Growth of the Intraocular Lens Market Is Driven by the Increasing
An intraocular lens (IOL) is an optical lens implanted into the eye, usually as a component of a surgical procedure to treat cataract or refractive errors. IOL implantation enables restoration of normal vision and reduces problems associated with contact lenses and cataract spectacles. Thus, with the increasing incidence of cataract or refractive errors and increasing number of cataract surgeries, the demand for intraocular lens is also increasing. According to the National Eye Institute (NEI), cataracts affect more than 24.4 million Americans age 40 and older, and the number is expected to double from 24.4 million to about 50 million by 2050. This in turn is expected to propel the growth of the intraocular lens market in the U.S.
The most common type of intraocular lens is the pseudophakic intraocular lens, often implanted during open-angle cataract surgery. A major advantage of the pseudophakic intraocular lens over the conventional one is that it provides the same light focusing function. Although there are many types of intraocular lens available to treat different visual ailments, most cataracts and glaucoma require the use of an intraocular lens made from the same material. Growth of the intraocular lens market can be attributed to the growing geriatric population and increasing prevalence of eye diseases and diabetes in the overall population across the globe.
According to report Global market value of Intraocular Lens is to hit USD 5318.8 million value by 2026 at CAGR of 6.8%.
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According to the World Health Organization (WHO), by 2050, the world’s population aged 60 years and older is expected to total 2 billion, up from 900 million in 2015. Thus, there is an increasing demand for intraocular lens worldwide. For example, in August 2020, Johnson and Johnson Vision announced Health Canada approval and the availability of its TECNIS Synergy and TECNIS Eyhance intraocular lens to the Canadian market. Cataracts are the leading cause of blindness worldwide, with over 90% of people developing cataracts by age 65. Moreover, in May 2020, Bausch + Lomb launched the company’s first presbyopia correcting intraocular lens (IOL), LuxSmart, and its monofocal version, LuxGood.
Such initiatives by market players to cater increasing demand or increased focus on developing technologically advanced intraocular lens are also driving the growth of the intraocular lens market. In addition to this, rising diabetes patients worldwide has led to increase in number of cataract surgery, as diabetes is a major cause of blindness. However, stringent regulations for approval and over pricing of intraocular lens are the major factors restraining the growth of the intraocular lens market.
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This release was published on openPR.