Overview and Scope
Intraocular lens refers to the medical devices that are implanted inside the eye to replace the eye’s natural lens when it is being removed during cataract surgery. An intraocular lens is an artificial replacement for the lens of the eye. ILOs are used for a type of vision correction surgery called refractive lens exchange.
Sizing and Forecast
The intraocular lens market size has grown rapidly in recent years. It will grow from $4.93 billion in 2023 to $5.43 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to patient expectations and satisfaction, rise in outpatient cataract surgery, introduction of phacoemulsification, evolution of surgical techniques, transition to foldable materials.
The intraocular lens market size is expected to see strong growth in the next few years. It will grow to $7.94 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The growth in the forecast period can be attributed to focus on emerging markets, growing aging population, expanding cataract surgery rates, demand for premium IOLs, shift towards outpatient procedures. Major trends in the forecast period include rise in cataract surgeries, shift towards minimally invasive surgery, demand for enhanced visual outcomes, regulatory changes and approvals, evolving surgical techniques.
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Segmentation & Regional Insights
The intraocular lens market covered in this report is segmented –
1) By Type: Monofocal Intraocular Lens, Multifocal Intraocular Lens, Toric intraocular lens, Accommodating Intraocular Lens
2) By Material: Polymethylmethacrylate (PMMA), Silicone, Hydrophobic Acrylic
3) By End User: Hospitals, Ambulatory Surgery Centers, Ophthalmology Clinics, Eye Research Institutes
North America was the largest region in the intraocular lens market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the intraocular lens market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising prevalence of eye diseases is contributing to the growth of the intraocular lens market. Eye diseases such as macular degeneration, glaucoma, and cataracts lead to vision problems. An intraocular lens is an artificial lens related to the eye. It replaces the eye’s natural lens that has been removed during cataract surgery. For instance, in October 2022, according to the Association of British Dispensing Opticians, a UK-based professional association for opticians, over two million individuals are in danger of visual loss owing to glaucoma; an estimated 1,390,000 people have ocular hypertension, and another 708,000 have glaucoma. The rising prevalence of eye diseases will drive the intraocular lens market.
Key Industry Players
Major companies operating in the intraocular lens market report are Abbott Medical Optics Inc., Alcon Inc., Valeant Pharmaceuticals, Bausch + Lomb, Johnson & Johnson Vision Care Inc., Carl Zeiss Meditec AG, Nidek CO. Ltd, Staar Surgical Company, Hoya Corporation, Rayner Intraocular Lenses Limited, SIFI S.p.A, Ophtec, RxSight, Aurolab, Hanita Lenses, Oculentis, Lenstec, EyeKon Medical Inc., Atia Vision, Nayam Innovations, SAV-IOL SA, Biotech Healthcare Group, Physiol, Care Group, LensGen Inc., Omega Ophthalmics, Ocumetics Technology Corporation, WaveTec Vision, Calhoun Vision Inc., HOYA Surgical Optics, Bausch Health Companies Inc.
The intraocular lens market report table of contents includes:
1. Executive Summary
2. Intraocular Lens Market Characteristics
3. Intraocular Lens Market Trends And Strategies
4. Intraocular Lens Market – Macro Economic Scenario
5. Global Intraocular Lens Market Size and Growth
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32. Global Intraocular Lens Market Competitive Benchmarking
33. Global Intraocular Lens Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Intraocular Lens Market
35. Intraocular Lens Market Future Outlook and Potential Analysis
36. Appendix
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