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The intraocular lens market in India is estimated to grow at a CAGR of 9.2% between 2022 and 2027. The size of the market is forecast to increase by USD 99.17 million. The growth of the market depends on several factors, including the increasing prevalence of ophthalmic diseases, technological advances, and initiatives to create awareness about the benefits and advances in ophthalmic lenses.
This report extensively covers market segmentation by product (monofocal intraocular lens, multifocal intraocular lens, toric intraocular lens, and accommodative intraocular lens), and end-user (hospitals, ophthalmic clinics, and ambulatory surgery centers). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The increasing prevalence of ophthalmic diseases is notably driving the market growth, although factors such as intense competition among manufacturers of intraocular lenses may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increasing prevalence of ophthalmic diseases is notably driving the market growth. Around the world, there are more people with dry eyes than ever before, as well as more people with refractive errors, cataracts, glaucoma, retinal diseases like age-related macular degeneration (AMD), retinal detachment, and diabetic retinopathy. Cataracts are among the most prevalent ophthalmic conditions in India. It is an ophthalmic condition that results in the clouding of the eye lens. The condition can cause blindness if cataract surgery is not received. The government of India gradually increased the number of cataract surgeries performed in India starting in 2022.
Glaucoma is also the second most common cause of blindness in the world. Age increases the prevalence of glaucoma. A major risk factor for visual impairment is aging. The percentage of the world's elderly population is anticipated to get double by 2050. Hence, this will contribute to the growth of the prevalence of ophthalmic diseases, which will drive the growth of the India IOL market in India during the forecast period.
The rising focus of vendors on strengthening their presence in emerging markets is the primary trend in the market. In emerging markets, such as India, the middle-class population is significantly expanding, creating a sizable, new customer base with increased access to ophthalmic goods and services as well as the financial means to pay for them. The demand for ophthalmology surgical devices is rising in emerging economies due to rising healthcare costs, rising disposable income, and improved healthcare infrastructure. Additionally, cutting-edge ophthalmic technologies, including premium intraocular lenses and cutting-edge techniques for cataract and glaucoma surgery, are now making inroads into emerging markets. Hence, there is a significant opportunity for the growth of the intraocular lens market in emerging markets.
Furthermore, the adoption of ophthalmology surgical devices will rise in developing nations like India, Brazil, and other places due to an increase in the number of eye care specialists and hospitals that focus exclusively on eye care, better access to cutting-edge technology, and rising patient awareness. As a result, suppliers of ophthalmology surgical devices are increasing their footprint in developing nations. During the forecast period, these factors are anticipated to accelerate the growth of the India IOL market.
Intense competition among the manufacturers of intraocular lenses is a major challenge impeding the market growth. Due to the presence of reputable vendors, the intraocular lens market in India is marked by fierce competition. Pricing is a strategy used by suppliers and manufacturers to maximize profits. Additionally, a variety of intraocular lenses are available from both international and regional vendors, and the design materials used may be similar. This leads to pricing wars, which have a negative impact on market growth during the forecast period.
To increase their profit margins, multinational corporations make significant investments in marketing, promotions, and product quality. However, price wars caused by the market's fierce competition force international vendors to reduce the average selling price (ASP) of their goods. This guarantees a large number of sales but has low-profit margins. Additionally, in order to remain competitive, manufacturers are under pressure to offer intraocular lenses at a reasonable price. Such actions have a negative impact on their profit margins, which has an adverse effect on the company's R&D spending. This will hinder the creation of innovative products for India intraocular lens market. These factors will hinder India IOL market growth in the region during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Intraocular Lens Market in India Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Appasamy Associates Pvt. Ltd. - The company primarily offers a wide range of products, such as surgical instruments, equipment, intraocular lens, and pharmaceuticals. The key offerings of the company include intraocular lenses such as PMMA intraocular lenses, Hydrophobic IOLs, and Hydrophilic lenses.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the monofocal intraocular lens segment will be significant during the forecast period. A lens with a fixed focus for one distance is a monofocal intraocular lens, also referred to as a traditional lens. These lenses are made for either near or far vision.
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The monofocal intraocular lens segment was valued at USD 38.56 million in 2017 and continued to grow until 2021. Reading glasses would be used by the patient after traditional cataract surgeries to help focus both eyes on distant objects. Most cataract patients choose to have monofocal intraocular lenses placed in both eyes that are adjusted for distance vision, and they then use reading glasses to focus on objects that are closer to them. Premium intraocular lenses have a greater success rate and provide better visual function and greater spectacle independence than standard monofocal lenses. The major factors that drive the growth of the segment are the lower pricing of monofocal intraocular lenses than the premium ones and the presence of favorable government reimbursement policies. Such factors will positively impact the growth of the segment during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the intraocular lens market in India as a part of the global healthcare supplies market that primarily covers manufacturers of medical products, including all categories of supplies, such as consumables and disposables, such as safety needles, syringes, and catheters. The parent, global healthcare supplies market covers products and companies engaged in research and development of a variety of product categories spanned across medical consumables that are used for the diagnosis and treatment of various diseases. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
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Intraocular Lens Market In India Scope |
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Report Coverage |
Details |
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Page number |
126 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 9.2% |
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Market growth 2023-2027 |
USD 99.17 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
8.82 |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Alcon Inc., Appasamy Associates Pvt. Ltd., Aravind Eye Care System, Bausch Health Co. Inc., Biotech Healthcare Holding GmbH, Care Group Sight Solution Pvt. Ltd., Carl Zeiss AG, Excellent Hi Care Pvt. Ltd., FREEDOM MEDICARE SAS, Global Ophthalmic Pvt. Ltd., HOYA Vision Care Europe Hoya Holdings N.V, Johnson and Johnson Services Inc., NanoVision, Nayam Innovations Pvt. Ltd., Omni Lens Pvt. Ltd., SMR Ophthalmic Pvt. Ltd., STAAR Surgical Co., Syon Med Pvt. Ltd., Grevis Pharmaceuticals Pvt. Ltd., and EssilorLuxottica SA |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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