Wednesday 29 February 2012, GlobalData
The report provides market landscape, competitive landscape and market trends information on the IOL market. It also provides comprehensive information on key trends affecting the market and key analytical content on the market’s dynamics. The report also reviews the competitive landscape and technology offerings.
The Global Intraocular Lens Market is Forecast to Reach $3.1 Billion by 2017
See figure: Intraocular Lens Market, Global, Revenue ($bn), Forecast, 2010-2017
The global Intraocular Lens (IOL) market was valued at $2.4 billion in 2010 and is forecast to reach $3.1 billion by 2017, with a Compound Annual Growth Rate (CAGR) of 4%. Growth in the market is expected to be driven by an increase in the prevalence of cataracts in the aging global population; an increase in risk factors such as diabetes; a rise in the adoption of premium IOLs such as multifocal IOLs, accommodating IOLs and toric IOLs; and technological enhancements such as microincision cataract surgery.
High Prevalence of Cataracts in the Global Aging Population to Generate Demand for Intraocular Lenses
The high prevalence of cataracts, particularly in the elderly population, will lead to an increase in the number of cataract surgeries performed. In turn, this will generate demand for IOLs. According to the World Health Organization (WHO), the number of cataract surgeries performed in 2010 is estimated to be 20 million, and this is expected to reach 32 million by 2020. In India, over five million cataract surgeries are performed per annum, which is the highest in the world. In the US, an estimated three million cataract surgeries are performed per annum, followed by 0.8 million per annum in Germany and 0.5 million per annum in France.
Cataracts are a leading cause of blindness worldwide, accounting for around 50% of all incidences of blindness. Furthermore, the incidence of cataracts increases with age. According to the National Eye Institute, the US, of the total US population, cataracts are prevalent in 68.3% of those aged 80 and above, and in 42.8% of those aged 70-79. An increase in the elderly population will therefore lead to a significant increase in the number of people suffering from cataracts.
Increase in the Adoption of Premium Intraocular Lenses to Drive Growth in the Market
There is an increasing shift from the use of standard monofocal IOLs to premium IOLs, and this has led to an increase in revenue generation in the IOL market. Although the majority of surgically implanted IOLs, which are used to replace clouded lenses and restore vision, are the standard monofocal IOLs, premium IOLs are gaining prominence due to evidence of better clinical outcomes. In 2010, the adoption level of premium IOL units among patients was 13% in the US. However, the revenue contribution from the premium IOL segment was 39% of total IOL revenues. Higher revenue generation from premium IOLs comes as a result of their relatively high price, a factor that will significantly contribute to the growth of the IOL market globally.
The US is the Biggest Market for Intraocular Lenses
The US market for IOLs was valued at $775m in 2010 and is forecast to reach $965m by 2017, with a CAGR of 3%. In 2010, the US contribution to the global IOL market was 32%. This is expected to be driven by an increase in the adoption of premium IOLs, direct-to-consumer (DTC) marketing, the availability of advanced technologies such as microincision cataract surgery, the availability of reimbursements for standard IOL implantation, an increase in the number of ambulatory surgical centers (ASC) and a significant aging population. Cataract surgery is the most requested procedure in the US, with an estimated three million cataract surgeries performed per annum.
Alcon is the Dominant Company in the Global Intraocular Lens Market
In 2010, Alcon was the dominant company in the global IOL market, with a 51% market share. Alcon’s dominance is due to strong sales of its AcrySof family of IOLs. In 2010, AcrySof generated revenues of $1.2 billion globally. Alcon’s leading position is expected to continue due to its broad product portfolio, strong sales and distribution network, and significant investment in pipeline products. Other leading companies in the IOL market are Abbott Medical Optics, Bausch and Lomb and Hoya Corporation.