The global Intraocular Lens Market was valued at $3,306 million in 2015 and is expected to garner $4,973 million by 2022, registering a CAGR of 5.9% during the forecast period. The intraocular lens is an artificial lens, which is implanted in the eye to replace the natural lens during cataract surgery. Growth in the geriatric population susceptible to ocular conditions, rise in prevalence of cataract, and increase in initiatives taken by the government to eliminate avoidable blindness are expected to drive the growth of the global intraocular lens market. Moreover, the rise in adoption of premium lens owing to its benefits such as enhanced visual performance and reduced astigmatism supplements the growth of the market. However, unfavourable reimbursement scenario for premium lens and postoperative complications such as refractive errors are expected to impede the market growth.
Cataracts are a significant global issue, according to the World Health Organisation, and is the leading cause of blindness today. Global demand for intraocular lenses increased with the incidence of cataract. According to the Vision Council, approximately 76.2% of adults in the United States were subjected to vision correction in 2015, and approximately 22.1% of adults said that vision correction was necessary. These factors help the business to expand.
Government drives and mindfulness projects to dispose of avoidable visual deficiency are together expected to impel the interest for an intraocular focal point in the Asia-Pacific district. For example, in 2011, Lions Clubs International Foundation (LCIF) in association with the Peoples Republic of China started another period of their mission in China known as SightFirst China Action (SFCA), which targets forestalling visual deficiency. Since its arrangement in 1997, the establishment contributed more than $30.8 million for in excess of 5 million waterfall medical procedures and the update of 300 eye care foundations or more. Also, the Chinese government subsidized more than $200 million to help their mission.
Intraocular lenses was first used in cataract surgery in the 1980s, and nowadays, they come in a wide variety. The most commonly used is a pseudophakic intraocular lens, which is implanted after a person undergoes cataract surgery.