Yahoo Finance Intraocular Lens Market Valuation to Surpass USD 5,067 Billion by 2030 at 5.17% CAGR - Report by Market Research Future (MRFR)
Intraocular Lens Market Trends and Insights by Type (Monofocal Intraocular Lens, Multifocal Intraocular Lens, Accommodating Intraocular Lens, Others), by Material (Hydrophobic Acrylic, Hydrophilic Acrylic, Others), and by End User, Competitive Market Growth, Size, Share and Forecast to 2030
New York, US, May 18, 2022 (GLOBE NEWSWIRE) -- Intraocular Lens Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Intraocular Lens Market Information By Type, Material, End User, and Region - Forecast till 2030" the market will touch USD 5,067.05 billion by 2030 at a 5.17% CAGR.
Market Synopsis
The term "intraocular lens" refers to a lens placed inside the eye to replace the native lens. These are used to correct various vision problems, including astigmatism, presbyopia, and near-sightedness (myopia), among others. These lenses are also utilized in refractive lens exchange surgeries and other vision correction procedures. There are many different lenses available nowadays; the most frequent are pseudophakic intraocular lenses, which are implanted during cataract surgery. Intraocular lenses (IOLs) are medical devices implanted in the eye to correct eyesight.
Expanding ophthalmic difficulties, rising incidence of cataracts in the diabetic population, and expanding use of advanced premium IOLs are driving the intraocular lens market. Several types of ocular disorders, which are chronic and require eye repairs, afflict many adults over 60. As a result of such scenarios, the need for IOLs has expanded, providing clinicians with more precise remedies and options for a specific ailment. As a result of such circumstances, the need for IOLs has developed, providing clinicians with more precise treatments and options for a particular condition. Furthermore, reimbursement policies for critical eye surgeries and a well-defined regulatory framework enhance the market growth.
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Intraocular Lens Market Competitive Landscape:
The prominent companies in the intraocular lens market are:
Johnson & Johnson Vision Care, Inc.
LENSTEC, INC.
NIDEK CO., LTD.
Oculentis GmbH
Alcon, Inc.
Aurolab
Bausch + Lomb
Carl Zeiss Meditec
EYEKON MEDICAL, INC.
HOYA Corporation
HUMANOPTICS AG.
Ophtec BV
PhysIOL
Rayner Intraocular Lenses Limited
STAAR Surgical Company
Market USP Covered:
Market Drivers:
The market is predicted to increase rapidly due to the rising frequency of eye illnesses and the growing adoption of superior intraocular lens technologies. The expansion of the intraocular lens market is also expected to be fueled by an increase in the aged population and a rise in the diabetic population. Post-operative complications, the expensive cost of intraocular lenses, and a scarcity of experienced medical practitioners limit the market's growth. The global intraocular lens market is predicted to develop as the geriatric population becomes more susceptible to ocular disorders, and upsurges government measures to eradicate avoidable blindness. Furthermore, the market's growth is aided by an increase in premium lens use due to improved visual performance and reduced astigmatism.
Market Restraints:
In addition, the lack of supportive government initiatives for premium lenses in many developing and underdeveloped nations are expected to stymie intraocular market expansion. However, because COVID 19 has a more significant impact in this region, many elective surgeries have been postponed, and hospitals have been transformed into emergency rooms. As a result, the intraocular lens market in the area is projected to experience significant short-term changes.
COVID 19 Analysis
Patients are terrified to seek elective health care, such as cataracts and reconstructive surgery, due to the COVID-19 outbreak. The COVID-19 epidemic is hurting the market, mainly due to the lockdown imposed by various countries. Companies' increasing focus on emerging markets and a gradual shift toward newer technology provide considerable growth potential for intraocular lens manufacturers. Only emergency procedures were performed at eye clinics or hospitals, and only minor procedures were performed. As COVID 19 instances have increased, many ophthalmologists have momentarily shuttered their practices as a precaution. Specialized segregated temporary clinics have been established in some circumstances to address critical cases among patients. Patients were drawn to telemedicine throughout the epidemic, which was crucial in sustaining access to eye care. Despite a decline in sales during the pandemic, the intraocular lens market is recuperating and is predicted to rise steadily during the projection period.
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Intraocular Lens Market Segmentation
Based On Type
The segment of multifocal intraocular lens is predicted to gain the topmost segment in the forecast period.
By Material
The hydrophilic acrylic segment is predicted to capture a major segment in the global market.
By End User
The ophthalmic clinics are foreseen to gain the majority segment in the forecast period.
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Intraocular Lens Market Regional Insights
The Americas are predicted to lead the worldwide intraocular lens market due to an increase in government initiatives and the prevalence of eye illnesses requiring intraocular lens implantation. Companies in the region, such as Alcon, a global pioneer in eye care designed to help people see brilliantly, announced that the AcrySof® IQ PanOptix® Trifocal Intraocular Lens (IOL) has now been implanted in over one million patients around the world. To commemorate this achievement, Alcon is introducing a new "One Million Moments - Thank You" campaign, which honors the beneficial impact Eye Care Professionals (ECPs) have had on PanOptix patients.
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Europe is predicted to occupy the second most prominent position worldwide intraocular lens market. A well-established healthcare system in this region contributes to market growth. Due to better healthcare infrastructure and increased patient knowledge of intraocular lens benefits, Asia-Pacific is expected to be the fastest expanding region in the market. The Asia Pacific is projected to grow most rapidly during the projection period. The high elderly and diabetic population, both of whom are susceptible to cataracts and other ocular illnesses, is driving the market in this region. Furthermore, the market is growing due to increased awareness of improved treatment alternatives and an influx of people from wealthy countries seeking affordable healthcare. The Middle East and Africa, on the other hand, have the smallest market share due to lower healthcare spending.
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