Veterinary Intraocular Lenses Market Growth to Register Steller Growth Owing to Increasing Adoption by End-use Applications in the COVID-19 Crisis
Veterinary intraocular lenses are artificial lenses that are implanted in the eye of the animal to get a clear vision and improve seeing ability. Veterinary intraocular lenses are used for the treatment of cataract in animals. Lenses luxation in animals is caused by a variety of factors including glaucoma, inflammation or accidents which can be treated by veterinary intraocular lenses. Cataract in animals is as common as in humans and is caused by a variety of factors like diabetes, injuries, drugs, inflammation or nutrition, however, is mostly persistent by hereditary. Cataract, a common disorder in senior animals, is a condition in which normally clear lenses become foggy and this results in reduced vision which is treated by implanting veterinary intraocular lenses. Cataract affects a wide range of animals from elephants, horses, pandas, and seals creating wide scope for expansion of veterinary intraocular lenses market.
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Normally, dogs are highly susceptible to cataracts, as compared to cats. The veterinary intraocular lenses market holds a major share for treatment of cataract in companion animals like dogs. Statistics show that 80% of dogs suffering from diabetes will develop cataract within one year of developing diabetes compelling the adoption of veterinary intraocular lenses. Moreover, some other conditions such as trauma, intraocular inflammation, and improper diet can also induce cataract. In cats, cataracts are typically not genetic but form secondary to trauma or uveitis.
According to State of Pet Health 2011 Report, the incidences of diabetes in pets have increased by 32 percent in dogs and 16 percent in cats since 2011. The increasing prevalence of diabetes in pets drives the veterinary intraocular lenses market. The increasing expenditure of pet care and spending on surgical procedures on pets is anticipated to be a major factor fuelling the growth of veterinary intraocular lenses over the forecast period. Increasing pet adoption is expected to further boost the veterinary care market and cause a higher demand for veterinary intraocular lenses in the market. As per the Humane Society of the United States, 79.7 million households in the U.S. in the year 2016 have one or more pet. This number rose to 84.6 million households with one or more pets in 2017. It is estimated that this trend will continue over the forecast period and the demand for veterinary intraocular lenses will rise substantially in the future. The implantation procedure of veterinary intraocular lenses procedure has a high success rate, 85% to 90%, becoming a driver for the expansion of veterinary intraocular lenses markets from 2018-2026. However, complications and risks associated with the implantation of veterinary intraocular lenses and the expensive nature of the veterinary intraocular lenses can create a barrier for the exponential growth of veterinary intraocular lenses in the market. Additionally, limited awareness about treatments for cataract in animals among pet owners is restraining the revenue growth of the global veterinary intraocular lenses market.
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The global veterinary intraocular lenses market can be segmented on the basis of indication, end users and geography.
Based on indications, the global veterinary intraocular lenses market has been segmented into:
- Vision Correction
- Lenses Luxation
Based on end users, the global veterinary intraocular lenses market has been segmented into:
- Veterinary Hospitals
- Veterinary Clinics
- Veterinary Outpatient Centres
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The global veterinary intraocular lenses market is expected to witness fast growth over the forecast period owing to the increasing incidences of cataracts in pets and resulting permanent disorders such as blindness, if not treated. Among indications, the cataract segment is expected to contribute the major market share in terms of revenue over the forecast period in the veterinary intraocular lenses market. On the basis of end users, the veterinary outpatient centers in the veterinary intraocular lenses market are projected to grow with fastest CAGR over the forecast period owing to the increasing number of outpatient centres and being an easily assessable channel. The veterinary hospitals are expected to hold maximum revenue share over the forecast period owing to the established history and a maximum number of surgeries performed by veterinarians in these facilities in global veterinary intraocular lenses market.
Geographically, the global veterinary intraocular lenses market is segmented into North America, Latin America, Europe, Asia-Pacific excluding Japan (APEJ), Japan and the Middle East and Africa (MEA). North America is expected to be the leading market in the global veterinary intraocular lenses market owing to the high prevalence of eye diseases among animals and high spending on vet care as compared to other regions. The veterinary intraocular lenses market in APEJ is expected to grow at a significantly high CAGR due to an increase in the number of products offered by key domestic players. Europe is expected to register the second-largest share in the global veterinary intraocular lenses market throughout the forecast period owing to increased awareness about veterinary intraocular lenses among pet owners.
The global veterinary intraocular lenses market is highly fragmented owing to the presence of a large number of domestic manufacturers. Some of the key players operating in the global veterinary intraocular lenses market are Hill-Rom, Ocularvision Inc., AJL Ophthalmic S.A., I-Med Animal Health, Bausch & Lomb Incorporated, Biotech, Menicon Co., Ltd., CRISTALENSES, Keragenix Mastel, Inc. and Excellent Hi-Care Pvt Ltd amongst others.
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