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Market Overview:
Intraocular lenses (IOLs) are artificial lenses made from silicone, acrylic, or polymethyl methacrylate (PMMA) materials that are implanted inside the eye, during cataract surgery, to replace the cloudy natural lens and help improve vision. There are different types of IOLs available in the market such as monofocal IOLs, multifocal IOLs, toric IOLs, and accommodating IOLs. Monofocal IOLs provide a single distance correction. Multifocal IOLs allow clear distance and near/intermediate vision without glasses. Toric IOLs help correct astigmatism and provide clear vision. Accommodating IOLs attempt to replicate natural eye accommodation and focus ability by changing shape when the ciliary muscle contracts and relaxes.
The Intraocular Lens Market is estimated to be valued at US$ 5,076.1 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.
Get more insights on this topic: https://www.coherentmarketinsights.com/market-insight/intraocular-lens-market-690
Market Dynamics:
The growing geriatric population across the globe is a major driver fueling the growth of the intraocular lens market. According to the United Nations, the global population of aged 60 years and older is expected to reach 2.1 billion by 2050, almost doubling its current value. Since aging increases the risks of eye diseases like cataracts, this huge rise in the elderly population base will correspondingly increase the number of cataract patients, requiring intraocular lens surgeries. Additionally, the increasing preference for minimally invasive cataract surgeries worldwide is also driving market growth. Minimally invasive surgeries reduce complications, speed up recovery time, and enable rapid return to routine activities as compared to traditional surgeries.
Segment Analysis
The global intraocular lens market is dominated by the foldable intraocular lens segment. Foldable lenses account for more than 90% of the total intraocular lens implants, owing to their benefits such as less invasive surgical procedure and faster recovery time. Foldable lenses can be compressed and inserted into the eye through a smaller incision compared to rigid lenses. This reduces surgery time and chances of complications.
PEST Analysis
Political: Healthcare reforms in many countries are focusing on increasing public funding for vision correction surgeries and promoting awareness about access to affordable intraocular lens. This is expected to boost market growth.
Economic: Rising income levels and growing elder population are major economic drivers of the intraocular lens market. Higher disposable income enables more people to opt for cataract surgeries.
Social: Increased focus on physical and mental well-being is encouraging people to undergo cataract surgeries for better vision. Growing social acceptance of lens replacement surgeries is positively impacting the market.
Technological: Advanced materials, design and manufacturing technologies used in developing premium and customized intraocular lenses are expanding applications and driving adoption.
Key Takeaways
The global intraocular lens market size in 2023 is estimated at US$ 5,076.1 Mn. The market is projected to grow at a CAGR of 7.2% during the forecast period of 2023 to 2030.
The Asia Pacific region dominated the global intraocular lens market with over 40% revenue share in 2022 due to large geriatric population in countries such as India and China suffering from cataract issues. Additionally, increasing healthcare expenditure, availability of low-cost surgery options and growing medical tourism are boosting the Asia Pacific market.
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. Strategic acquisitions and new product launches have enabled these companies to strengthen their market position. For instance, Alcon gained a major share through its acquisition of surgical and vision care businesses of Novartis in 2019.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
