Yahoo Finance Intraocular Lens Market to Hit Sales of $5.38 Billion By 2028 | AI to Improve Intra Ocular Prediction in Myopic Patients
Global intraocular lens market was valued at USD 3.7 billion in 2021, and it is expected to attain a value of USD 5.38 billion by 2028, at a CAGR of 5.5% over the prediction period (2022–2028).
Westford, USA, Sept. 14, 2022 (GLOBE NEWSWIRE) -- As the population ages, there is an increasing demand for IOLs. IOLs are used to correct vision in people with a lens error problem, such as myopia. In the US, around 4% of the Americans are affected by myopia. On the other hand, over 1.4 billion people are having myopia and over 1 billion are suffering from cataract across the global intraocular lens market. Wherein, cataract (94 million), moderate or severe distance vision impairment or blindness due to unaddressed refractive error (88.4 million), corneal opacities (4.2 million), glaucoma (7.7 million), trachoma (2 million), and diabetic retinopathy (3.9 million) are the most prominent. However, the number of patients who need an IOL is increasing because the technology has improved and more people are developing age-related macular degeneration (AMD).
Intraocular lens (IOL) implants are becoming increasingly popular, as they offer a number of benefits to those who need them. In particular, IOLs are quickly becoming a preferred option for people with age-related macular degeneration (AMD), as they provide better vision than the traditional eye drop method in intraocular lens market.
As IOL demand continues to grow, manufacturers in the global intraocular lens market are working to create additional implant options that better meet individual needs. For example, some IOLs now come in low-profile designs that can be easily concealed beneath the eye. Additionally, some manufacturers are developing artificial vision systems that can help patients see more clearly even with damaged eyesight.
Despite these advancements, there are still many patients who don't have access to an IOL. This is especially true in lower-income countries where medical technology is often not accessible or affordable. As a result, many of these patients rely on donated devices or grafts from other patients.
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SkyQuest released its latest report on intraocular lens market. This comprehensive report provides detailed insights into the global intraocular lens market, including key trends, drivers, and challenges.
The report also includes an in-depth analysis of the competitive landscape, with profiles of leading players in the market. SkyQuest's team of experts has used a robust research methodology to compile this comprehensive report, which will help companies operating in the intraocular lens market to make informed strategic decisions.
AI to Improve Intra Ocular Prediction in Myopic Patients
According to a study conducted by the Keio University School of Medicine, Tokyo, artificial intelligence (AI) has grown in popularity for the prediction of intraocular lens (IOL) size and fit for high myopic patients. The study used data from more than 64 patients who received IOLs. The researchers found that AI has potential to improve the accuracy of predicting IOL size and fit for high myopic patients, as compared to manual prediction methods in intraocular lens market. They also observed that AI can be more accurate in predicting IOL parameters such as power and especially sphere: volume ratios. The study authors suggest that AI could be used as a standalone tool or in conjunction with other prediction methods to improve patient outcome.
Recent advancements in artificial intelligence (AI) have led to the development of predictive models that can estimate the likelihood of a high myopic patient needing an intraocular lens (IOL). The AI models are typically used in conjunction with patient-specific data sets to create preliminary estimates of a patient’s risk for IOL failure in intraocular lens market.
The use of AI for predicting IOL needs is not new, but its growing popularity is due, in part, to the increased availability of patient-specific data sets and the improved accuracy of the models. With such data, doctors can provide more informed recommendations about treatment options and avoid unnecessary surgery. Additionally, using AI allows patients to enjoy personalized care, thanks to the predictions made about their individual risk for IOL failure.
The accuracy of AI-based predictions is likely to continue improving as additional patient data sets are collected and analyzed. At this point, AI is a valuable tool for predicting IOL needs and should be considered when evaluating a high myopic patient for treatment options.
SkyQuest’s report on global intraocular lens market provides detailed insights into the competitive landscape and key players. These players are engaged in various strategies such as product launches and innovations, mergers and acquisitions, and partnerships and collaborations to expand their share in the global market.
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Childhood Cataract is Attracting Demand for Intraocular Lens Market
The number of people who suffer from cataracts as children is on the rise, and this is being driven in part by the high demand for intraocular lens (IOLs) among those affected. According to a new study published SkyQuest, the incidence of childhood cataracts has more than doubled over the past two decades, reaching nearly 3 million cases worldwide. In fact, it affects around 1-15 children per 10,000. Wherein, more than 70% children suffer from congenital cataract and over 28% have developmental cataract. The prevalence is especially high in low-income countries.
This increase in the intraocular lens market is likely due to increased awareness and treatment of cataracts, which is also likely due to better diagnosis and care. Our study says that there is an “unmet need” for IOLs among those affected by cataracts, with many of them needing corrective surgery. In fact, they note that IOLs are now “one of the leading causes” of eye surgery in young people in many parts of the world.
The presenting research analyst at SkyQuest noted that IOL demand from pediatric patients has been increasing at a rate of around 10% per year, which is almost at two times of the global intraocular lens market (5.5%). He attributed this to the increased awareness and sophistication of pediatric ophthalmologists in managing cataract, as well as more effective methods for treating childhood cataracts. In fact, our study believes that pediatric patients represent a "growing market" for IOLs and being increasingly target by manufacturers.
This comprehensive report provides an in-depth analysis of the current market landscape and future growth prospects of this rapidly growing industry.
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Global Intraocular Lens Market key players:
Alcon (Switzerland)
Bausch Health Inc. (Canada)
Carl Zeiss Meditech (Germany)
EyeKon Medical Inc (US)
Humanoptics (Germany)
Hoya Corporation (Japan)
Johnson & Johnson (US)
Lenstec Inc. (US)
Rayner Intraocular Lens Ltd (UK)
STAAR Surgical Company (US)
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