The new report by Expert Market Research titled, ‘Global Intraocular Lens Market Share, Size, Report and Forecast 2023-2031’, gives an in-depth analysis of the global intraocular lens market, assessing the market based on its segments like product, end use, and major regions like Asia Pacific, Europe, North America, Middle East and Africa and Latin America.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2031)
• Forecast CAGR (2023-2031): 5.6%
• Forecast Market Size (2031): USD 6.62 Billion
The global market for intraocular lenses is driven by the rising incidence of ophthalmic issues. The increasing prevalence of cataract in the geriatric population has created the demand for intraocular lens. Additionally, the high susceptibility of cataract in the growing patient pool is projected to propel the market growth over the forecast period. Moreover, the market is further expected to be aided owing to the rising preference of premium IOLs for the treatment of optical conditions. The quick and easy surgical procedure for replacement process along with rapid technological advancement in healthcare sector will present growth opportunities for the IOL market.
Intraocular Lens Industry Definition and Major Segments
Intraocular Lens (IOL) is an artificial, synthetic lens for replacing the natural eye lens. It is primarily used in cataract surgery. Additionally, these lenses are also used in treatment of various eye conditions such as myopia, hypermetropia, and astigmatism, among others.
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Based on product, the market is segmented into:
Based on end use, the market is segmented into:
• Ophthalmic Clinics
• Ambulatory Surgery Centres
• Eye Research Institutes
The regional markets for intraocular lens include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Intraocular Lens Market Trends
Regionally, the North America holds a significant share in the global intraocular lens market. This can be attributed to the presence of major players in the region. Additionally, the growing geriatric population and presence of advance healthcare facilities aids the dominance of the region. Meanwhile, the Asia Pacific is projected for the fastest growth over the forecast period. The developing healthcare sector and growing penetration of major players are key driving factor. The market is further expected to be pushed by the rising prevalence conditions such as cataract, macular degeneration, and diabetic retinopathy in the diabetic patients. Moreover, the increasing healthcare expenditure and government initiatives to increase awareness for cataract are projected to aid the regional growth.
Key Market Players
The major players in the market are Johnson and Johnson Vision Care, Inc., Bausch & Lomb Incorporated, Carl Zeiss Meditec AG, Eyekon Medical, Inc., HumanOptics AG, and a few others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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