIS Eyhance™ monofocal intraocular lens in India to deliver high-quality distance vision along with better low-light contrast. Furthermore, In December 2019, Bausch & Lomb launched a new product VYZULTA® (latanoprostene bunod ophthalmic solution, 0.024%) under the Ontario Public Drug Benefit (ODB) Program, which will help to reduce intraocular pressure (IOP) in patients with open-angle glaucoma or ocular hypertension. Such strategies are likely to increase the penetration of global leaders in untapped markets.
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Table of Contents
Chapter 1 Executive Summary
Chapter 2 Research Methodology
Chapter 3 Market Outlook
Chapter 4 Global Intraocular Lens Market Overview, By Product Type
Chapter 5 Global Intraocular Lens Market Overview, By Material
Chapter 6 Global Intraocular Lens Market Overview, By End Use
Chapter 7 Regional/Country Overview
Chapter 8 Company Profiles
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