The new report from Expert Market Research titled, “Global Intraocular Lens Market Size, Share, Report and Forecast 2023-2031”, provides an in-depth analysis of the global intraocular lens market, assessing the market based on its segments such as product, end. usage and major regions such as 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 market dynamics, covering key demand and price indicators, along with market analysis based on SWOT and Porter’s Five Forces models.
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Highlights of the report include:
Market Overview (2018-2031)
• Forecast CAGR (2023-2031): 5.6%
• Projected market size (2031): $6.62 billion
The global intraocular lens market is driven by the increasing incidence of ophthalmic problems. The increasing prevalence of cataract in the geriatric population has created the demand for intraocular lenses. Moreover, the high sensitivity of cataract in the growing patient population is anticipated to drive the market growth during the forecast period. Additionally, the market is expected to be further aided by the growing preference for premium IOLs for the treatment of optic conditions. Quick and easy surgical procedure for the replacement process along with rapid technological advancement in the healthcare sector will present growth opportunities for the IOL market.
Intraocular Lens Industry Definition and Key Segments
An intraocular lens (IOL) is an artificial, synthetic lens to replace the natural lens of the eye. It is mainly used in cataract surgery. Apart from this, these lenses are also used in the treatment of various eye conditions such as myopia, hypermetropia and astigmatism, among others.
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By product, the market is divided into:
Based on end use, the market is segmented into:
• Ophthalmic clinics
• Ambulatory Surgery Centers
• Eye Research Institutes
Regional markets for intraocular lenses include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Intraocular Lens Market Trends
Regionally, 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 the presence of advanced healthcare facilities help dominate the region. Meanwhile, Asia Pacific is projected to grow the fastest during the forecast period. The development of the healthcare sector and the increasing penetration of key players are the main driving factor. The market is expected to be further driven by the increasing prevalence of conditions such as cataract, macular degeneration and diabetic retinopathy in diabetic patients. Additionally, rising healthcare spending and government initiatives to increase cataract awareness are projected to aid regional growth.
Major 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 some others. The report covers market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other recent developments of these market players.
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