Intraocular Lens Market to Grow with a CAGR of 4.25% through 2028
Rising aging population and expanding
healthcare infrastructure are factors driving the Global Intraocular Lens Market
in the forecast period 2024-2028.
According to TechSci Research report, “Intraocular
Lens Market – Global Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2028”, the Global Intraocular Lens Market stood at USD
4.32 billion in 2022 and is anticipated to grow with a CAGR of 4.25% in the forecast
period, 2024-2028.
The
global intraocular lens market has
witnessed significant growth in recent years, with an ever-increasing demand
for improved vision correction and cataract surgeries. This market's growth can
be attributed to several key factors, often referred to as market drivers. One of the most significant drivers of the global
intraocular lens market is the aging population. As the global population
continues to age, the prevalence of age-related eye conditions, such as
cataracts, increases. Cataracts, which cause clouding of the eye's natural
lens, often require surgical intervention, making Intraocular Lens a crucial
part of cataract surgery. With the number of elderly individuals rising
worldwide, the demand for cataract surgery and Intraocular Lens is expected to
surge.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on "Global Intraocular
Lens Market.”
Technological advancements in the field
of ophthalmology have revolutionized cataract surgery and Intraocular Lens. New
materials, designs, and manufacturing techniques have led to safer and more
effective Intraocular Lens. These innovations have reduced the risk of
post-operative complications and enhanced the visual outcomes for patients.
Patients and surgeons alike are more inclined to choose premium Intraocular
Lens offering improved vision and a reduced need for glasses, further driving
the market's growth. With increased access to information through the internet
and various healthcare campaigns, there is a growing awareness of eye health
and the available treatment options. Patients are more educated about the
benefits of Intraocular Lens and their potential to correct not only cataracts
but also presbyopia and myopia. This heightened awareness is driving the demand
for Intraocular Lens globally.
In many emerging economies, healthcare
infrastructure and accessibility to medical facilities have been expanding.
This development has led to a larger population seeking eye care services,
including cataract surgery with Intraocular Lens implantation. As healthcare
systems improve, more patients are undergoing these procedures, contributing to
the growth of the Intraocular Lens market.
The Global Intraocular Lens Market is segmented into product,
end user and company.
Based on end user, the Hospitals & Clinics segment
has emerged as the predominant market leader. Hospitals and clinics offer comprehensive pre- and
post-operative care, ensuring that patients receive a high level of attention
and support throughout their cataract surgery journey. This commitment to
patient care enhances patient satisfaction and outcomes. These healthcare institutions prioritize safety and
adhere to strict compliance standards, giving patients confidence in the
quality of care they receive. This is particularly important when it comes to
delicate eye surgeries.
Based on region, North America segment is expected to
grow during the forecast period. North America benefits from a
healthcare system that provides substantial insurance coverage and
reimbursement options for patients undergoing cataract surgery and Intraocular
Lens implantation. This accessibility to medical services plays a pivotal role
in boosting the adoption of Intraocular Lens, as it ensures that a larger
segment of the population can afford the procedure. North American companies and research institutions
consistently invest in research and development initiatives focused on
improving Intraocular Lens technology. This commitment to advancing the field
results in the development of premium Intraocular Lens, such as multifocal and
toric lenses, which address a wider range of visual impairments. These
innovations are not only in demand domestically but also in the global market,
contributing to North America's dominance.
The Asia Pacific region is experiencing rapid market
growth. Several companies have established themselves as market leaders in the Intraocular
Lens industry. These companies have gained international recognition for their
quality, innovation, and a diverse portfolio of intraocular lenses. Their
products are exported to various countries, further solidifying North America's
presence in the global Intraocular Lens market.
Major companies operating in Global Intraocular
Lens Market are:
- Alcon, Inc.
- Johnson and Johnson
- Bausch & Lomb
Incorporated
- Carl Zeiss Meditec AG (ZEISS
International)
- Rayner
- EyeKon Medical, Inc.
- Lenstec, Inc.
- HumanOptics AG
- STAAR Surgical Company
- HOYA CORPORATION
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“The global intraocular lens market is thriving due to
a combination of market drivers that cater to the changing demographics,
technological advancements, and evolving patient expectations. As the global
population continues to age, the demand for cataract surgery and Intraocular
Lens will increase. Technological innovation, growing awareness, expanding
healthcare infrastructure, favorable reimbursement policies, and changing
lifestyles are all contributing to the sustained growth of the Intraocular Lens
market.,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Intraocular Lens Market By Product
(Monofocal Intraocular Lens, Multifocal Intraocular Lens, Toric Intraocular
Lens, Accommodative Intraocular Lens), By End user (Hospitals
& Clinics, Ambulatory Care Centers, Others), By Region, By Competition Forecast &
Opportunities, 2018-2028F”, has evaluated the future growth potential of Global
Intraocular Lens Market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Global Intraocular
Lens Market.
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