Premium Intraocular Lenses Is Fastest Growing Segment Fueling The Growth Of Intraocular Lens Market
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| Intraocular Lens Market |
The global Intraocular Lens Market is estimated to be valued at US$ 719.98 Bn or Mn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Intraocular Lens (IOLs) are thin, clear lenses implanted to replace the eye's natural crystalline lens and are used in cataract surgery. IOLs help improve vision and reduce dependency on spectacles. They are foldable and soft materials allow minimal invasive surgery and faster visual recovery.
Market key trends:
One of the key trends in the intraocular lens market is the rising prevalence of premium and technology advanced IOLs. Premium IOLs such as multifocal IOLs, toric IOLs, and accommodating IOLs are witnessing higher demand owing to their advanced optics and features. For instance, multifocal IOLs help reduce the dependency on spectacles for distance and intermediate vision after cataract surgery. Similarly, toric IOLs help reduce the need for spectacle correction of astigmatism. Accommodating IOLs attempt to add the eye’s ability to change focus automatically for reading and distance vision.
Segment Analysis:
The global intraocular lens market is segmented into foldable intraocular lens and multifocal intraocular lens based on product type. The foldable intraocular lens segment dominated the market in 2022 and is expected to continue its dominance over the forecast period owing to its rising preferences among patients and ophthalmologists. Foldable intraocular lenses provide advantages like smaller incision size during cataract surgery and quick visual recovery for patients.
Key Takeaways:
The global Intraocular Lens Market Growth is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing geriatric population and rising prevalence of cataracts globally.
Regional analysis: North America dominated the global intraocular lens market in 2022 and is expected to continue its dominance over the forecast period. This is attributed to growing elderly population, higher adoption of technologically advanced intraocular lenses, and increasing healthcare expenditure in the region. Asia Pacific is expected to be the fastest growing region in the intraocular lens market during the forecast period owing to rise in medical tourism, large patient pool, and growing awareness regarding cataract treatment.
Key players: Key players operating in the intraocular lens market are Alcon, Bausch & Lomb, Johnson & Johnson, Staar Surgical Company, Carl Zeiss Meditec, HOYA Corporation, Lenstec, Inc., Ophtec BV, Rayner Intraocular Lenses Limited, and HumanOptics AG. Alcon dominated the global intraocular lens market in 2022 owing to its wide product portfolio and strong geographical presence across the globe. Bausch & Lomb and Johnson & Johnson also have a significant market share in the intraocular lens market.
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