Number of worldwide people with age 60 years and above was around 962 Million in 2017, according to a report from United Nations. Further, this number is estimated to show twofold increase by 2050. With incorporation of advanced technology in healthcare industry, human lifespan is improved. This growth in geriatric population has led to increase in instances of vision-related issues such as sore eye, cataract, and myopia. This situation has stimulated the need for cataract surgeries, thereby boosted demand for intraocular lenses.
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Majority of young generation today lives hectic lifestyle. Similarly, incorrect eating habits have led to health issues such as diabetes. In this health issue, there is risk of damage to the eyes of an individual. These problems include diabetic macular edema, diabetic retinopathy, glaucoma, and cataracts. Rise in number of cataract surgeries due to diabetic eye has pushed the growth of the global intraocular lens market. Growing number of elder population and increasing number of diabetic patients in Asia Pacific are expected to stimulate growth of the market for intraocular lenses in this region.
However, as a coin has two sides, there are some factors hindering the intraocular market. Risk of postoperative complications and need for strong reimbursement policies are some of the key factors that can impact negatively on this market’s growth.
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Research and Development Activities Boosting Market Growth
Many well-known companies in the global intraocular lens market are showing heavy investment for research and development activities. The main motive of these activities is to offer top-notch intraocular lenses to customers. This initiative has opened the doors for the stupendous growth of this market in the upcoming period. Besides, these companies are getting support from numerous government bodies to grow vigilance about advantages of ocular lenses. Increasing patient pool and medical tourism are some of the latest trends that have supported the market growth.