Intraocular Lens (IOL) Market Competitive Landscape, Business Opportunities, and Industry Size

The Intraocular Lens (IOL) Market is estimated to grow at a significant CAGR over the forecast period as the scope and its applications are rising enormously across the globe. Intraocular Lens (IOL) is a medical device used to replace the eye’s natural lens after cataract or myopia surgery. It is also used during vision correction surgery called refractive lens exchange. Acrylic and silicone material is used in the formation of IOLs. The commonly used IOL is pseudophakic IOL and phakic IOL.

The factors that are playing a major role in the growth of Intraocular Lens (IOL) Market are rising occurrence of eye diseases & diabetes among the populace, governments’ initiatives of funding treatment of blindness, increasing use of enhanced technology for the treatment, and rise in geriatric population, and age-related eye disorders across the globe. However, lack of awareness regarding eye disorders and low accessibility to eye care in developing countries may restrain overall market growth in the years to come. Intraocular Lens (IOL) Market is segmented based on type, material, end-user, and region.

Phakic IOL, Traditional/ Monofocal IOL, Premium IOL, and the other types could be explored in Intraocular Lens (IOL) in the forecast period. Traditional/ Monofocal IOLs sector comprise spheric and aspheric monofocal IOL. Whereas, Premium IOLs comprise an extended depth of focus IOLs, multifocal IOLs, and accommodating IOL. The Monofocal IOLs sector accounted for the significant market share of Intraocular Lens (IOL) and is estimated to continue its dominance in the years to come. This may be because it is easy to insert during surgery, produces contrast sensitive optical image for patients and in comparison with other IOLs, it persuades less to zero aspheric aberration.

Polymethylmethacrylate IOLs and Foldable IOLs are the materials that could be explored in Intraocular Lens (IOL) in the forecast period. Foldable IOLs comprise hydrophilic and hydrophobic acrylic IOLs. The Foldable IOLs sector accounted for the substantial market share of Intraocular Lens (IOL) and is estimated to grow at highest CAGR in the years to come. The reason behind the overall market growth could be good center placement, developing three-piece IOLs and IOL haptics, and high light transmissibility.

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The market may be categorized based on end-users like ambulatory surgical centers, ophthalmic clinics, hospitals, eye research institutes, and others could be explored in Intraocular Lens (IOL) in the forecast period. The hospital and ophthalmic clinic sector accounted for the majority market share of Intraocular Lens (IOL). In addition, ambulatory surgical centers sector is estimated to grow at fastest pace in the years to come.

Globally, North America accounted for the significant market share of Intraocular Lens (IOL) and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be developed healthcare infrastructure, growing geriatric population suffering from blindness associated with cataract, increasing healthcare expenditure, and growing disposable income.

Instead, Europe and the Asia Pacific are also estimated to have a positive influence on the future growth. Europe is the second largest region with significant market share. However, Asia Pacific is estimated to grow at the highest CAGR in the forecast period. The aspects that may be ascribed to the growth comprise government initiatives by funding, developing healthcare infrastructure with the latest technology, and a growing population suffering from several eye disorders. The developing countries like India and China are the major consumers of Intraocular Lens (IOL) in this region.

The key players of Intraocular Lens (IOL) Market are STAAR Surgical Company, Alcon Inc., Lenstec, Inc., Bausch & Lomb Incorporated, Johnson and Johnson Vision Care Inc., Carl Zeiss Meditec AG., HumanOptics AG, EyeKon Medical Inc., and HOYA Corporation. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.

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